<SEC-DOCUMENT>0001062993-21-010766.txt : 20211115
<SEC-HEADER>0001062993-21-010766.hdr.sgml : 20211115
<ACCEPTANCE-DATETIME>20211112182346
ACCESSION NUMBER:		0001062993-21-010766
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20210930
FILED AS OF DATE:		20211115
DATE AS OF CHANGE:		20211112

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:		211405430

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EURASIAN MINERALS INC
		DATE OF NAME CHANGE:	20040401
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<html>

<head>
    <title>EMX Royalty Corporation: Form 6-K - Filed by newsfilecorp.com</title>
</head>

<body 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 2021</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">
    <!--$$/page=--><a name="page_2"></a>
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: justify;"><b><u>Exhibits:</u></b></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid rgb(0, 0, 0); width: 8%;"><b>Exhibit</b></td>
            <td style="width: 5%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended September 30, 2021</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the period ended September 30, 2021</a></td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-3.htm">99.3</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-3.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CEO</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 Certification of Interim Filings Full Certificate - CFO</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <!--$$/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 12, 2021</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;">&#160;</p>
    <p style="text-align: center;"><img src="exhibit99-1x001.jpg" style="width: 448px;" height="74"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>(Expressed in Thousands of Canadian Dollars)</b></p>
    <p style="text-align: center;"><b>September 30, 2021</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="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>ASSETS</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#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;"><b>Current</b></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;">Cash and cash equivalents&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">46,735</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">52,418</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 (Note 3)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">4,032</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: 15%; text-align: right;">1,222</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">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: 15%; text-align: right; background-color: #e6efff;">16,418</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: 15%; text-align: right; background-color: #e6efff;">16,755</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: 15%; text-align: right;">3,004</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: 15%; text-align: right;">2,876</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Loan 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: 15%; text-align: right; background-color: #e6efff;">2,542</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: 15%; text-align: right; background-color: #e6efff;">500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Prepaid expenses</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">523</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">407</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total current assets</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">73,254</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">74,178</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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: 15%; 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: 15%; 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;"><b>Non-current</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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;">Restricted cash (Note 3)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">183</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: 15%; text-align: right;">196</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: 15%; text-align: right; background-color: #e6efff;">5,070</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: 15%; text-align: right; background-color: #e6efff;">8,871</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Investments in associated entities (Note 7)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">47,849</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: 15%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Royalty and other property interests (Note 9)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">16,500</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: 15%; text-align: right; background-color: #e6efff;">18,496</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 10)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">852</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: 15%; text-align: right;">746</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 11)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,062</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: 15%; text-align: right; background-color: #e6efff;">456</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Deferred acquisition costs (Note 19)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">452</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: 15%; text-align: right;">-</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: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 15%; 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: 15%; 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; 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: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right;">&#160;</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">3,618</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>
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        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">54,134</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; 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: 15%; 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: 15%; 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: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; 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: 15%; 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: 15%; 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="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">30,613</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: 15%; text-align: right; background-color: #e6efff;">26,433</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(61,351</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">86,265</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">97,760</td>
            <td style="border-bottom: 0.75pt 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: 15%; 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: 15%; 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: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">145,630</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">102,943</td>
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                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Approved on behalf of the Board of Directors on November 10, 2021</b></p>
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                <p>Signed:&#160; &#160; &#160; &#160; <i>"Larry Okada"</i></p>
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            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; width: 35%; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="width: 15%; vertical-align: top;">&#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_2">
        <p style="text-align: center;">Page 2</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <p style="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: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 15%;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,504</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">7,057</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,362</td>
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            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; 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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">4,637</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,090</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: 15%; text-align: right; background-color: #e6efff;">2,464</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">7,066</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: 15%; text-align: right; background-color: #e6efff;">7,108</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">31</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">14</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,114</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">5,862</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,778</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">16,102</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">13,339</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <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: 15%; 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: 15%; 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: 15%; 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: 15%; 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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(8,977</td>
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            <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: 15%; 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: 15%; 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: 15%; 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: 15%; 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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">2,457</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: 15%; text-align: right;">(5,477</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">4,414</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 15%; text-align: right; background-color: #e6efff;">117</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: 15%; text-align: right; background-color: #e6efff;">440</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: 15%; text-align: right; background-color: #e6efff;">164</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 15%; 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: 15%; text-align: right;">1,517</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>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 15%; text-align: right; background-color: #e6efff;">(1,038</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: 15%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; text-align: right;">(4,310</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,301</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(970</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,325</td>
            <td style="border-bottom: 0.75pt 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: 15%; 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: 15%; 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: 15%; 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: 15%; 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="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(10,866</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: 15%; text-align: right; background-color: #e6efff;">(913</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: 15%; text-align: right; background-color: #e6efff;">(18,968</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: 15%; text-align: right; background-color: #e6efff;">(2,074</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Income tax recovery&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">100</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <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: 15%; 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: 15%; 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: 15%; 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: 15%; 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="border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><b>Loss for the period</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(10,866</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(913</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(18,868</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(2,074</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">Basic and diluted loss per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.13</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.01</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.22</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.02</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</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: 15%; 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: 15%; 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: 15%; 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: 15%; 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>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">85,995,122</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">83,262,479</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">85,489,595</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">83,025,973</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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">
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            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Loss for the period</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(10,866</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(913</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(18,868</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(2,074</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <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: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right;">&#160;</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;"><b>Other comprehensive income</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; 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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; text-align: right;">38</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: 15%; text-align: right;">847</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: 15%; text-align: right;">38</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Currency translation adjustment</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">565</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">258</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(45</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">258</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Comprehensive loss for the period</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</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>
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            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="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>
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            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">4,234</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,299</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: 15%; text-align: right;">13</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: 15%; text-align: right;">-</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; padding-left: 12pt;" colspan="1">Income tax recovery</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 15%; text-align: right;">73</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>
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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: 15%; text-align: right; background-color: #e6efff;">1,186</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: 15%; text-align: right; background-color: #e6efff;">706</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: 15%; text-align: right;">652</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: 15%; text-align: right;">-</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: 15%; text-align: right; background-color: #e6efff;">(440</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: 15%; text-align: right; background-color: #e6efff;">(164</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">4,310</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: 15%; text-align: right;">-</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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">88</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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,918</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Unrealized foreign exchange (gain) loss</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">280</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt 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: 15%; 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: 15%; 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: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 15%; 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: 15%; 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: 15%; 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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">387</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: 15%; text-align: right; background-color: #e6efff;">236</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>
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            <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: 15%; text-align: right;">295</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; 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: 15%; 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: 15%; 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: 15%; 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; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 15%; 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: 15%; 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="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,246</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <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: 15%; 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: 15%; 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: 15%; text-align: right;">(13,367</td>
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        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">52,418</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt 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: 15%; 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: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <p style="text-align: justify;">Supplemental disclosure with respect to cash flows (Note 18)</p>
    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_5">
        <p style="text-align: center;">Page 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>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF SHAREHOLDERS' EQUITY</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: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">1,557</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: 8%; text-align: right; background-color: #e6efff;">880,400</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,180</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">1,180</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: 8%; text-align: right;">4,667</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: 8%; text-align: right;">13</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">13</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: 8%; text-align: right; background-color: #e6efff;">225,750</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">(183</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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; 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>
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            <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;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; text-align: right;">-</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: 8%; text-align: right; background-color: #e6efff;">114,785</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: 8%; text-align: right; background-color: #e6efff;">434</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">434</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: 8%; 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: 8%; 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: 8%; text-align: right;">4,234</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: 8%; 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: 8%; 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: 8%; text-align: right;">4,234</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">847</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: 8%; text-align: right; background-color: #e6efff;">(847</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: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">(45</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right;">(45</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(18,868</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(18,868</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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: 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: 8%; text-align: right;">52,000</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>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 8%; 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>
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            <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: 8%; text-align: right;">136</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: 8%; text-align: right; background-color: #e6efff;">1,730,700</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: 8%; text-align: right; background-color: #e6efff;">1,769</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: 8%; 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>
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            <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>
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            <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: 8%; text-align: right; background-color: #e6efff;">1,769</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: 8%; 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: 8%; text-align: right;">997</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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; text-align: right;">-</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: 8%; 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>
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            <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: 8%; text-align: right; background-color: #e6efff;">2,299</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: 8%; 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>
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            <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: 8%; text-align: right; background-color: #e6efff;">2,299</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">258</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>
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            <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: 8%; text-align: right;">258</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <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>
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            <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>
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            <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: 8%; text-align: right; background-color: #e6efff;">38</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">38</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(2,074</td>
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        <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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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="border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><b>Balance as at September 30, 2020</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><b>84,337,460</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><b>17,245</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><b>9,416</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><b>(57,418</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><b>)</b></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><b>100,921</b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    </table>
    <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
    <div id="footer_page_6">
        <p style="text-align: center;">Page 6</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</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, Australia, New Zealand, and South America. The Company's common shares are listed on the TSX Venture Exchange ("TSX-V"), and the NYSE American under the symbol of "EMX" and the Frankfurt Stock Exchange under the symbol "6E9". 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 capital or conduct royalty generation activities.</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, and its 50% interest in Minero Tercero SpA ("Tercero"), the holder of an investment in associated entity, both of&#160; whose functional currencies 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</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;"><b>Reclassifcation</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>Summary of Significant Accounting Policies</b></p>
    <p style="text-align: justify;">These condensed consolidated interim financial statements 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, 2020.</p>
    <div id="footer_page_7">
        <p style="text-align: center;">Page 7</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_8"></a>
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        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b>(Continued)</p>
    <p style="text-align: justify;">Investments in Associated Entities</p>
    <p style="text-align: justify;">The Company accounts for its long-term investments in affiliated companies over which it has significant influence using the equity basis of accounting, whereby the investment is initially recorded at cost, adjusted to recognize the Company's share of earnings or losses and reduced by dividends received.</p>
    <p style="text-align: justify;">The Company assesses its equity investments for impairment if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the equity investment and that the event or events have an impact on the estimated future cash flow of the investment that can be reliably estimated. Objective evidence of impairment of equity investments includes:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Significant financial difficulty of the associated companies;</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Becoming probable that the associated companies will enter bankruptcy or other financial reorganization; or,</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">National or local economic conditions that correlate with defaults of the associated companies.</li>
    </ul>
    <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, 2021 are consistent with those applied in the Company's December 31, 2020 audited consolidated financial statements.</p>
    <p style="text-align: justify;"><b>New Accounting Policies</b></p>
    <p style="text-align: justify;">Certain pronouncements have been issued by the IASB or IFRIC that are effective for accounting periods beginning on or after January 1, 2021. The Company has reviewed these updates and determined that many of these updates are not applicable or consequential to the Company and have been excluded from discussion within these significant accounting policies.</p>
    <p style="text-align: justify;"><b>3. RESTRICTED CASH</b></p>
    <p style="text-align: justify;">At September 30, 2021, the Company classified $4,215 (December 31, 2020 - $1,418) as restricted cash. This amount is comprised of $183 (December 31, 2020 - $196) held as collateral for its corporate credit cards and $4,032 (December 31, 2020 - $1,222) comprised of a minimum cash balance required in connection with the Sprott credit facility (Note 13) and cash held by wholly-owned subsidiaries of the Company, which the 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 twelve 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, 2021 and December 31, 2020, the Company had the following investments:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt 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>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Marketable securities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">11,757</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: 15%; text-align: right; background-color: #e6efff;">14,717</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; padding-left: 12pt;">Warrants</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">396</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: 15%; text-align: right;">636</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Private company investments</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">9,335</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">10,273</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1"><b>Total Investments</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">21,488</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: 15%; text-align: right;">25,626</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">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: 15%; text-align: right; background-color: #e6efff;">(16,418</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(16,755</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; padding-left: 12pt;" colspan="1">Non-current portion</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">5,070</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">8,871</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    </table>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company recognized $417 (2020 - $379) in interest income on its investment in Ensero Holdings, Inc., a privately-held Delaware corporation, and $79 (2020 - $Nil) in dividend income related to certain marketable securities, both of which have been included in revenue and other income.&#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>
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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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>4. INVESTMENTS </b>(Continued)</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company increased its interest in Rawhide Acquistion Holding, LLC ("RAH" or "Rawhide"), a privately-held Delaware company to 35.44% and now accounts for RAH under IAS 28 - Investment in Associates and Joint Ventures (Note 7).</p>
    <p style="text-align: justify;">The Company also received investments as proceeds related to various property deals during the nine months ended September 30, 2021.</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, 2021 and December 31, 2020, the current receivables were as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
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            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
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            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt 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>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">213</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: 15%; text-align: right; background-color: #e6efff;">66</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;" colspan="1">Refundable taxes</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,432</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: 15%; text-align: right;">1,723</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Recoverable royalty generation 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: 15%; text-align: right; background-color: #e6efff;">612</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: 15%; text-align: right; background-color: #e6efff;">679</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Other</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">747</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">408</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,004</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,876</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <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">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Currency&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt 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;" colspan="1">Canadian Dollars</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,539</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: 15%; text-align: right; background-color: #e6efff;">243</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: 15%; text-align: right;">938</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: 15%; text-align: right;">367</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Swedish Krona</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">527</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,266</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,004</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,876</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>6. LOAN RECEIVABLE </b></p>
    <p style="text-align: justify;">On November 25, 2019 the Company entered into a loan agreement with Norden Crown Metals Corp. ("NCM") whereby the Company loaned $800 to NCM for one year. The loan carried an annual effective interest rate of 8.08% and included a loan fee equal to 5% of the loan amount ($40) payable on maturity. The Company had the option to elect to receive the loan fee in shares of NCM at not less than the market price of NCM common shares in accordance with TSX-V Policy. NCM granted 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 NCM; 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 NCM. As part of the amendment, the Company received an aggregate 7,368,304 units of NCM and each unit consisted of one common share in the capital of NCM 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 return for the units received, 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;</p>
    <p style="text-align: justify;">Effective May 25, 2021, a second amendment was made to the credit facility granting NCM an additional 30 days for settlement to June 24, 2021 in exchange for a $30 extension fee added to the principal balance. On June 25, 2021, the Company received $550 as full settlement of the principal and interest outstanding.</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>6. LOAN RECEIVABLE </b>(Continued)</p>
    <p style="text-align: justify;">In July 2021, the Company entered in a loan administration agreement with Earlston Investments Corp. ("Earlston") who has entered into a separate loan agreement dated May 28, 2021 with Colorado Legacy Lands, LLC ("CLL"), as borrower to provide a bridge loan to CLL in the aggregate principal amount of US$4,000 to be funded by sub-participants of which included EMX. The bridge loan included a 12% interest rate per annum, compounded monthly and payable monthly. In consideration for the advance of the loan, CLL agreed to to pay Earlston a 4% or $160 bonus fee up front, and reimburse other deal related expenses.</p>
    <p style="text-align: justify;">Pursuant to the loan administration agreement, EMX agreed to fund US$2,000 of the bridge loan to CLL as a sub-participant. As such, EMX advanced the total of US$1,916 which was US$2,000 less its share of the bonus fee being US$80 and its share of expenses. As at September 30, 2021, the balance receivable was $2,542 (US$2,000) and the Company received or accrued $67 (US$53) in interest income and $105 (US$84) in bonus and other loan fees.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#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;" colspan="1">Colorado Legacy Lands, LLC</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,542</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Norden Crown Metals Corp.</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">500</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,542</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">500</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>7. INVESTMENTS IN ASSOCIATED ENTITIES</b></p>
    <p style="background-color: #ffffff; text-align: justify;"><i>Caserones</i></p>
    <p style="text-align: justify; background-color: #ffffff;">In August 2021, the Company entered into an agreement to acquire an effective 0.418% Net Smelter Return ("NSR") royalty on the operating Caserones mine in northern Chile for US$34,100 in cash. To purchase the Caserones Royalty and for purposes of distributing payments received from the royalty interest, the Company formed a 50%-50% partnership, Minera Tercero SpA, with Altus Strategies Plc (AIM: ALS; TSX Venture: ALTS; OTCQX: ALTUF) which is accounted for as a joint operation in accordance with IFRS 11 Joint Arrangements.</p>
    <p style="text-align: justify;">Tercero was used to purchase a 43% interest in Sociedad Legal Minera California Una de la Sierra Pena Negra ("SLM California") through a Share Purchase Agreement for US$68,200.&#160; Separately, the Company entered into a Credit Agreement with Sprott Private Resource Lending II (Collector), LP ("Sprott") (Note 13) to finance its portion of the purchase price.&#160; SLM California has a right to 67.5% of the 2.88% Caseronones NSR royalty. SLM California's sole purpose is to administer the company, pay Chilean taxes and distribute its royalty proceeds to the shareholders, including Tercero. The 50% interest of the Company in Tercero provides EMX with right to the effective 0.418% royalty interest.&#160; As at September 30, 2021, the Company's investment in SLM California including its share of accumulated equity income and losses, and distributions was $42,917 (December 31, 2020 - $Nil).&#160;</p>
    <p style="text-align: justify;">The Company through Tercero does not control operational decisions and is eligible to appoint a director to serve position on the Board of SLM California. The Company&#8217;s judgment is that it has significant influence, but not control and accordingly equity accounting is appropriate.&#160;</p>
    <p style="text-align: justify;">The following table summarizes the changes in the carrying amount of the Company&#8217;s Caserones investment:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; text-align: center;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Opening Balance&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Capital Investment&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">43,007</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Company's share of net income of associated entity&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">1,119</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Distributions&#160;</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000;">(1,209</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Ending Balance&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">42,917</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <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>
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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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>7. INVESTMENTS IN ASSOCIATED ENTITIES </b>(Continued)</p>
    <p>Summarized financial information for the Company&#8217;s investment in SLM California on a 100% basis and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is as follows:</p>
    <table style="font-size: 10pt; border-collapse: collapse; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; width: 12%;">5,052</td>
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    <p style="text-align: justify;">The Company has a 35.44% (December 31, 2020 &#8211; 19.99%) equity investment in RAH and as at September 30, 2021 has invested an aggregate of US$6,769 (2020 - US$3,519) towards its investment.&#160; During the current period the Company determined it&#8217;s investment in RAH was impaired and recognized an impairment charge of $4,022. The adjustment to the carrying value of RAH&#160; was based on the valuation and related subscription price used in RAH&#8217;s most recent financing.&#160; As at September 30, 2021, the Company&#8217;s investment in RAH including its share of accumulated equity income and losses, dilution gains and impairment charges was $4,932 (December 31, 2020 - $Nil).&#160;</p>
    <p style="text-align: justify;">The Company has a minority position on the Board of Rawhide, and does not control operational decisions. The Company&#8217;s judgment is that it has significant influence, but not control and accordingly equity accounting is appropriate.&#160;</p>
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    <table style="font-size: 10pt; border-collapse: collapse; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">8,556</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: right; width: 12%;">995</td>
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            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 12%;">4,932</td>
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    <table style="font-size: 10pt; border-collapse: collapse; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
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            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center;"><b>September 30, 2021</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;">30,634</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">1,684</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">The Company's ownership %</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 12%; background-color: #e6efff;">35.44%</td>
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            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Company's share of net loss of associated entity</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 1.5pt solid #000000; width: 1%;">$</td>
            <td style="vertical-align: bottom; text-align: right; border-bottom: 1.5pt solid #000000; width: 12%;">597</td>
            <td style="vertical-align: bottom; text-align: left; border-bottom: 1.5pt solid #000000; width: 2%;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 1%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: right; width: 12%;">&#160;</td>
            <td style="vertical-align: bottom; text-align: left; width: 2%;">&#160;</td>
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        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap; width: 12%; text-align: center;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</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;">26,217</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;">35,795</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;">(16,373</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Net assets</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">702</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">35.44%</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4,683</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <br>
    <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>
    <div id="header_page_12">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <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, 2021 and 2020, the Company had the following sources of revenue and other income, and general and administrative expenses:</p>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>&#160;</b></td>
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        <tr>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <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: 15%; text-align: right; background-color: #e6efff;">352</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: 15%; text-align: right; background-color: #e6efff;">1,559</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: 15%; text-align: right; background-color: #e6efff;">991</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: 15%; text-align: right;">424</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;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">253</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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">4,706</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: 15%; text-align: right; background-color: #e6efff;">2,554</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">22</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">79</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">84</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,504</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,261</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">7,057</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,362</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</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: 15%; text-align: right; background-color: #e6efff;">774</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">479</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,936</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: 15%; text-align: right; background-color: #e6efff;">1,735</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: 15%; text-align: right;">523</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: 15%; 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: 15%; text-align: right;">1,034</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: 15%; text-align: right;">723</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: 15%; text-align: right; background-color: #e6efff;">193</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: 15%; 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: 15%; text-align: right; background-color: #e6efff;">502</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: 15%; text-align: right; background-color: #e6efff;">467</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">39</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: 15%; 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: 15%; text-align: right;">297</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: 15%; text-align: right;">205</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: 15%; 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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; text-align: right; background-color: #e6efff;">790</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: 15%; text-align: right; background-color: #e6efff;">729</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: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">12</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">14</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">78</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">67</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,807</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,269</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,637</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,926</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">145</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: 8%; text-align: right; background-color: #e6efff;">350</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">350</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: 8%; text-align: right;">210</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">210</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">1,684</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">1,684</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: 8%; text-align: right; background-color: #e6efff;">260</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">260</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; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">200</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; border-bottom: 0.75pt solid #000000;">200</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">14,248</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(1,186</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(46</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">13,016</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right; background-color: #e6efff;">651</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">(60</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: 8%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">591</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: 8%; text-align: right;">2,421</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">(416</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">(156</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">1,849</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;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">464</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">464</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;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">142</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">142</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; background-color: #e6efff;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">132</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">(132</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: 8%; text-align: right; background-color: #e6efff;">-</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; Viad</td>
            <td style="vertical-align: bottom;">Sweden</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">421</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">421</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; Various</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">17</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">17</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">4,248</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(476</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(288</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">3,484</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">18,496</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(476</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(1,186</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(46</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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    <br>
    <div id="footer_page_12">
        <p style="text-align: center;">Page 12</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <div id="header_page_13">
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                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
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            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; background-color: #e6efff;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">12,583</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;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 8%; 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;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(1,123</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(209</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">11,251</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; Afgan</td>
            <td style="vertical-align: bottom;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">145</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">145</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;">&#160; Corvus</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">350</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">350</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; Millrock</td>
            <td style="vertical-align: bottom;">USA</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">210</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">210</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; background-color: #e6efff;">Canada</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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>
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            <td style="vertical-align: bottom;">Chile</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right;">1,684</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">1,684</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; background-color: #e6efff;">Finland</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right; background-color: #e6efff;">260</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">260</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#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: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; text-align: right; background-color: #e6efff;">-</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: 8%; text-align: right; background-color: #e6efff;">464</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: 8%; text-align: right;">206</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">142</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>
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            <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: 8%; text-align: right; background-color: #e6efff;">66</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">132</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: 8%; text-align: right;">421</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">421</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: 8%; text-align: right; background-color: #e6efff;">17</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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">17</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: 8%; text-align: right;">154</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: 8%; 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: 8%; text-align: right;">(154</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; Trab</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Turkey</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">79</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(79</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">1,546</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">3,708</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(1,006</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">4,248</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">15,034</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">5,800</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(1,006</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(1,123</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(209</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">18,496</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
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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, 2021, there were no changes related to the Company's royalty interests.</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, $1,559 (2020 - $991) in royalty income was included in revenue and other income. Royalty income from the Leeville Mine incurred a 5% direct gold tax of $66 (2020 - $41). Further, applied only against the Leeville Mine was depletion of $1,186 (2020 - $706).</p>
    <p style="text-align: justify;"><b>OTHER PROPERTY INTERESTS</b></p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company took an impairment of $288 related to its Mainspring agreement in the US, and Lower Detour agreement as part of the Perry Portfolio in Canada. The Company had the following additional changes related to other property interests:</p>
    <p style="text-align: justify;"><b>Sweden and Norway</b></p>
    <p style="text-align: justify;"><i>Agnico's Oij&#228;rvi Gold Project</i></p>
    <p style="text-align: justify;">In June 2021, the Company closed an asset purchase agreement with Gold Line Resources ("GLR") and Agnico Eagle Mines Limited. ("Agnico"), by which GLR can acquire a 100% interest in Agnico's Oij&#228;rvi Gold Project located in central Finland and the Solvik Gold Project located in southern Sweden for an aggregate purchase price of US$10,000 comprised of staged payments totaling US$7,000 in cash, US$1,500 in shares of GLR and US$1,500 in shares of EMX over three years. Agnico will retain a 2% NSR royalty on the projects, 1% (half) of which may be purchased at any time by EMX for US$1,000. EMX will receive additional share and cash payments from GLR as reimbursement for the US$1,500 of EMX shares issued to Agnico over the course of the agreement. Pursuant to the agreement, payments to Agnico are as follows:</p>
    <div id="footer_page_13">
        <p style="text-align: center;">Page 13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>Gold Line Cash<br>Payments (USD)</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>EMX Shares (USD)</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap;"><b>Gold Line Shares<br>(USD)</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: center; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Upon signing of the agreement (paid and issued)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">750</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">First anniversary of the purchase agreement</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,500</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: 15%; text-align: right;">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: 15%; text-align: right;">500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Second anniversary of the purchase agreement</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,750</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: 15%; text-align: right; background-color: #e6efff;">625</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: 15%; text-align: right; background-color: #e6efff;">625</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Third anniversary of the purchase agreement</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,000</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">7,000</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,500</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,500</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">Pursuant to the agreement, payments to be received by EMX from GLR are as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Cash Payments (USD)</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Gold Line Shares<br>(USD)</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt 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;">Upon signing of the agreement (received)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; 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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">First anniversary of the purchase agreement</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">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: 15%; text-align: right;">250</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Second anniversary of the purchase agreement</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">313</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">313</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">563</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">938</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">Pursuant to the agreement, during the nine months ended September 30, 2021, the Company issued to Agnico 114,785 common shares valued at $434 and received 793,220 shares of Gold Line valued at $434 as required on signing of the agreement.</p>
    <p style="text-align: justify;"><i>Oij&#228;rvi Extension</i></p>
    <p style="text-align: justify;">In May, 2021, the Company and GLR entered into an agreement to transfer the Company&#8217;s exploration reservation in Finland&#8217;s Oij&#228;rvi greenstone belt (the &#8220;Oij&#228;rvi Extension&#8221;) to GLR. EMX will retain a 3% NSR royalty on the property, 1% of which can be repurchased. The Company will also be reimbursed its acquisition expenses in addition to other considerations. In essence, the Oij&#228;rvi Extension will be added as an additional property under the terms of the 2019 agreement with GLR. Pursuant to the agreement, at closing, the Company will transfer to GLR its interests in the Oij&#228;rvi Extension property and GLR will issue to EMX approximately 1,125,000 common shares of GLR.</p>
    <p style="text-align: justify; background-color: #ffffff;">The Company will receive an uncapped 3% NSR royalty on the project. Within six years of the closing date GLR has the right to buy down up to 1% of the royalty owed to EMX by paying the Company 2,500 ounces of gold, or its cash equivalent. The Company will also receive Annual Advance Royalty ("AAR") payments of 30 ounces of gold, commencing on the second anniversary of the closing, with each AAR payment increasing by five ounces of gold per year up to a maximum of 75 ounces of gold per year. These AAR payments may be made in gold bullion, its cash equivalent, or its value equivalent in shares of GLR, subject to certain conditions. GLR will also reimburse the Company for its Oij&#228;rvi Extension acquisition costs. Closing is subject to approval of the TSX-V and other closing conditions not yet completed.</p>
    <p style="text-align: justify;"><i>Fl&#229;t, Bamble, Bratt&#229;ssen, Mj&#246;vattnet and Njuggtr&#228;skliden Projects</i></p>
    <p style="text-align: justify;">In February 2021, the Company executed an option agreement for the Fl&#229;t, Bamble and Bratt&#229;ssen projects in Norway, and the Mj&#246;vattnet and Njuggtr&#228;skliden projects in Sweden with Martin Laboratories EMG Limited ("MLE"), a private UK based company, granting MLE the option to acquire 100% of the project interests. In accordance with the agreement, MLE will have the option to acquire 100% project interests in the Norwegian and Swedish projects subject to the following terms:</p>
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        <p style="text-align: center;">Page 14</p>
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                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 33.11pt; text-align: justify; padding-left: 7.94pt;">Upon execution, making a cash payment of US$50 (received) and issue to the Company the number of common shares that represents a 5% equity ownership in MLE.&#160;</li>
        <li style="margin-left: 33.11pt; text-align: justify; padding-left: 7.94pt;">MLE will then have a 12 month period in which it must spend a minimum of US$200 on each of the five projects, and then in the second year of the agreement, spend US$1,000 in aggregate across the projects, with a minimum of US$200 spent on each of the Swedish projects.</li>
        <li style="margin-left: 33.11pt; text-align: justify; padding-left: 7.94pt;">After meeting the work expenditure requirements in the first two years of the agreement, MLE may elect to retain individual projects by issuing additional share capital to the Company as follows:
            <ul style="margin-left: 0pt; padding-left: 0pt;" type="circle">
                <li style="margin-left: 36.75pt; padding-left: 7pt; text-align: justify;">If at least four projects are retained, MLE will issue to the Company the number of common shares that represents a 9.9% equity ownership in MLE.</li>
                <li style="margin-left: 36.75pt; padding-left: 7pt; text-align: justify;">If at least three projects are retained, MLE will issue to the Company the number of common shares that represents a 7.5% equity ownership in MLE.</li>
                <li style="margin-left: 36.75pt; padding-left: 7pt; text-align: justify;">If only one or two of the projects are retained, MLE will issue to the Company the number of common shares that represents a 5% equity ownership in MLE.</li>
                <li style="margin-left: 36.75pt; padding-left: 7pt; text-align: justify;">MLE will have the continuing obligation to issue additional shares of MLE to the Company to maintain its specified interest at no additional cost to EMX, until MLE has raised US$4,500 in equity; thereafter EMX will have the right to participate in future financings on a pro-rata basis and at its own cost to maintain its interest in MLE.</li>
            </ul>
        </li>
    </ul>
    <p style="text-align: justify;">Upon exercising the option on any of the projects, MLE will be granted a 100% interest in the project, with EMX retaining a 2.5% NSR royalty, 0.5% of which may be purchased by MLE under certain conditions. AAR payments will commence on the third anniversary of the agreement, beginning at US$25 per project and increasing at US$5 per year, capped at US$75 per year.</p>
    <p style="text-align: justify;">Milestone payments of up to US$1,000 each will be made to the Company upon the completion and disclosure of certain conditions or events on any of the projects with up to half of the milestone payments may be made in shares of MLE, provided that MLE is a publicly traded entity at the time.</p>
    <p style="text-align: justify;"><i>Bleikvassli, Sagvoll, Mer&#229;ker, and the Bastutr&#228;sk Projects</i></p>
    <p style="text-align: justify;">In March 2021, the Company amended a purchase and sale agreement with Norra Metals Corp. ("Norra") for the Bleikvassli, Sagvoll, Mer&#229;ker, and the Bastutr&#228;sk projects. The Sagvoll and Bastutraask licenses were returned to the Company during the year ended December 31, 2020. Pursuant to the amendment, the Company has agreed to allow for the postponement of a required financing of $2,000 by Norra from February 15, 2021 to February 15, 2022. The Company also agreed to defer certain AAR's owing to it.</p>
    <p style="text-align: justify;"><i>R&#248;stvangen and Vakkerlien Projects</i></p>
    <p style="text-align: justify;">Pursuant to antidilution provisions in an agreement entered into for the R&#248;stvangen and Vakkerlien properties in Norway in February 2019 with Playfair Mining Ltd. ("Playfair") (TSX-V: PLY), the Company received 3,314,911 common shares of Playfair valued at $397 or $0.12 per share. The value of the common shares received has been included in revenue and other income.</p>
    <p style="text-align: justify;"><i>Sv&#228;rdsj&#246; Project</i></p>
    <p style="text-align: justify;">In July 2021, the Company executed an agreement for the sale of its Sv&#228;rdsj&#246; polymetallic project in Sweden to District Metals Corp. (TSX-V: DMX) ("District"). The agreement provides the Company with additional share equity in DMX that brings EMX's ownership of District to 9.9%, AAR payments, a 2.5% NSR royalty interest in the project, and other consideration. In accordance with the agreement, District will acquire a 100% interest in the project subject to the following terms:</p>
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                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <div style="margin-top: 14pt; margin-left: 18pt; margin-bottom: 14pt; background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt;">&#8226;<font style="width: 14.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon closing, EMX will transfer the Sv&#228;rdsj&#246; exploration license to District.</p>
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt; margin-top: 0pt;"><font style="text-indent: -18pt; font-size: 10pt;">&#8226;</font><font style="font-size: 10pt; width: 14.9pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="text-indent: -18pt; font-size: 10pt;">Upon closing, EMX will receive $35 (received subsequent to September 30, 2021) in cash and 1,659,084 common shares (received subsequent to September 30, 2021) of DMX that increases EMX's equity ownership in DMX to 9.9% (on a non-diluted basis).</font></p>
    </div>
    <p style="text-align: justify; background-color: #ffffff;">EMX will receive a 2.5% NSR royalty interest in the project. On or before the sixth anniversary after closing, DMX has the option to purchase 0.5% of the NSR on the project by paying EMX $2,000.</p>
    <p style="text-align: justify; background-color: #ffffff;">EMX will also receive AAR payments of $25 for the project commencing on the third anniversary of the closing, with the AAR payment increasing by $10 per year until reaching $75 per year. Payments of $275, payable in cash or shares of DMX, will be made to EMX upon the achievement of certain milestones, and District will be responsible for fulfilling work commitments on the project. To maintain its interest in the project, within five years of the closing of the transaction, DMX will also: (i) spend a minimum of $1,000 on project work expenditures with a minimum of $150 spent each year, and (ii) complete a minimum of 3,500 m of drilling.</p>
    <p style="background-color: #ffffff; text-align: justify;"><i>Battery Metals - Sweden</i></p>
    <p style="text-align: justify; background-color: #ffffff;">In August 2021, the Company executed an option agreement to sell five battery metals projects in Sweden to Swedish Nickel Pty. Ltd. ("Swedish Nickel"), a wholly owned subsidiary of Bayrock Resources Limited ("Bayrock") an Australian unlisted public company. In return for the projects, the agreement provides EMX with up to a 6% equity interest in Bayrock, AAR payments, 3% NSR royalty interests, work commitments and other considerations. In accordance with the agreement, Swedish Nickel can acquire a 100% interest in any or all of the projects through the issuance of cash or shares to EMX and performance of work on individual projects during a 36 month (3 year) option period as follows:</p>
    <div style="margin-top: 14pt; margin-left: 18pt; margin-bottom: 14pt; background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#8226;<font style="width: 14.9pt; text-indent: 0pt; display: inline-block;">&#160;</font>Upon execution of the agreement, EMX will receive AUD $62 in cash for reimbursement of pro-rata land payments.</p>
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><font style="text-indent: -18pt; font-size: 10pt;">&#8226;</font><font style="font-size: 10pt; width: 14.9pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="text-indent: -18pt; font-size: 10pt;">Issue to EMX between 5% and 6% of Bayrock shares on a fully diluted basis, subject to certain conditions upon Bayrock completion of a minimum financing. Alternatively, Swedish Nickel can make a one-time cash payment of AUD $600 in lieu of the obligation for issuance of Bayrock shares to EMX.</font></p>
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><font style="text-indent: -18pt; font-size: 10pt;">&#8226;</font><font style="font-size: 10pt; width: 14.9pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="text-indent: -18pt; font-size: 10pt;">Swedish Nickel will expend a minimum of AUD $250 per project in the first 18 months of the agreement, and another AUD $250 per project in the second 18 months of the agreement; for a total of AUD $500 per project by the 3rd anniversary of the agreement. After satisfying the work commitments and exercising the option on any or all of the projects, Swedish Nickel will grant EMX royalty interests with annual advance royalty ("AAR") payments and other considerations on each of the projects for which an option is exercised:</font></p>
    </div>
    <div style="margin-top: 14pt; margin-left: 54pt; margin-bottom: 14pt; background-color: #ffffff;">
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">o<font style="width: 13pt; text-indent: 0pt; display: inline-block;">&#160;</font>EMX will receive a 3% NSR royalty interest in each optioned project. On or before the earlier of the sixth anniversary of the agreement or delivery of a feasibility study, Swedish Nickel has the option to repurchase 1% of the EMX NSR royalty on any project by paying EMX AUD $1,500.</p>
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><font style="text-indent: -18pt; font-size: 10pt;">o</font><font style="font-size: 10pt; width: 13pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="text-indent: -18pt; font-size: 10pt;">EMX will receive AAR payments of AUD $25 on each optioned project commencing on the third anniversary of the agreement, with the AAR payment increasing by 10% each year.</font></p>
        <p style="margin-left: 18pt; text-indent: -18pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><font style="text-indent: -18pt; font-size: 10pt;">o</font><font style="font-size: 10pt; width: 12.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><font style="text-indent: -18pt; font-size: 10pt;">Payments of AUD $600 payable in cash or shares, will be made to EMX upon the delivery of a feasibility study on any of the projects.</font></p>
    </div>
    <p style="text-align: justify; background-color: #ffffff;">Closing is subject to approval by the ASX Stock Exchange.</p>
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        <p style="text-align: center;">Page 16</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><b>USA</b></p>
    <p style="text-align: justify;"><i>Red Top, Ripsey West, and Miller Mountain Projects</i></p>
    <p style="text-align: justify;">In March 2021, the Company through its wholly-owned subsidiary Bronco Creek Exploration Inc. ("BCE"), executed an exploration and option agreement for the Red Top, Ripsey West, and Miller Mountain projects in North America with Zaya Resources, Ltd. ("Zaya"), a wholly-owned subsidiary of Zacapa Resources Ltd. ("Zacapa"), a privately held British Columbia corporation.</p>
    <p style="text-align: justify;">Pursuant to the agreement, Zaya can acquire a 100% interest in each of the projects by completing the following conditions:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issuance of 9.9% of the outstanding shares of Zacapa (3,400,000 shares received at a value of $1,700) to the Company and reimbursement of the Company's acquisition and holding costs upon signing (received $160);</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Zacapa raising a minimum of US$3,000 of exploration capital and completing a successful IPO before the third anniversary of the agreement.&#160; EMX will maintain a non-dilution right through US$3,000 of capital raises whereby Zacapa will issue additional shares to EMX to maintain its 9.9% equity position at no cost to EMX; and</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Zacapa making AAR payments for each project to EMX beginning with US$20 on the latter of the issuance of drill permits, or the second anniversary of the agreement, and increasing US$10 each year to a cap of US$75 per year.</li>
    </ul>
    <p style="text-align: justify;">Upon Zaya's exercise of the option:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX will be granted a royalty of 2.5% of the production returns for the Red Top and Ripsey West projects and a royalty of 3.5% of the production returns at the Miller Mountain project; and</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX will continue to receive AAR payments with respect to each project.</li>
    </ul>
    <p style="text-align: justify;">Milestone payments are due to EMX with respect to each project, whether the milestones are achieved during the option period, or after exercise of the option, in the amounts of:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">US$200 upon completion of a preliminary economic assessment (PEA);</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">US$1,000 upon the earlier of completion of a prefeasibility study (PFS) or feasibility study (FS); and</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">US$1,000 upon a positive development decision.</li>
    </ul>
    <p style="text-align: justify;">Zacapa has the option to purchase a total of 0.5% from each of the Red Top and Ripsey West project's royalty and 1.0% of the Miller Mountain project royalty for a total of US$2,000 per royalty buyback prior to the eighth anniversary of the agreement.&#160;</p>
    <p style="text-align: justify;">EMX will have a preemptive right to participate in future financings to maintain its 9.9% equity interest as long as it holds a minimum 5% of the issued and outstanding shares of Zacapa.</p>
    <p style="text-align: justify;">In May 2021, Zacapa terminated the Ripsey West agreement.</p>
    <p style="text-align: justify;"><i>Copper Warrior Project</i></p>
    <p style="text-align: justify;">In April 2021, the Company through its wholly-owned subsidiary BCE executed an option agreement for the Copper Warrior copper project in Utah with Warrior Metals Inc. ("Warrior"), a Utah corporation and wholly-owned subsidiary of American West Metals Limited, a privately held Australian corporation. The agreement provides Warrior the right to earn a 100% interest in the project in exchange for providing EMX with cash and share payments, as well as work commitments during the earn-in period by making an execution payment of US$50 (received), making AAR payments of US$5, completing US$500 of exploration expenditures, completing an initial public offering ("IPO") before the third anniversary of the agreement, and transferring the equivalent of $500 of shares of the post-IPO public entity to EMX.</p>
    <p style="text-align: justify; background-color: #ffffff;">Upon exercise of the option, EMX will retain a 2% NSR royalty on the project. After exercise, EMX will receive AAR payments, of $10 on the first anniversary of the exercise of the option, escalating $5 per year thereafter.</p>
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                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</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>Regional Strategic Alliance with South32 </i></p>
    <p style="text-align: justify;">Pursuant to a Regional Strategic Alliance entered into with South 32 Limited ("South32") in November 2018, South32 advanced the Jasper Canyon, Copper Springs, and Malone properties to Designated Project ("DP") status and the Company received US$75 (US$25 per property) in execution payments, as well as US$70 for reimbursement of land payments related to the Copper Springs property.</p>
    <p style="text-align: justify;">DP's will advance under separate option agreements whereby South32 can earn a 100% interest in the project by making option payments totaling US$525 and completing US$5,000 in exploration expenditures over a five-year period. Upon exercise of the option, EMX will retain a 2% NSR royalty on the project which is not capped or purchasable. After exercise of the option, annual advance minimum payments and milestone payments will be due to EMX.</p>
    <p style="text-align: justify;"><b>CANADA</b></p>
    <p style="text-align: justify;">In January 2021, the Company entered into a sale agreement with Stone Gold Inc. ("Stone Gold") whereby Stone Gold purchased certain mineral claims in Ontario Canada for $10 (received) and 30,000 common shares of Stone Gold valued at $5 (received). In exchange for the sale, EMX retained a 1.5% NSR royalty.</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company received additional cash payments totalling $327 and equity payments with fair values totalling $79 related to option agreements within the Perry portfolio.</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company received additional cash payments totalling $50 and equity payments with fair values totalling $10 related to option agreements within the Frontline portfolio.</p>
    <p style="text-align: justify;"><b>Impairment of Non-Current Assets </b></p>
    <p style="text-align: justify;">The Company's accounting policy for impairment of non-current assets is to use the higher of the estimates of fair value less cost of disposal of these assets or value in use. The Company uses valuation techniques that require significant judgments and assumptions, including those with respect to future production levels, future metal prices and discount rates.</p>
    <p style="text-align: justify;">Non-current assets are tested for impairment when events or changes in circumstances suggest that the carrying amount may not be recoverable. The Company continuously reviews the production of gold from the Carlin Trend Royalty Claim&#160; Block, expected long term gold prices to be realized, foreign exchange, and interest rates. For the period ended September 30, 2021, these assumptions remained reasonable and no revisions were considered necessary.&#160;</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b> (Continued)</p>
    <p style="text-align: justify;"><b>Project and Royalty Generation Costs</b></p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company incurred the following project and royalty generation costs, which were expensed as incurred:</p>
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: middle; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: middle; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">84</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">205</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">26</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">3</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">78</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">396</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right;">2,217</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">94</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">65</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">77</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">4,217</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">562</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,495</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">30</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">4</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,158</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">3,251</td>
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            <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; padding-left: 2pt;">Professional costs</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">368</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">8</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">71</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">145</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">482</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">1,074</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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            <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 2pt;">Property costs</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">756</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,614</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">18</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">147</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2,535</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">493</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">766</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">59</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">15</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">204</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">1,537</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">176</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">6</td>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">11</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">84</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">277</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">4,656</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">5,751</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">304</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">261</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">85</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">2,230</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">13,287</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(3,454</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(2,767</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(6,221</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
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            <td style="border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Net Expenditures</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">1,202</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">2,984</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">304</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">261</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">85</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">2,230</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">7,066</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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    <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>
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            <td style="text-align: center; border-width: 1.5pt 0.75pt 0.75pt; border-style: solid; border-color: #000000; vertical-align: bottom; width: 19.1194%;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 7.99536%; white-space: nowrap;"><b>Scandinavia</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 7.99536%; white-space: nowrap;"><b>USA</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 7.99536%; white-space: nowrap;"><b>Turkey</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 7.99536%; white-space: nowrap;"><b>Australia</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 7.99536%; white-space: nowrap;"><b>Other&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 8.45886%; white-space: nowrap;"><b>General<br>Royalty and<br>Project<br>Investigation<br>cost</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; width: 1.96987%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; width: 1.50637%; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-right: 0.75pt solid #000000; width: 1.96987%;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">83</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">126</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">1</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">13</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 8.45886%; text-align: right; background-color: #e6efff;">79</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff; padding-left: 3pt;">$</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">302</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
            <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; width: 19.1194%; padding-left: 2pt;">Drilling, technical, and support costs</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">195</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">3,857</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">79</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">64</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">15</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8.45886%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">4,210</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">717</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">1,540</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">7</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">5</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">151</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">6</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">48</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">122</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">61</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8.45886%; text-align: right;">407</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">795</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">796</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">1,461</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">5</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">2,262</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">94</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">310</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">23</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">10</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">7</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 8.45886%; text-align: right;">652</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 7.99536%; text-align: right;">1,096</td>
            <td style="vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 19.1194%; background-color: #e6efff; padding-left: 2pt;">Travel&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">95</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">14</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8.45886%; text-align: right; background-color: #e6efff;">81</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">190</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">2,131</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">7,314</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">158</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">219</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">83</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8.45886%; text-align: right;">2,815</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">12,720</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 19.1194%; background-color: #e6efff; padding-left: 2pt;">Recoveries from partners</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">(827</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">(4,778</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">(7</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8.45886%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right; background-color: #e6efff;">(5,612</td>
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        <tr>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">1,304</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">2,536</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">158</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">212</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">83</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8.45886%; text-align: right;">2,815</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.50637%; text-align: left; padding-left: 3pt;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7.99536%; text-align: right;">7,108</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1.96987%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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    <br>
    <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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
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    <p style="text-align: justify;"><b>10. PROPERTY AND EQUIPMENT</b></p>
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            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#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: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Cost</b></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">322</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">2</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">723</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">419</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">1,517</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 24pt;" colspan="1">Additions</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right; background-color: #e6efff;">179</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: 8%; 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: 8%; 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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">179</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: 0.75pt solid #000000; vertical-align: bottom; padding-left: 24pt;">Disposals and derecognition</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">51</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">501</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">723</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">419</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,696</td>
            <td style="border-bottom: 0.75pt 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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;" colspan="1"><b>Accumulated depreciation</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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; padding-left: 12pt;" colspan="1">As at December 31, 2020</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">51</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">112</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">2</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">606</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; 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: 8%; text-align: right;">771</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">54</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">19</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: 8%; 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: 8%; text-align: right; background-color: #e6efff;">73</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">As at September 30, 2021</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">166</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">625</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">844</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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;" colspan="1"><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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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: 8%; 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; padding-left: 12pt;" colspan="1">As at December 31, 2020&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">210</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">117</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">419</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;">746</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">As at September 30, 2021&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">335</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">98</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">419</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">852</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>11. 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">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">U.S.A&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,029</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">448</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: 0.75pt solid #000000;">Sweden&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">33</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">8</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,062</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">456</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">As at September 30, 2021, the Company has no material reclamation obligations.</p>
    <p style="text-align: justify;"><b>12. 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">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt 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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,812</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,524</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: 0.75pt solid #000000;" colspan="1">Sweden and Norway</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">235</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">41</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Total</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">3,047</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">1,565</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>13. LOAN PAYABLE</b></p>
    <p style="text-align: justify;">In August 2021, the Company entered into a credit facilty with Sprott for US$44,000 with a maturity date of July 31, 2022. The credit facility carries an annual interest rate of 7%, payable monthly. In connection with the Sprott loan, EMX paid cash fees of US$795 as a 3.75% origination discount, and issued 450,730 common shares valued at $1,557 (US$1,235) or $3.46 (US$2.74) per share as part of a private placement in which funds were drawn from the Sprott loan advance.</p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, using an annual effective interest rate of 12.10%, included in finance expenses was interest expense of $788. Included in restricted cash is $1,906 (US$1,500) in funds held as a minimum cash balance as part of the Sprott agreement. The credit facility includes a general security agreement over select assets of EMX.&#160; As at September 30, 2021, the outstanding balance payable to Sprott was $54,134.</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>14. CAPITAL STOCK</b></p>
    <p style="text-align: justify;"><b>Authorized&#160; </b></p>
    <p style="text-align: justify;">As at September 30, 2021, the authorized share capital of the Company was an unlimited number of common shares without par value.</p>
    <p style="text-align: justify;"><b>Common Shares </b></p>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 880,400 common shares for gross proceeds of $1,180 pursuant to the exercise of stock options.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 4,667 common shares valued at $13 as a bonus pursuant to an agreement with a consultant to the Company.</li>
        <li style="margin-left: 27.45pt; padding-left: 8.25pt; text-align: justify;">Issued 225,750 common shares with a value of $183 pursuant to the restricted share unit plan with executives and management of the Company.</li>
        <li style="margin-left: 27.45pt; padding-left: 8.25pt; text-align: justify;">Issued 114,785 common shares valued at $434 (US$375) related to the Oij&#228;rvi acquisition agreement (Note 9).</li>
        <li style="margin-left: 27.45pt; padding-left: 8.25pt; text-align: justify;">Issued 450,730 common shares for gross proceeds of $1,557 or $3.46 per share pursuant to a private placement as part of the Sprott loan facility (Note 13).</li>
    </ul>
    <p style="text-align: justify;">During the nine months ended September 30, 2020 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 for gross proceeds of $1,769 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 valued at $136 pursuant to the Kaukua Royalty acquisition (Note 9).</li>
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    <p style="text-align: justify;"><b>Stock Options</b></p>
    <p style="margin-bottom: 0pt; 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>
    <p style="text-align: justify;">During the nine months ended September 30, 2021, the change in stock options outstanding was as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
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            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Number</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Weighted Average</b><br><b>Exercise Price</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#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="vertical-align: bottom; background-color: #e6efff;" colspan="1">Balance as at December 31, 2020</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">6,382,400</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: 15%; text-align: right; background-color: #e6efff;">1.70</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Granted</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,801,500</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: 15%; text-align: right;">3.98</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Exercised</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(880,400</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: 15%; text-align: right; background-color: #e6efff;">1.34</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: 0.75pt solid #000000;">Forfeited</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">(20,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">1.83</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <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: 15%; text-align: right; background-color: #e6efff;">7,283,500</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: 15%; text-align: right; background-color: #e6efff;">2.31</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: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000;">7,273,500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000;">2.31</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
        </tr>
    </table>
    <br>
    <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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>14. CAPITAL STOCK </b>(Continued)</p>
    <p style="text-align: justify;">The following table summarizes information about the stock options which were outstanding and exercisable at September 30, 2021:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>Date Granted</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Number of Options</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Exercisable</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Exercise Price $</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Expiry Date</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">October 18, 2016</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">160,000</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: 15%; text-align: right; background-color: #e6efff;">160,000</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: 15%; text-align: right; background-color: #e6efff;">1.30</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: 15%; text-align: right; background-color: #e6efff;">October 18, 2021</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">August 28, 2017</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,045,000</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: 15%; text-align: right;">1,045,000</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: 15%; text-align: right;">1.20</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: 15%; text-align: right;">August 28, 2022</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">July 10, 2018</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,289,000</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: 15%; text-align: right; background-color: #e6efff;">1,289,000</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: 15%; text-align: right; background-color: #e6efff;">1.30</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: 15%; text-align: right; background-color: #e6efff;">July 10, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">November 28, 2018</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">10,000</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: 15%; text-align: right;">10,000</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: 15%; text-align: right;">1.57</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: 15%; text-align: right;">November 28, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">December 14, 2018</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">20,000</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: 15%; text-align: right; background-color: #e6efff;">20,000</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: 15%; text-align: right; background-color: #e6efff;">1.42</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: 15%; text-align: right; background-color: #e6efff;">December 14, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">June 6, 2019</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,375,000</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: 15%; text-align: right;">1,375,000</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: 15%; text-align: right;">1.70</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: 15%; text-align: right;">June 6, 2024</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">November 18, 2019</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">30,000</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: 15%; text-align: right; background-color: #e6efff;">30,000</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: 15%; text-align: right; background-color: #e6efff;">1.80</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: 15%; text-align: right; background-color: #e6efff;">November 18, 2024</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">January 21, 2020</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">60,000</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: 15%; text-align: right;">60,000</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: 15%; text-align: right;">2.22</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: 15%; text-align: right;">January 21, 2025</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">April 22, 2020</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">20,000</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: 15%; text-align: right; background-color: #e6efff;">20,000</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: 15%; text-align: right; background-color: #e6efff;">2.50</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: 15%; text-align: right; background-color: #e6efff;">April 22, 2025</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: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,444,000</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>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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: 15%; text-align: right; background-color: #e6efff;">29,000</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: 15%; text-align: right; background-color: #e6efff;">29,000</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: 15%; text-align: right; background-color: #e6efff;">3.50</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: 15%; text-align: right; background-color: #e6efff;">October 5, 2025</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,246,500</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <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;" colspan="1">May 12, 2021</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">15,000</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: 15%; text-align: right; background-color: #e6efff;">15,000</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: 15%; text-align: right; background-color: #e6efff;">4.28</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: 15%; text-align: right; background-color: #e6efff;">May 12, 2026</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">20,000</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: 15%; text-align: right;">20,000</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: 15%; text-align: right;">3.67</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>
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            <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: 15%; text-align: right; background-color: #e6efff;">500,000</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: 15%; text-align: right; background-color: #e6efff;">500,000</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: 15%; text-align: right; background-color: #e6efff;">3.66</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: 15%; text-align: right; background-color: #e6efff;">August 19, 2026</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">10,000</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">10,000</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3.51</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">September 8, 2026</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <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: 15%; 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: 15%; 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: 15%; 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: 15%; 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="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <p style="text-align: justify;">* Includes options granted for investor relations services that vest 25% every 4 months from the date of grant.&#160;&#160;</p>
    <p style="text-align: justify;">The weighted average remaining useful life of exercisable stock options is 2.92 years (December 31, 2020 - 2.82 years).</p>
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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>
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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;">312,500</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;">-</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>
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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;">-</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;">-</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;">312,500</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;">-</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;">-</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;">-</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;">312,500</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;">21,000</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;">-</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>
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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;">-</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;">14,000</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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">430,000</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;">-</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;">-</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;">-</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;">430,000</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; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">470,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">470,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Total</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">1,076,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">470,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">(319,500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">1,226,500</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
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    </table>
    <p style="text-align: justify;">*Based on the achievement of performance as evaluated by the Compensation Committee, it was ascertained that 312,500 RSU's with an evaluation date of December 31, 2020 had vested based on pre set performance criteria previously established on the grant date.</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>14. CAPITAL STOCK </b>(Continued)</p>
    <p style="text-align: justify;"><b>Share-based Payments</b></p>
    <p style="text-align: justify;">During the period ended September 30, 2021, the Company recorded aggregate share-based payments of $4,651 (2020 - $2,636) as they relate to the fair value of stock options and RSU's vested during the period and the fair value of incentive stock grants. Share-based payments for the periods ended September 30, 2021 and 2020 are allocated to expense accounts as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>Nine months ended September 30, 2021</b></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>General and<br>Administrative<br>Expenses</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Project and Royalty<br>Generation Costs</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Fair value of stock options vested</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,753</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,510</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,263</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">RSU's vested</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,052</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: 15%; 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: 15%; text-align: right;">1,052</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">RSU's settled with cash</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">309</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">27</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">336</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,114</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,537</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">4,651</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Nine months ended September 30, 2020</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>General and</b><br><b>Administrative</b><br><b>Expenses</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Project and Royalty<br>Generation Costs</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Fair value of stock options vested</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,206</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">948</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,154</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">RSU's vested</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">276</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: 15%; 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: 15%; text-align: right;">276</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">RSU's settled in cash</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">58</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">148</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">206</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,540</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,096</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,636</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The weighted average fair value of the stock options granted during the nine months ended September 30, 2021 was $1.81 (2020 - $1.34) per stock option. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
            <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Risk free interest rate</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">0.88%</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: 15%; text-align: right; background-color: #e6efff;">0.42%</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Expected life (years)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">5</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: 15%; text-align: right;">5</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Expected volatility</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">53.3%</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: 15%; text-align: right; background-color: #e6efff;">61.7%</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Dividend yield</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">0%</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">0%</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>Warrants</b></p>
    <p style="text-align: justify;">There were no warrants outstanding as at September 30, 2021 and December 31, 2020.</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. RELATED PARTY TRANSACTIONS</b></p>
    <p style="text-align: justify;">The aggregate value of transactions and outstanding balances relating to key management personnel were as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1"><b>For the period&#160; ended September 30, 2021</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Salary and fees</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Management</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">858</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,141</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,999</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Outside directors *</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">427</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: 15%; text-align: right;">901</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: 15%; text-align: right;">1,328</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Seabord Management Corp.**</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,441</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,042</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,483</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;" colspan="1"><b>For the period&#160; ended September 30, 2020</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 15%; white-space: nowrap;"><b>Salary and fees</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 15%; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 1%; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 15%; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: left; vertical-align: bottom; border-bottom: 0.75pt solid #000000; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Management</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">562</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">746</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,308</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Outside directors *</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">201</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: 15%; text-align: right;">448</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: 15%; text-align: right;">649</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Seabord Management Corp.**</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">277</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">277</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,040</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,194</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,234</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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$21. The change in fees is to reflect his increased role and involvement in the Company's investment activities.</p>
    <p style="text-align: justify;">** Seabord Management Corp. ("Seabord") is a management services company controlled by the Chairman of the Board of Directors of the Company. Seabord provides accounting and administration staff, and office space to the Company.</p>
    <p style="text-align: justify;">Included in accounts payable and accrued liabilities at September 30, 2021 is $4 (December 31, 2020 - $28) owed to key management personnel and other related parties.&#160;</p>
    <p style="text-align: justify;"><b>16. SEGMENTED INFORMATION</b></p>
    <p style="text-align: justify;">The Company operates within the resource industry.&#160; As at September 30, 2021 the Company had royalty and other property interests, property and equipment and royalty revenue located geographically as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>ROYALTY AND OTHER PROPERTY INTERESTS</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Canada</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,588</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: 15%; text-align: right; background-color: #e6efff;">3,220</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">U.S.A.</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">11,330</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: 15%; text-align: right;">12,694</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">438</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: 15%; text-align: right; background-color: #e6efff;">438</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Finland</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">260</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: 15%; text-align: right;">260</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Chile</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,684</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: 15%; text-align: right; background-color: #e6efff;">1,684</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Serbia</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">200</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">200</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">16,500</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">18,496</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>PROPERTY AND EQUIPMENT</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; 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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">58</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">U.S.A.</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">731</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">688</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">852</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">746</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>ROYALTY REVENUE</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt 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: 15%; text-align: right; background-color: #e6efff;">1,357</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: 15%; text-align: right; background-color: #e6efff;">898</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Sweden</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">123</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: 15%; text-align: right;">63</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">Other</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">79</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">30</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,559</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">991</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The Company's depletion is located in the U.S.A. for the nine months ended September 30, 2021 and 2020.</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: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>17. 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, 2021, the Company had working capital of $13,889 (December 31, 2020 - $68,995). 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>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">a)<font style="width: 10.18pt; text-indent: 0pt; display: inline-block;">&#160;</font>Level 1: inputs represent quoted prices in active markets for identical assets or liabilities. Active markets are those in which transactions occur in sufficient frequency and volume to provide pricing information on an ongoing basis.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">b)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Level 2: inputs other than quoted prices that are observable, either directly or indirectly. Level 2 valuations are based on inputs, including quoted forward prices for commodities, market interest rates, and volatility factors, which can be observed or corroborated in the market place.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">c)<font style="width: 10.74pt; text-indent: 0pt; display: inline-block;">&#160;</font>Level 3: inputs that are less observable, unobservable or where the observable data does not support the majority of the instruments' fair value.</p>
    <p style="text-align: justify;">As at September 30, 2021, there were no changes in the levels in comparison to December 31, 2020. 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">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Assets</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 1</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 2</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Level 3</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Investments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">11,757</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,989</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; 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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">15,746</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Warrants</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; text-align: right;">396</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: 15%; 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: 15%; text-align: right;">396</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Strategic Investments</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">226</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">226</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">11,757</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">4,611</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">16,368</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">The carrying value of 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>
    <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; background-color: #ffffff;">The Company's financial instruments are exposed to certain financial risks, including credit risk, interest rate risk, market risk, liquidity risk and currency risk.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Credit Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to credit risk by holding cash and cash equivalents and receivables.&#160; This risk is minimized by holding a significant portion of the funds in Canadian banks. The Company's exposure with respect to its receivables is primarily related to royalty streams, recovery of project and royalty generation costs, and the sale of assets.</p>
    <div id="footer_page_25">
        <p style="text-align: center;">Page 25</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <div id="header_page_26">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>17. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </b>(Continued)</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Interest Rate Risk</b></p>
    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 and loans including the Sprott facility (Note 13) are 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&#8217;s operations due to the short term to maturity and no penalty cashable feature of its cash equivalents.<br>
    <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, 2021<b> </b>portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $1,637.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Liquidity Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">Liquidity risk is the risk that the Company is unable to meet its financial obligations as they come due.&#160; The Company manages this risk by careful management of its working capital to ensure the Company's expenditures will not exceed available resources.</p>
    <p style="text-align: justify;"><b>Commodity Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company's royalty revenues are derived from a royalty interest and are based on the extraction and sale of precious and base minerals and metals. Factors beyond the control of the Company may affect the marketability of metals discovered. Metal prices have historically fluctuated widely. Consequently, the economic viability of the Company's royalty interests cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices.</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Currency Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">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, 2021 was as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Accounts</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>US dollars</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></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: 15%; text-align: right; background-color: #e6efff;">33,198</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: 15%; text-align: right;">3,024</td>
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        <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: 15%; text-align: right; background-color: #e6efff;">738</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Loan receivable&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,933</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;">Accounts payable and accrued liabilities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(321</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Advances from joint venture partners</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(2,212</td>
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        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(42,592</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Net exposure</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(6,231</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Canadian dollar equivalent</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(7,920</td>
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    </table>
    <br>
    <div id="footer_page_26">
        <p style="text-align: center;">Page 26</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>17. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </b>(Continued)</p>
    <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, 2021, 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 $792 in the Company's pre-tax profit or loss.</p>
    <p style="text-align: justify;"><b>18. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</b><b></b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Cash</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">45,066</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">50,745</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Short-term deposits</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">1,669</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">1,957</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">46,735</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">52,702</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p>Short term deposits are highly liquid investments that are readily convertible to known amounts of cash.</p>
    <p style="text-align: justify;">Changes in non-cash working capital:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Accounts receivable</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">145</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: 15%; text-align: right; background-color: #e6efff;">(827</td>
            <td style="vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;">Prepaid expenses</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(116</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(50</td>
            <td style="vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Accounts payable and accrued liabilities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(1,486</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: 15%; text-align: right; background-color: #e6efff;">703</td>
            <td style="vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; padding-left: 12pt;">Advances from joint venture partners</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(1,315</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(209</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(2,772</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(383</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
        </tr>
    </table>
    <p style="text-align: justify;">The significant non-cash investing and financing transactions during the nine months ended September 30, 2021 and 2020 included:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">a)<font style="width: 10.18pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recorded the issuance of $Nil (2020 - $136) through share capital for the issuance of Nil (2020 - 52,000) common shares for the acquisiton of a royalty interest;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">b)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recorded the issuance of $434 (2020 - $Nil) through share capital for the issuance of 114,785 (2020 - Nil) common shares related to property agreements;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">c)<font style="width: 10.74pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $847 (2020 - $Nil) of accumulated OCI out of reserves to deficit upon disposal of a FVOCI investment.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">d)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $673 (2020 - $997) from reserves to share capital for options exercised;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">e)<font style="width: 9.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>Issuance of $183 (2020 - $Nil) through share capital for the issuance of 225,750 (2020 - Nil) common shares for settlement of previously vested RSU's.&#160;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">f)<font style="width: 11.92pt; text-indent: 0pt; display: inline-block;">&#160;</font>Deferred acquisition costs of $133 (2020 - $Nil) and deferred financing charges of $18 (2020 - $Nil) were included in accounts payable and accrued liabilities.</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">g)<font style="width: 10.26pt; text-indent: 0pt; display: inline-block;">&#160;</font>Adjusted non-current assets and liabilities for $45 (2020 - $258) related to cumulative translation adjustments ("CTA"), of which $46 (2020 - gain of $309 ) relates to CTA loss on royalty interest, $Nil (2020 - $36) relates to a CTA loss on deferred tax assets, and $1 (2020 - loss of $15) relates to CTA gain in the net assets of a subsidiary with a functional currency different from the presentation currency.</p>
    <div id="footer_page_27">
        <p style="text-align: center;">Page 27</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>EMX ROYALTY CORPORATION </b></p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)</p>
                    <p style="margin-top: 0pt; margin-bottom: 0pt;">For the Period Ended September 30, 2021</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>19. EVENTS SUBSEQUENT TO THE REPORTING DATE</b></p>
    <p style="text-align: justify;">Subsequent to the nine months ended September 30, 2021, the Company:</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">a)<font style="width: 10.18pt; text-indent: 0pt; display: inline-block;">&#160;</font>On November 5, 2021 closed the first tranche of a private placement by issuing 6,337,347 units at a price of $3.30 per unit for gross proceeds of $20,913. &#160;The units consisted of one common share of the Company and one-half of one transferable warrant. Each whole warrant entitles the holder thereof to purchase one common share of the Company at a price of $4.00 per common share in the first year and a price of $4.50 per common share in the second year. &#160;In connection with the closing of Tranche 1, the Company paid cash finders&#8217; fees totaling $489 and issued 148,082 compensation warrants to the finders. &#160;Each compensation warrant entitles the holder thereof to purchase one common share of the Company at a price of $3.50 per common share for a period of one year.&#160;</p>
    <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">b)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>On October 21, 2021, completed the acquisition of a portfolio of &#160;royalty interests and deferred payments from SSR Mining Inc. and certain of its subsidiaries (&#8220;SSR Mining&#8221;). The Company also entered into a Vendor-take-back note (&#8220;VTB Note&#8221;) with SSR Mining pursuant to which the Company has borrowed US$7,848 from SSR Mining.Pursuant to the acquisition, EMX paid US$33,383 in cash and issued 12,323,048 common shares to SSR Mining. &#160;EMX also incurred other legal and consulting costs related to the acquisition, $452 of which was recorded as deferred acquisition costs as at September 30, 2021. &#160;</p>
    <p style="margin-left: 36pt; text-align: justify;">Additional deferred payments of up to US$34 million may be made by EMX to SSR Mining in consideration for the Net Profits Interest (&#8220;NPI&#8221;) royalty on the Yenipazar property to be paid in a combination of cash and common shares of EMX upon certain development and production milestones being acheived.</p>
    <p style="margin-left: 36pt; text-align: justify;">As part of the purchase, the VTB Note of US$7,848 bears interest at 10% per annum for the first 180 days, and will increase to 13% per annum thereafter. The VTB Note has a maturity date of December 31, 2022. The VTB Note is unsecured and subordinated to the Sprott Credit Facility (Note 13).&#160;</p>
    <div id="footer_page_28">
        <p style="text-align: center;">Page 28</p>
    </div>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>

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

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><img src="exhibit99-2x001.jpg" style="width: 441px;" height="73"></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, 2021</b></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 10, 2021.&#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, 2021 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, Latin America, Europe, Turkey, Australia, and Haiti. The Company's common shares are listed on the TSX Venture Exchange and the NYSE American Exchange under the symbol EMX and on the Frankfurt Stock Exchange under the symbol "6E9".</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 18-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 ("AMR") and annual advance royalty ("AAR") 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 optionality 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 and property interests since 2012. The purchase of royalty interests allows EMX to acquire 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 royalty acquisition opportunities.</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, as well as from strategic investments. This approach provides a foundation for supporting EMX's growth and increasing shareholder value over the long term.</p>
    <p style="text-align: justify;"><b>HIGHLIGHTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND SUBSEQUENTLY </b></p>
    <p style="text-align: justify;"><b>Significant Acquisitions</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX closed the acquisition of a portfolio of royalty interests and deferred payments from SSR Mining Inc. and certain of its subsidiaries ("SSR Mining") (see EMX news release dated October 21, 2021). The Royalty Portfolio consists of 16 geographically diverse base and precious metals royalties, with four royalty assets at advanced stages of project development, and includes US $18 million in future cash payments. EMX has paid US $33 million in cash and issued 12,323,048 million common shares of the Company valued at US $32.5 million to SSR Mining. SSR Mining now owns an approximate 12% undiluted equity interest in EMX. EMX will also make deferred and contingent payments to SSR Mining of up to US $34 million if certain project advancement milestones are achieved.</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 completed the acquisition of an effective 0.418% NSR royalty on the Caserones Copper-Molybdenum Mine (the "Caserones Royalty") located in northern Chile for US$34.1 million in cash (see EMX news release dated September 3, 2021). Caserones is a significant porphyry copper-molybdenum mining operation in a top tier mining jurisdiction.&#160; The Caserones acquisition brings immediate cashflow to EMX's portfolio. Through the quarter end, EMX has realized an initial payment of US $951,000 from the second quarter (i.e., April - June) royalty distributions.</li>
    </ul>
    <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;">As at September 30, 2021, EMX ended the quarter with a working capital balance of $13,889,000 including cash and cash equivalents of $46,735,000, investments, strategic investments, and receivables and loan receivables totaling $27,034,000, and debt of $54,134,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">To facilitate the Caserones and SSR royalty acquisitions, as well as to supplement working capital, the Company has entered into 3 financing transactions including a US$44,000,000 credit facility with Sprott Private Resource Lending II (Collector), LP, a Vendor-take-back note of US$7.85 million with SSR Mining, and the closing of the first tranche of a private placement for gross proceeds of $20,913,000. &#160; &#160;&#160;</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">For the three months ended September 30, 2021, EMX had revenue and other income of $1,504,000. EMX also received or accrued from its effective royalty interest on the Caserones mine its first quarterly payment of approximately US$950,000.</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 the three months ended September 30, 2021 totaled $3,882,000 including share-based compensation of $45,000, of which the Company recovered $1,792,000 from partners.</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 $1,807,000. The increase from Q3-2020 is largely the result of increased due diligence costs related to the Caserones acquisition and other prospective royalty assets.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">For the three months ended September 30, 2021, the Company had a net loss from operations of $10,866,000. In addition to operating items noted above, included in net loss from operations was $759,000 in depletion, depreciation, and direct royalty taxes, and $1,206,000 in share-based compensation. Other items affecting net loss in Q3-2021 include a gain from the Company&#8217;s investments in associated entities of $1,138,000 primarily related to its effective royalty interest in the Caserones mine, a fair value loss on investments of $3,731,000, and a foreign exchange gain of $1,301,000. The Company also recorded impairment charges of $4,178,000 including $4,022,000 related to its investment in Rawhide Acquisition Holding LLC ("RAH&#8221; or &#8220;Rawhide&#8221;). The foreign exchange gain was primarily related to the Company holding cash and net assets denominated in US.</li>
    </ul>
    <p style="text-align: justify;"><b>Operational Update</b></p>
    <p style="text-align: justify;">EMX's royalty and mineral property portfolio totals over 280 projects on five continents. The following discussion summarizes the work conducted in Q3-2021, as well as subsequent events, by the Company and its partners.&#160;</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In North America, EMX received provisional payments of approximately US$641,000 from the sale of 364 gold ounces produced at the Leeville royalty property in Nevada's Northern Carlin Trend. Leeville's Q3 performance ensures that 2021 will be a year of increased payments due to robust production contributions from Carlin East and Four Corners. On the royalty generation front, EMX continued to evaluate and add new gold and copper projects to the portfolio by staking open ground. Partner companies continued to build value in the portfolio with their summer field exploration programs. In particular, partner Ridgeline Minerals' successes at Swift resulted in the Carlin-type gold project being optioned to Nevada Gold mines. Ridgeline also reported additional encouraging drill results from the Selena sediment-hosted silver-gold project.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">EMX's royalty and mineral asset portfolio in key mining districts of Ontario and Quebec, including the Red Lake camp, generated $75,000 in cash and fair value equity payments. EMX's initiatives in Canada included staking prospective open ground, as well as expanding land positions at several existing properties.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.8pt; text-align: justify; padding-left: 8.4pt;">In Serbia, Timok operator Zijin Mining Group Co. Ltd. ("Zijin") received the final operating licenses and is in the trial production stage at the Upper Zone copper-gold project which is covered by an EMX 0.5% NSR royalty. The Company filed an amended and restated Technical Report titled "NI 43-101 Technical Report - Timok Copper-Gold Project Royalty, Serbia" on SEDAR authored by Mineral Resource Management LLC.</li>
    </ul>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Fennoscandia, EMX executed an agreement for the sale of its Sv&#228;rdsj&#246; polymetallic project in Sweden to District Metals Corp. (TSX-V: DMX) for share equity, AAR payments, and retained royalty interests to EMX's benefit. Subsequently EMX executed an option agreement for the sale of five battery metals projects in Sweden to Swedish Nickel Pty. Ltd. for share equity, AAR payments, retained royalty interests in the projects, work commitments and other consideration. As these six new deals were completed, partner companies continued to advance EMX's royalty properties, which included further encouraging results from District's drill program at the Tomtebo polymetallic project in Sweden's Bergslagen mining district.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 28.06pt; text-align: justify; padding-left: 7.94pt;">In Australia, the Company was granted the Copperhole Creek exploration license in the Georgetown Region of North Queensland. The Copperhole Creek project is available for partnership.</li>
    </ul>
    <p style="text-align: justify;"><b>Corporate Update</b></p>
    <p style="text-align: justify;">EMX is monitoring developments regarding the ongoing coronavirus pandemic ("COVID-19"), with a focus on the jurisdictions in which the Company operates. EMX has implemented COVID-19 prevention, monitoring and response plans following the guidelines of international agencies and the governments and regulatory agencies of each country in which it operates. EMX's priority is to safeguard the health and safety of its personnel and host communities, support government actions to slow the spread of COVID-19 and assess and mitigate the risks to business continuity. Although various levels of restrictions remain in place for some jurisdictions where the Company operates (e.g., travel restrictions, etc.), EMX's field programs are up-and-running with in-country based staff.</p>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">With the closing of the SSR and Caserones acquisitions, EMX continues to significantly strengthen its global portfolio of royalties. Gediktepe is one of several EMX royalty properties that are expected to commence production during late Q4, 2021 and early 2022. The others include the Timok development project in Serbia, where the Cukaru Peki high grade copper-gold deposit is being put into production by Zijin Mining Group Co. Ltd., and Balya North, a polymetallic Carbonate Replacement Deposit ("CRD") in western Turkey being developed by Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;., a private Turkish company.</p>
    <p style="text-align: justify;">EMX's Leeville royalty in Nevada has delivered increased cash flows in recent months, with royalty production proceeds now being received from the Four Corners and Carlin East mining areas in addition to other areas on the royalty property. Together with cash flow already being received from its recently purchased Caserones copper-molybdenum royalty in Chile, EMX anticipates a significant increase in royalty revenue in 2022 from multiple assets that span four continents. See the EMX website (<font style="color: #0000ff;"><u>www.EMXroyalty.com</u></font>) for further project and portfolio details.</p>
    <p style="text-align: justify;">The SSR royalty portfolio acquisition is an example of EMX's corporate growth strategy, whereby the Company leveraged its in-region expertise to identify opportunities in jurisdictions where EMX already has a strategic presence, and hence a competitive advantage. This approach leads to value creation for the Company as well as synergies with existing EMX initiatives around the world.</p>
    <p>Meanwhile the Company&#8217;s royalty generation initiatives continued moving forward during Q3, which provides deal flow momentum moving into Q4. EMX partnered six projects in Fennoscandia for retained royalty interests, cash payments, and equity interests while continuing with field programs to add new projects to the royalty generation portfolio. In Australia, despite the challenges of COVID-19 lockdowns, the Company was successful in its efforts to add the Copperhole Creek project to the royalty generation portfolio. In the southwestern U.S., Regional Strategic Alliance (&#8220;RSA&#8221;) generative funds from South32 paid for identifying new copper projects. Elsewhere, multiple new precious-metals projects were staked by the Company in Idaho and Nevada which are now available for partnership. EMX is steadily building its generative portfolio in key mineral belts of the western U.S., and is now the third largest holder of mineral rights in Arizona and the second largest in Idaho. Fennoscandia, Australia, and the U.S. are stable exploration and mining jurisdictions, and EMX&#8217;s royalty generation assets provide prime opportunities for new partnerships.</p>
    EMX&#8217;s established partner companies continue to add value to the portfolio with encouraging drill results and other important advancements. In Fennoscandia, most notable were District&#8217;s drill success at Tomtebo (Norway) and further expansion of PGE-Ni-Cu mineralized zones at the Kaukua South project by Palladium One. In the western U.S. advancements included Ridgeline Minerals&#8217; encouraging drill results from the Selena precious metals project on the Carlin Trend, and a joint venture agreement with Nevada Gold Mines for the Cortez Trend&#8217;s Swift gold project. EMX&#8217;s partners continued creating value on these assets, as well as others, at no cost to the Company. This trend of ongoing work expenditures is expected to carry forward, if not increase, going into Q4.
    <p>The Company will continue to strengthen its balance sheet through increased cashflows from royalties, deferred royalty payments, sale of investments, and other income. As part of this effort to strengthen working capital, in November 2021, the Company completed the first tranche of a $21.45 million private placement by the issuance of 6,337,347 units at $3.30 each for gross proceeds of $20.9 million. Increases to EMX&#8217;s treasury will allow it to continue project generation and royalty acquisition activities (See Liquidity and Capital discussions below).</p>
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    <p style="text-align: justify;"><b>PORTFOLIO REVIEW</b></p>
    <p style="text-align: justify;">EMX's royalty and mineral property portfolio totals over 280 projects on five continents. The following discussions include overviews of the work conducted in Q3 of 2021 (as well as subsequent events) by the Company and its partners. For greater detail on EMX's royalty 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>SIGNIFICANT ACQUISTIONS</b></p>
    <p style="text-align: justify;">EMX completed two transformational transactions with the purchase of a portfolio of royalties from SSR Mining Inc. and the purchase of an investment which holds the Caserones royalty interest. EMX Capital continues to evaluate new opportunities to further grow shareholder value.</p>
    <p style="text-align: justify;"><i>SSR Royalty Portfolio</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX closed the acquisition of a portfolio of royalty interests and deferred payments (the "Royalty Portfolio") from SSR Mining Inc. and certain of its subsidiaries ("SSR Mining") (see EMX news release dated October 21, 2021). The Royalty Portfolio consists of 16 geographically diverse base and precious metals royalties, with four royalty assets at advanced stages of project development, and includes US $18 million in future cash payments to be made to the owner of the Royalty Portfolio. EMX has paid US $33 million in cash and issued 12,323,048 common shares of the Company valued at US $32.5 million to SSR Mining. SSR Mining now owns an approximate 12% undiluted equity interest in EMX. EMX will also make deferred and contingent payments to SSR Mining of up to US $34 million if certain project advancement milestones are achieved.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">The Royalty Portfolio includes two royalties at Gediktepe in Turkey, which cover assets currently being developed by Lidya Madencilik Sanayi ve Ticaret A.&#350;. ("Lidya"), a private Turkish company. These include a 10% NSR royalty on production from an oxide gold-silver deposit and a 2% NSR royalty on the underlying polymetallic volcanogenic massive sulfide ("VMS") mineralization. Lidya expects that initial production from Gediktepe will commence in late 2021. The Royalty Portfolio also includes advanced stage project royalties at Yenipazar (Turkey) and Diablillos (Argentina), with the remaining royalty interests covering both precious and base metals assets in South America, Mexico, the United States (Nevada), and Canada.</p>
    <p style="margin-left: 36pt; text-align: justify;">The SSR Royalty Portfolio also included a Net Profits Interest ("NPI") royalty at Yenipazar in Turkey, a VMS style deposit being advanced by Virtus Mining Ltd. ("Virtus"), a private Turkish company in which Trafigura Ventures V BV is a 30% interest holder. The Yenipazar NPI is set at 6% until U.S. $165 million in revenues are received by the Company, after which the NPI converts to a 10% interest. Virtus recently updated the feasibility study for Yenipazar and is currently seeking project financing for development of the project.</p>
    <p style="margin-left: 35.45pt; text-align: justify;">The VTB Note totals US $7.85 million, bears interest at 10% per annum for the first 180 days and will increase to 13% per annum thereafter. The VTB Note has a maturity date of December 31, 2022. The proceeds of the VTB Note have been utilized for the payment of VAT associated with the sale of the Gediktepe royalty. The VTB Note is unsecured and subordinated to the Sprott Credit Facility which was drawn to help fund the Company's acquisition of the Caserones royalty. The Company will recover the VAT totaling U.S. $7.85 million over a two to three year period as royalty income is earned in Turkey.</p>
    <p style="margin-left: 36pt; text-align: justify;">The transaction with SSR Mining is expected to provide significant near-term cash flow to the Company and establishes a pipeline of quality royalty assets in well-recognized mineral belts around the world. The Royalty Portfolio acquisition is well aligned with EMX's corporate growth strategy and represents an important step forward in the Company's evolution.</p>
    <p style="margin-left: 36pt; text-align: justify;">Further details of the commercial terms and Royalty Portfolio descriptions are provided in the Company&#8217;s July 29<sup>th</sup> and October 21<sup>st</sup> news releases.</p>
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    <p style="text-align: justify;"><i>Caserones</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX completed the acquisition of an effective 0.418% NSR royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$34.1 million in cash (see EMX news release dated September 3, 2021). Caserones is a significant porphyry copper-molybdenum mining operation in a top tier mining jurisdiction. The closing took place in two phases (see EMX news releases dated August 23, and September 3, 2021). In completing the Caserones Royalty transaction, EMX has realized immediate cash flow from an initial after-tax payment of approximately US $951,000 from the second quarter (i.e., April - June) royalty distributions (see EMX news release dated September 14, 2021).</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">To purchase the Caserones Royalty, EMX formed a 50%-50% partnership with Altus Strategies Plc ("Altus", AIM: ALS; TSX Venture: ALTS; OTCQX: ALTUF) to acquire an effective 0.836% NSR royalty for US$68.2 million. EMX and Altus each control an effective 0.418% royalty interest and are each responsible for US$34.1 million of the total purchase price.</p>
    <p style="margin-left: 36pt; text-align: justify;">The Caserones open pit mine is developed on a porphyry copper-molybdenum deposit in the Atacama Region of the northern Chilean Andean Cordillera. The mine is operated by SCM Minera Lumina Copper Chile SpA, which is indirectly 100% owned by JX Nippon Mining &amp; Metals Corporation. Caserones produces copper and molybdenum concentrates from a conventional crusher and mill and flotation plant, as well as copper cathodes from a dump leach and solvent extraction and electrowinning plant. In 2020 the mine produced 104,917 tonnes of fine copper in concentrate, 2,453 tonnes of fine molybdenum in concentrate, and 22,056 tonnes of fine copper in cathodes. The Caserones open pit has 17 years remaining in its current mine plan, along with excellent exploration potential.</p>
    <p style="margin-left: 36pt; text-align: justify;">To finance its US$34.1 million portion of the US$68.2 million purchase price, EMX used existing working capital and entered into a Credit Agreement (the "Credit Agreement") with Sprott Private Resource Lending II (Collector), LP ("Sprott"). See liquidity and capital for additional details.</p>
    <p style="margin-left: 36pt; text-align: justify;">The acquisition of the Caserones Royalty represents another important strategic development for EMX by further enhancing the Company's royalty cash flow and long-term exposure to copper as a key metal for the global economy. Recognition of the opportunity resulted from EMX's ongoing assessment work in the region, and complements the Company's near simultaneous acquisition of the Royalty Portfolio from SSR Mining.</p>
    <p style="margin-left: 36pt; text-align: justify;">Further details of the commercial terms, Altus partnership, and Caserones Mine description are provided in the Company's August 17<sup>th</sup>, August 23<sup>rd</sup>, September 3<sup>rd</sup>, and September 14<sup>th</sup> news releases.</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 U.S. includes 77 royalty and royalty generation properties in Arizona, Nevada, Utah, Idaho, Wyoming, Oregon, and Alaska. There were 33 royalty properties and projects optioned for an EMX royalty interest, four early exploration stage projects (i.e., not including Designated Projects) being advanced under the South32 Regional Strategic Alliance, and 40 royalty generation properties available for partnership. The Company's work in Q3 concentrated on a) advancing the South32 funded RSA and copper generative programs in the southwestern U.S., b) precious metals focused generative programs and the acquisition of new gold projects by staking open ground in Idaho and Nevada, c) forming new partnerships for available properties, 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;">EMX's Leeville 1% gross smelter return ("GSR") royalty covers portions of West Leeville, Turf, Carlin East, Four Corners and other underground gold mining operations and deposits in the Northern Carlin Trend of Nevada. The Leeville royalty property is included in the Nevada Gold Mines LLC ("NGM") Barrick-Newmont Nevada joint venture (61.5% - 38.5%, respectively). Leeville provisional royalty payments to EMX totaled approximately US$641 thousand in Q3. Royalty production totaled 364 troy ounces of gold in Q3 that were sourced from the West Leeville (18%), Carlin East (50%), and Four Corners operations (32%).&#160;</li>
    </ul>
    <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 1% NSR royalty property, operated by McEwen Mining Inc. (TSX &amp; NYSE: MUX) ("McEwen"), covers a sediment-hosted, oxide gold deposit situated &#126;5.6 kilometers southeast of McEwen's Gold Bar open pit mining operation in north-central Nevada. McEwen provided a "Q3 2021 Production Results" update, which stated that "The permitting process to access ore at the Gold Bar South (GBS) deposit has progressed well, with authorizations now anticipated to be received in Q4 2021. The company is planning for gold production from GBS in H2 2022" (see McEwen news release dated October 6, 2021). EMX is encouraged by the steady advancement of the GBS royalty property towards mine development.</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 has an RSA agreement 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, in effect until November 2022, 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;">South32 elected EMX's Copper Springs, Jasper Canyon, and Malone projects as Designated Projects in Q1 with the execution of three separate option agreements (see EMX news release dated May 3, 2021). In addition to the Designated Projects, four porphyry-copper early stage exploration projects in Arizona and Utah were also advanced and new generative reconnaissance work conducted under the terms of the RSA highlighting several new areas for potential future acquisition.</p>
    <p style="margin-left: 36pt; text-align: justify;">During Q3, EMX was principally focused on generative copper field programs to identify new RSA opportunities for acquisition, as well as on advancement of early stage projects and Designated Projects via drill permitting and other activities.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has 3.25% NSR royalty interests covering Ridgeline Minerals Corp's (TSX-V: RDG) ("Ridgeline") Swift and Selena projects in north-central Nevada. EMX also is a shareholder in Ridgeline as a result of working with Ridgeline during its period as a private company to secure funding and its initial portfolio of projects (see EMX news release dated May 30, 2019).</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">The Swift Carlin-type gold project is located in Nevada's prolific Cortez District. The 75 square kilometers property is immediately adjacent to the historic Elder Creek gold mine and on trend with the Pipeline, Cortez Hills, and Goldrush deposits which comprise the multi-million ounce Cortez Complex owned by NGM and Barrick. In Q3, Ridgeline expanded the Swift land position by approximately 50% after adding 6,439 acres of BLM lode claims (which are covered by EMX's royalty AOI) to cover the Mill Creek and Goat Anticline targets (see Ridgeline news release dated July 8, 2021). Ridgeline subsequently announced that it had optioned the Swift project to NGM, whereby NGM can incur a minimum of US $20 million (of which US $4 million is guaranteed) in qualifying work expenditures over an initial five-year term to earn a 60% interest in Swift, and will have further options to increase its interest to a total of 75% (see Ridgeline news release dated September 22, 2021). NGM has assumed operatorship of the project.</p>
    <p style="margin-left: 36pt; text-align: justify;">The Selena royalty property is a sediment-hosted silver-gold project located along the southern extent of Nevada's Carlin Trend. Ridgeline commenced a 3,500 meter Phase IV drill program in Q2 (see Ridgeline news release dated May 3, 2021). The last group of results reported from the program included hole SE21-027 with 3.0 meters averaging 59.8 g/t silver, 0.02 g/t gold, 0.7% lead and 0.03% zinc starting at 143.6 meters (see Ridgeline news release dated July 21, 2021). This intercept is first on the property at the contact of the Chainman Shale and Joanna Limestone, which is known as an important host to gold mineralization in the region. SE21-027 also intersected a deeper, high grade interval hosted in the Chainman Shale of 4.6 meters averaging 156.7 g/t silver, 0.52 g/t gold, 1.2% lead and 1.3% zinc starting at 367.4 meters. True widths are estimated at 80-90% of drilled intercepts.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has two Idaho gold projects optioned under separate agreements to Gold Lion Resources (NV) Inc., a subsidiary of Gold Lion Resources Inc. (CSE: GL; FWB: 2BC) ("Gold Lion") (see EMX news release dated April 7, 2020). The agreements provide for share and cash payments to EMX, as well as work commitments during Gold Lion's earn-in period, and upon earn-in, a 3.5% NSR royalty, AAR payments, and milestone payments. The two projects, Erickson Ridge and South Orogrande, are located in the greater Elk City mining district of north-central Idaho.</li>
    </ul>
    <p style="margin-left: 36pt;">During Q3, Gold Lion&#8217;s exploration programs in Idaho were curtailed due to wildfire evacuations at South Orogrande and pending drill permits at Erickson Ridge. As a subsequent event, Gold Lion announced that restrictions had been lifted at South Orogrande and a core rig had been mobilized for a three hole reconnaissance program (see Gold Lion news release dated October 4, 2021).</p>
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    <p style="margin-left: 36pt; text-align: justify;">The Robber Gulch project, in south-eastern Idaho, was returned to EMX during the reporting period so that Gold Lion could focus its resources at South Orogrande and Erickson Ridge. At Robber Gulch, Gold Lion had drilled Carlin-style gold mineralization exposed in "windows" through post-mineral volcanic cover rocks. Reverse circulation drill results included RG-RC-21-02 which intersected 30.5 meters of stratabound oxide gold mineralization averaging 0.30 g/t Au from surface, and RG-RC-21-03 which intersected 12.2 meters of 0.65 g/t Au beginning at surface within the project&#8217;s Raider Zone (true widths unknown) (see Gold Lion news release dated April 28, 2021). Robber Gulch is now 100% controlled by EMX and 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 substantial portfolio of royalty properties in Alaska's Goodpaster mining district, which hosts Northern Star Resources Ltd.'s Pogo high-grade gold mining operation. EMX acquired the royalties in 2019 from Millrock Resources Inc. (TSX-V: MRO) ("Millrock") and Corvus Gold Inc. (TSX: COR) ("Corvus") (see EMX news releases dated April 24, 2019 and May 21, 2019, respectively).&#160;</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">Millrock entered into a definitive agreement with Resolution Minerals Ltd. ("Resolution") to fund US$5 million in exploration at its 64North Gold Project (previously named the Goodpaster Project) (see Millrock news release dated February 4, 2020), which is largely covered by EMX royalty interests. Earlier in 2021, Millrock announced that Resolution had completed the requirements to earn its initial 30% interest in the 64North project (see Millrock news release dated January 27, 2021).</p>
    <p style="margin-left: 36pt; text-align: justify;">During Q3, Resolution reported that it had received assay results from a recently completed, shallow, reverse circulation drill program conducted at the East Pogo block of the project. A total of 1,663 meters were drilled in 12 holes. No significant gold intercepts were reported, but the drilling did encounter pathfinder element signatures in a target area measuring 1,600 meters by 2,000 meters (see Millrock news release dated August 5, 2021). Resolution is considering follow-up drilling with a core rig to test a CSAMT target below the pathfinder geochemical anomaly.</p>
    <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.</li>
    </ul>
    <p style="text-align: justify;"><i>Canada</i></p>
    <p style="text-align: justify;">EMX has established a significant royalty and property portfolio in Ontario and Quebec totaling over 185,000 hectares, which is in addition to the Pyramid royalty property in British Columbia. These properties provide the Company with upside optionality in premier Canadian mining districts that continue to have increased levels of exploration and development activity.</p>
    <p style="text-align: justify;">The majority of EMX's portfolio in Ontario and Quebec is under option or royalty agreements, providing the Company with a steady source of pre-production cash flow. For the three months ended September 30, 2021, the portfolio generated $75,000 in payments including the fair value of equity payments received. The Perry English Portfolio (see EMX news release dated July 7, 2020) covers prospective exploration ground in Canada's Superior Province, which hosts several highly productive mining camps, including the Red Lake district. The Frontline Portfolio (see EMX news release dated December 8, 2020) covers four properties in the heart of the Red Lake mining district, all of which are currently optioned to, or operated by, Pacton Gold Inc. (TSX-V: PAC). EMX's focus on the Red Lake district highlights an investment strategy aimed at one of Canada's most active mining camps, which is undergoing exploration activity on, and around, many of EMX's royalty properties.</p>
    <p style="text-align: justify;">EMX's royalty generation initiatives during Q3 resulted in the acquisition of two new properties through staking and expanded positions at existing properties.</p>
    <p style="text-align: justify;"><b>Latin America</b></p>
    <p style="text-align: justify;">In addition to the recent acquisitions of the Royalty Portfolio from SSR Mining and the Caserones royalty (see discussion under EMX Capital) the Company holds NSR royalty interests covering 18 exploration properties located in key metallogenic belts of northern Chile. The portfolio consists of porphyry copper, IOCG (iron-oxide-copper-gold), manto, and epithermal gold-silver projects. Eight copper projects are held by Pampa Metals Corporation (CSE: PM) ("Pampa") and are covered by EMX 1% NSR royalty interests (i.e., Arrieros, Block 2, Block 3, Block 4, Redondo-Veronica, Cerro Blanco, Cerro Buenos Aires and Morros Blancos). Five of EMX's royalty properties, with NSR royalties of 0.5% to 1%, are controlled by Austral Gold Limited (ASX: AGD; TSX-V: AGLD) ("Austral") (i.e., San Guillermo, Reprado, Limbo, Magallanes, and Victoria Sur). The remaining five properties in EMX's portfolio, with NSR royalties of 1% to 2%, are controlled by other companies (i.e., Victoria Norte - Hochschild, Kolla Kananchiari - Masglas America and San Valentino, T4 and Las Animas - Atacama Copper).</p>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Pampa's work during Q3 included:</li>
    </ul>
    <ul style="padding-left: 0pt;" type="circle">
        <li style="margin-left: 65pt; text-align: justify; padding-left: 7pt;">completion of a seven hole, 1,956 meter RC drill program that at the Redondo-Veronica project, with results permissive for potentially deep porphyry copper mineralization at two of the three targets tested (see Pampa news releases dated July 29, and September 28, 2021),</li>
        <li style="margin-left: 65pt; text-align: justify; padding-left: 7pt;">completion of nine hole, 2,738 meter RC drill program at the Cerros Buenos Aires project with results from the Cerro Chiquitin target indicative of a concealed porphyry system (see Pampa news release dated September 15, 2021),</li>
        <li style="margin-left: 65pt; text-align: justify; padding-left: 7pt;">executing an option agreement with Austral for Pampa's Morros Blancos project. Subsequently, Austral commenced exploration activities at the project (see Pampa news release dated August 11, 2021), and</li>
        <li style="margin-left: 65pt; text-align: justify; padding-left: 7pt;">executing an option agreement with Austral for Pampa's Cerro Blanco project (see Pampa news release dated July 28,2021).</li>
    </ul>
    <p style="text-align: justify;"><b>Europe</b></p>
    <p style="text-align: justify;"><i>Serbia</i></p>
    <p style="text-align: justify;">The Company has royalties on three properties in eastern Serbia's Timok Magmatic Belt. These royalty interests include an uncapped 0.5% NSR royalty on the Timok Project's Brestova&#263; license covering the &#268;ukaru Peki Upper Zone copper-gold development project and the Lower Zone porphyry copper-gold resource project. Zijin controls 100% of the Timok Project.&#160;</p>
    <p style="margin-left: 0.05pt; text-indent: -0.05pt; text-align: justify;">In Q3, EMX filed on SEDAR an amended and restated Technical Report titled "NI 43-101 Technical Report - Timok Copper-Gold Project Royalty, Serbia" dated July 21, 2021 and with an effective date of December 31, 2020 prepared by Mineral Resource Management LLC (see EMX news release dated August 3, 2021). The amended and restated Timok Technical Report: a) restates the Timok Project resources and reserves for the Upper Zone and the resources for the Lower Zone as adopted from public disclosures by Zijin, which is the current owner and operator of the Timok Project. Zijin's Timok Project resources and reserves, disclosed in its 2020 Annual Report, have been conformed to the requirements of NI 43-101 and are materially identical to those of the previous operator Nevsun, which were referenced in the original Report; and b) removes the discussion of EMX's Brestova&#263; West and Durlan Potok royalty properties from the section of the original Report entitled "Adjacent Properties" to comply with the requirements of NI 43-101. The discussion of these two royalty properties has been moved to the "Property Description and Location" section of the amended and restated Technical Report to accompany the discussion of the Brestova&#263; royalty property.</p>
    <p style="text-align: justify;">As a subsequent event, with respect to the Upper Zone, Zijin stated in a news release dated October 23, 2021 that commercial production has commenced at &#268;ukaru Peki:<i> "The first sections to be mined involve an ultra-high grade orebody. The upper zone is expected to produce 91,400 tonnes of copper and 2.5 tonnes of gold per annum, with an annual peak output of 135,000 tonnes of copper and 6.1 tonnes of gold.</i>". In addition to the Upper Zone, &#268;ukaru Peki also hosts the underlying Lower Zone porphyry copper-gold resource project, which provides substantial exploration upside to EMX's Timok royalty asset.</p>
    <p style="margin-left: 0.05pt; text-indent: -0.05pt; 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 properties. 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;"><i>Fennoscandia</i></p>
    <p style="text-align: justify;">The Company's portfolio in Fennoscandia totals 65 royalty and royalty generation projects totaling over 800,00 hectares, the majority of which are being advanced by partner companies. For many partnered projects, EMX has been providing technical and field support on a 100% reimbursed basis. EMX partnered six projects during Q3, while continuing to conduct royalty generation field programs during Q3 to add new projects to the portfolio.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX executed an option agreement for the sale of five battery metals projects in Sweden to Swedish Nickel Pty. Ltd., a wholly owned subsidiary of Bayrock Resources Limited <b>("</b>Bayrock<b>") </b>(see EMX news release dated August 30, 2021)<b>.</b> Bayrock is an Australian unlisted public company with a pre-existing nickel mining asset in Sweden. The agreement provides EMX with up to a 6% equity interest in Bayrock, AAR payments, 3%<b> </b>NSR royalty interests in the projects, work commitments and other consideration.</li>
    </ul>
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    <p style="margin-left: 36pt; text-align: justify;">The five projects are located in northeastern Sweden in the Fennoscandian Shield, which is host to numerous nickel deposits in Sweden, Finland, and western Russia. The projects each contain drill-defined zones of nickel-copper sulfide mineralization developed in, and around, mafic to ultramafic intrusions (magmatic sulfide-style mineralization). These zones of mineralization are also variably enriched in cobalt and platinum-group-elements (PGE), key metals used in current battery technologies. Most of the projects' occurrences and deposits were discovered in the 1970's and 1980's, with only limited and incomplete histories of follow-up exploration.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX executed an agreement to sell its Sv&#228;rdsj&#246; polymetallic project in Sweden to District Metals Corp. (TSX-V: DMX) ("District") (see EMX news release dated July 22, 2021). The agreement provides the Company with additional share equity in District (bringing EMX's ownership of District back up to 9.9%), AAR payments, a 2.5% NSR royalty interest in the project, and other consideration. As a subsequent event, the sale was completed in early October (see District news release dated October 6, 2021).</li>
    </ul>
    <p style="text-align: justify; margin-left: 36pt;">The Sv&#228;rdsj&#246; project is located in the Bergslagen mining region of southern Sweden, near District's Tomtebo and Trollberget polymetallic VMS projects, which are also EMX royalty properties. The project hosts multiple zones of polymetallic (copper-zinc-lead-silver-gold) VMS and carbonate replacement style mineralization. Sv&#228;rdsj&#246; has been the site of historical mining activity for over 500 years, with production continuing through to 1989.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In 2019, EMX sold five gold projects in the "Gold Line" metallogenic belt in Sweden (4 projects) and the Skellefte&#229; Belt (1 project) of north-central Sweden to Gold Line Resources Ltd. (TSX-V: GLDL) ("Gold Line") (see EMX news release dated April 4, 2019). The agreement provided EMX with an initial 9.9% interest in Gold Line, advance royalty payments, and 3% NSR royalty interests in the projects.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, Gold Line announced that its base of till/top of bedrock (BoT/ToB) shallow drill sampling program and UAV (drone) magnetic survey at the Storjuktan project had confirmed the extension of gold mineralization (including a sample of 1.27 g/t gold in bedrock) concealed beneath glacial cover along strike from the L&#229;ngtj&#228;rn target (see Gold Line news release dated August 10, 2021). The results from these programs will be used to define targets for follow-up diamond drill testing.</p>
    <p style="margin-left: 36pt; text-align: justify;">As a subsequent event, Gold Line announced results from its BoT/ToB drilling program at the Paub&#228;cken project (see Gold Line news release dated October 21, 2021). The program tested previously unexplored areas for gold mineralization, either in the glacial till materials or in the underlying bedrock. The results included a 3-meter bedrock sample returning 3.9 g/t gold at the Aida target, demonstrating the presence of previously unrecognized bedrock-hosted gold mineralization in the area. As a follow-up to these results, Gold Line is currently drilling additional BoT/ToB holes and diamond drill holes in the area (see Gold Line news releases dated October 21, 2021 and November 4, 2021).&#160;</p>
    <p style="margin-left: 36pt; text-align: justify;">As a subsequent event, Gold Line closed a non-brokered private placement for aggregate gross proceeds of CAD $1,344,000. Gold Line intends to use the proceeds to advance drilling and other exploration activities and for general working capital purposes.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In 2020, EMX sold the Tomtebo and Trollberget polymetallic projects in the Bergslagen mining region of Sweden to District for an initial 9.9% equity interest in District, AAR payments, 2.5% NSR royalty interests in the projects, and other consideration to EMX's benefit (see EMX new release dated February 28, 2020 and District news release dated June 30, 2020).</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, District reported on the last holes of its Phase I diamond drill program from the Tomtebo historical mine area.&#160;</p>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>Drill hole TOM21-004 encountered strong zinc-lead-silver dominant mineralization (Garpenberg-style) at the Oscarsgruvan zone, including an intercept of 6.5 meters (198.9 to 205.4 m) averaging 3.8% Zn, 2.2% Pb, 46.7 g/t Ag, 0.4 g/t Au, and 0.2%<b> </b>Cu. Holes TOM21-005 to -012 encountered variable grades and widths of zinc-lead-silver and copper-gold dominant mineralization (VMS-style) at the Steffenburgs zone (see District news release dated July 5, 2021).&#160; True widths are unknown.</p>
    <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify;">-<font style="display: inline-block; width: 16.7pt;">&#160;</font>Drill holes TOM21-017 and -018 were drilled west of and below historical open pits where copper sulphides were mined from the G&#229;rdsgruvans zone. Hole TOM21-017 intersected multiple vein networks of copper-rich sulphides within strongly altered felsic volcanic rocks including: a) 16.2 meters (206.8-223.0 m) averaging 0.57% Cu, 0.20 g/t Au, and 6.0 g/t Ag and b) 5.1 meters (278.1-283.2 m) averaging 1.3% Cu, 0.58 g/t Au, 38.9 g/t Ag, 0.63% Zn, and 0.75% Pb, as well as c) three other significant polymetallic intercepts (see District news release dated September 7, 2021). The R&#246;dbergsgruvan zone was drilled with the strongest mineralization encountered in TOM21-019 as disseminated, vein/stringer, and semi-massive copper sulphides including 9.8 meters (69.5-79.3 m) averaging 1.06% Cu, 0.61 g/t Au, 23.8 g/t Ag, 0.59% Zn, and 0.37% Pb. True widths are unknown.</p>
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    <p style="margin-left: 36pt; text-align: justify;">As a subsequent event, District announced commencement of a 5,000 meter Phase II core drilling program to follow-up on the encouraging results from Phase I (see District news release dated October 7, 2021).</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX acquired a 2% NSR royalty in 2020 on various exploration licenses covering the Kaukua PGE-Ni-Cu deposit in northern Finland (the "Kaukua Royalty") from Akkerman Exploration B.V. ("Akkerman"), a private Netherlands company (see EMX news release dated February 25, 2020). The Kaukua deposit is being advanced by Palladium One Mining Inc. (TSX-V: PDM) ("Palladium One"), as part of its L&#228;ntinen Koillismaa ("LK") project. Palladium One can purchase 1% of EMX's NSR royalty prior to the delivery of a "bankable feasibility study" for &#8364;1 million. The remaining 1% of EMX's NSR royalty is uncapped and cannot be purchased.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, Palladium One continued with successful drilling and geophysical programs at the LK project's Kaukua South zone, extending the mineralized zones and identifying new targets. Drill results included hole LK21-081 which intersected 112 meters (starting at 171.5 m) of 0.93 g/t Pd, 0.33 g/t Pt, 0.10 g/t Au, 0.16% Cu, 0.16% Ni and 78 ppm Co (true widths unknown) (see Palladium One news release dated September 23, 2021). In addition, down plunge drilling expanded higher grade core zones of mineralization to depth.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX optioned a group of eight exploration licenses located in the southern extension of the "Gold Line" belt in Sweden and the L&#248;kken and Kj&#248;li polymetallic projects in Norway to Capella Minerals Limited (TSX-V: CMIL) ("Capella") in 2020 for cash payments, an equity interest in Capella and work commitments (see EMX news release dated August 11, 2020). Upon Capella'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 Capella, and other consideration to EMX's benefit.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, Capella provided an update on auger drilling and regional reconnaissance activities at the Southern Gold Line Project (see Capella news release dated July 12, 2021). Auger drilling at the project's southernmost license was focused on establishing geochemical vectors to determine the source of gold-bearing boulders identified on surface, while the remainder of the 500 square kilometer property was being evaluated with regional geochemical surveys and mapping programs.</p>
    <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 properties in Norway from EMX in 2019 (see EMX News release dated March 4, 2019), and in 2020 exercised the option to acquire 100% interest in both projects (see Playfair news release dated July 13, 2020) by issuing 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. The R&#248;stvangen and Vakkerlien properties are included as part of Playfair's RKV project.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, Playfair commenced a core drilling program at the R&#248;dalen copper target, the first of seven drill targets delineated by Playfair at the RKV project. R&#248;dalen is less than 350 meters east of the historical R&#248;dalen copper mine which was exploited from 1750 to 1810 (see Playfair news release dated September 27, 2021).<i>&#160; </i></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% NSR on the Gumsberg VMS project in Sweden's Bergslagen mining district operated by Norden Crown Metals Corp. ("Norden") (TSX-V: NOCR). In Q3 Norden commenced mapping, sampling, and geophysical field programs to refine targets identified from previous exploration drilling which included an intercept of 13.6 meters (134.9 - 148.5 m) of 6.05% Zn, 1.39% Pb, and 43.2 g/t silver at the Fredriksson Gruva historical mine (true width unknown) (see Norden news release dated July 26, 2021).</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">EMX also has a 3% NSR royalty interest covering Norden's Burfjord copper-gold project in Norway. Norden commenced field programs consisting of mapping, prospecting, sampling, airborne geophysics and a &#126;2,500 meter diamond drill program to follow-up on previous exploration results that included a drill intercept of 32 meters averaging 0.56% Cu and 0.26 g/t Au below a cluster of historical mine workings (true width estimated at 85-100% of reported interval length) (see Norden news releases dated August 2, and August 23, 2021).</p>
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    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX has an amended option agreement with Sienna Resources Inc. (TSX-V: SIE) ("Sienna") that covers the Bleka and Vekselmyr gold projects in southern Norway, whereby Sienna entered 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 (see EMX news release dated August 27, 2020). Bleka is the site of historical mining and gold production from high-grade gold veins, and at Vekselmyr outcropping orogenic-style gold veins have been documented.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">In Q3, Sienna announced the results of its Bleka drill program, which consisted of seven holes totaling 1,474 meters drilled at the "Main Vein" target (6 holes) that is along strike from the historical Bleka mine and at the Espelid target (1 hole) (see Sienna news release dated August 31, 2021). The Main Vein drilling confirmed extensions of the vein systems along strike and at depth, and intersected multiple quartz veins with pervasive quartz-albite alteration halos and elevated gold and copper values.</p>
    <p style="margin-left: 36pt; text-align: justify;">Sienna also has a two year option period to acquire EMX's Kuusamo battery metals project in Finland in exchange for a 3% NSR royalty, satisfying work commitments, and making payments of cash and equity to EMX (see EMX news release dated May 25, 2020). The Kuusamo Ni-Cu-Co-PGE project is comprised of two exploration "reservation" properties located adjacent to, and near, EMX's Kaukua PGE royalty property in Finland. Both the Kuusamo and Kaukua properties have Ni-Cu-Co-PGE enriched sulfide horizons near the base of the Koillismaa Layered Igneous Complex ("KLIC"). In Q3, Sienna conducted a high-resolution UAV (drone) magnetic survey that resulted in the identification of multiple geophysical targets for follow-up (see Sienna news release dated August 9, 2021).</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX continued to pursue new generative and acquisition opportunities in Fennoscandia, with an emphasis on orogenic lode/intrusion-related gold, polymetallic VMS/CRD deposits, and battery metal/PGE assets. The Company is seeking partners for its available royalty generation properties.&#160;</li>
    </ul>
    <p style="text-align: justify;"><b>Turkey</b></p>
    <p style="text-align: justify;">In addition to the recent Turkish royalty acquisitions from SSR Mining (see discussion under EMX Capital) the Company holds interests in eight properties in Turkey's Western Anatolia and Eastern Pontides mineral belts, six of which are being advanced by Turkish companies. The Company continues to work closely with its Turkish partners and retains Dama Engineering Inc. ("Dama"), a Turkish 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 of northwestern Turkey. EMX holds an uncapped 4% NSR royalty on Balya, which is operated by Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan"), a private Turkish company (see EMX news release dated January 7, 2020). Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX's Balya royalty property. The Company's royalty agreement with Esan provides for the blending and processing of mineralized materials mined from EMX's royalty property with those mined from the Esan property.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">During Q3, EMX conducted a site visit to the Balya North development project (previously known as Hastanetepe). Esan's underground development and drill programs at Balya North are ongoing. Based upon EMX's review, initial underground production is not likely to occur in Q4 as originally forecast by Esan, but instead sometime in early 2022.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company sold the Alank&#246;y and Trab-23 gold-copper projects to Kar Mineral Madencilik &#304;n&#351;aat Turizm Sanayi ve Ticaret A.&#350;. ("Kar"), a privately owned Turkish Company (see EMX news release dated September 25, 2019) for a 2.5% NSR royalty on each project, as well as AAR payments and other consideration. Kar declared force majeure on the projects in 2020 due to the impacts of COVID-19.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">Kar advised that it had completed a twelve hole shallow drill program at Alank&#246;y. Assay results are pending. Kar has also advised that it is in the process of returning the Trab-23 project to EMX.</p>
    <div id="footer_page_12">
        <p style="text-align: center;">Page 12</p>
    </div>
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    <p style="text-align: justify;"><b>Australia</b></p>
    <p style="text-align: justify;">The Company's portfolio in Australia consists of the Koonenberry royalty property, the Queensland Gold project, which was partnered in 2020, the Yarrol and Mt Steadman intrusion-related gold system ("IRGS") projects which are available for partnership, and the newly granted Copperhole Creek project which is also available for partnership. Field activities in Q3 were limited due to COVID-19 restrictions.&#160;</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX was granted the Copperhole Creek exploration license in the Georgetown Region of North Queensland. The project covers 125 square kilometers and hosts occurrences of "high grade" copper fissure veins likely a result of Proterozoic intrusions and Permian-age greisen vein related Sn-Mo-Cu mineralization. The Copperhole Creek project is available for partnership.</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% royalty covering the Koonenberry gold project in New South Wales, where alluvial, elluvial, and "reef" (bedrock) gold occurrences have been recognized along the Koonenberry fault zone (see EMX news release dated September 19, 2017). The operator of the Koonenberry project, Koonenberry Gold Pty Ltd (ASX: KNB), raised AUS $8M in capital and gained a listing on the ASX exchange in Q3 (see KNB news release dated September 28, 2021). Koonenberry is KNB's sole project, and post-IPO KNB is re-initiating its field programs to delineate and drill test priority targets.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company optioned the Queensland Gold project in east-Central Queensland to Many Peaks Gold Pty Ltd. ("MPL"), a private Australian company in 2020 (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, pre-production payments, a retained 2.5% NSR royalty interest and other consideration to EMX's benefit.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">The Queensland Gold property represents one of EMX's largest royalty properties by area, covering multiple exploration targets with styles of mineralization that include IRGS, skarn, reef-type veins, and sediment hosted copper-silver mineralization. The project has been the site of historical mining and exploration activities for over a century. MPL conducted geochemical sampling during Q3 to meet statutory requirements and commissioned an Independent Geologist's Report in preparation for filing a prospectus.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Yarrol and Mt. Steadman are IRGS projects located to the south of EMX's Queensland Gold property. Historical exploration at Yarrol 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. Mt Steadman's historical gold production dates from the 1880's onward from the Chowey Goldfields, and is along the trend of the Perry Fault at the Venus, London and Steadman mines. During Q3, EMX continued with historical data compilations and reviews. Yarrol and Mt Steadman both contain historical gold resources, and both projects are available for partnership.</li>
    </ul>
    <p style="text-align: justify;"><b>Strategic Investments</b></p>
    <p style="text-align: justify;">The Company has strategic investments in companies with under-valued mineral assets that have upside exploration or development potential. Strategic investments serve as a complement to EMX's royalty and royalty generation business initiatives.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company is a strategic investor in Ensero Holdings, Inc. ("Ensero"), a privately-held Delaware corporation (see EMX news release dated February 18, 2020). Ensero is an environmental consulting practice focused on mine reclamation in the United States and Canada. EMX's investment in Ensero provides for near-term quarterly cash flow to the Company from dividend and other payments, as well as a 7.5% equity position. The investment also establishes the basis for a strategic alliance that has the potential to unlock the value of legacy mining properties through remediation and reclamation in advance of eventual sale as an asset for exploration or development.</li>
    </ul>
    <p style="margin-left: 36pt; text-align: justify;">During Q3, EMX received $79,000 (US$54,000) in quarterly dividend payments from Ensero. EMX and Ensero continued to evaluate opportunities in North America under the EMX-Ensero strategic alliance.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">As at September 30, 2021 the Company has a 35.44% equity interest in Rawhide Acquisition Holding LLC ("RAH" or "Rawhide"), a privately-held Delaware company that owns the Rawhide gold-silver mining operation in Nevada's Walker Lane Belt.&#160; The Rawhide mine is an open pit heap leaching operation that produces and sells gold and silver dor&#233;.&#160;</li>
    </ul>
    <div id="footer_page_13">
        <p style="text-align: center;">Page 13</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="margin-left: 36pt; text-align: justify;">Production in Q3 was sourced from the Regent open pit. RAH advised EMX that 7,163 ounces of gold and 29,270 ounces of silver were sold at average prices of US$1,626/oz gold and US$25.28/oz silver. This yielded US$12.4 million in total revenue, which after costs and deductions, resulted in a net loss before tax to RAH. Consequently, EMX and the other RAH members did not receive Q3 ordinary dividend or other payments.</p>
    <p style="margin-left: 36pt; text-align: justify;">During 2021, RAH completed two private placements at valuations less than the Company&#8217;s investment cost. As such, during the current period the Company determined its investment in RAH was impaired and recognized an impairment charge of $4,022,000. The adjustment to the carrying value of RAH was based on the valuation and related subscription price used in RAH&#8217;s most recent financing.</p>
    <p style="margin-left: 36pt; text-align: justify;">During Q3 RAH:</p>
    <p style="margin-left: 72pt; text-indent: -18pt; text-align: justify;">a)<font style="width: 10.18pt; text-indent: 0pt; display: inline-block;">&#160;</font>completed infill and step-out reverse circulation drilling at Regent, the historical Rawhide open pits, and adjacent satellite prospects. The results largely confirmed the gold-silver mineralization already included in the current Regent mine plan, and did not delineate near-term mineable oxide mineralization left in the historical open pits. Drilling at the step-out targets confirmed a priority exploration target south of the historical open pits;</p>
    <p style="margin-left: 72pt; text-indent: -18pt; text-align: justify;">b)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>completed drilling and sampling, and initiated metallurgical testing to characterize open pit back fill material as potential sources for near term processing; and</p>
    <p style="margin-left: 72pt; text-indent: -18pt; text-align: justify;">c)<font style="width: 10.24pt; text-indent: 0pt; display: inline-block;">&#160;</font>completed core drilling beneath the historical Rawhide open pit to obtain mineralized sulfide material for metallurgical testwork.</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 Serbia, Fennoscandia, Turkey, Australia, and EMX Capital.</p>
    <p style="text-align: justify;"><b>RESULTS OF OPERATIONS</b></p>
    <p style="text-align: justify;"><u>Three Months Ended September 30, 2021</u></p>
    <p style="text-align: justify;">The net loss for the three months ended September 30, 2021 (&#8220;Q3-2021&#8221;) was $10,866,000 compared to a net loss of $913,000 for the comparative period (&#8220;Q3-2020&#8221;). The net loss for Q3-2021 was made up of revenues of $1,504,000 (Q3-2020 - $1,261,000), costs and expenses, including royalty generation costs totaling $5,862,000 (Q3-2020 - $3,778,000), and losses from other items totaling $6,508,000 (Q3-2020 &#8211; income of $1,604,000). Significant components of other income and losses include a loss in fair value changes of certain financial instruments of $3,731,000 (Q3-2020 - gain of $2,457,000), equity income from the Company&#8217;s investments in associated entities of $1,138,000 (Q3-2020 - $Nil), impairment charges of $4,178,000 (Q3-2020 - $Nil), finance charges and other expenses totaling $1,038,000 (Q3-2020 - $Nil) and a foreign exchange gain of $1,301,000 (Q3-2020 loss - $970,000). As a significant component of the Company&#8217;s assets and liabilities are held in $US, foreign exchange adjustments can be significant from one period to the next.</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 revenue, option revenue earned from mineral property agreements including operator fees on managed projects, gains related to the sale of mineral properties, sale of marketable securities, interest, and dividend income.&#160;</p>
    <p style="text-align: justify;">During the three months ended September 30, 2021 and 2020, the Company had the following sources of revenues:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;"><b>Revenue and other income</b></td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1">&#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;" colspan="1">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt 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: 15%; text-align: right; background-color: #e6efff;">883</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: 15%; text-align: right; background-color: #e6efff;">352</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;">Interest income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">368</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: 15%; text-align: right;">424</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Option and other property income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">253</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: 15%; text-align: right; background-color: #e6efff;">463</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: 0.75pt solid #000000; vertical-align: bottom;">Dividend Income</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">22</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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    <br>
    <div id="footer_page_14">
        <p style="text-align: center;">Page 14</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;">In Q3-2021, the Company earned $883,000 (Q3-2020 - $352,000) of royalty income. This included royalty income earned for approximately 364 (Q3-2020 - 156) ounces of gold from the Leeville royalty interest and other pre-production amounts received including AMRs on properties in Turkey. The increase compared to the three months ended September 30, 2020, was mainly the result of an increase in production ounces received in the current period and the result of timing of certain AMR&#8217;s received which can fluctuate from period to period. &#160;In Q3-2021, the average realized gold price for the Leeville royalty was US$ 1,787 (Q3-2020 - US$ 1,912) per ounce. Gold tax and depletion of $749,000 (Q3-2020 - $22,000) is applied against royalty income from the Leeville complex and included in costs and expenses.</p>
    <p style="text-align: justify;">Net royalty income from the Leeville royalty will fluctuate as result of a combination of ounces received, average price per ounce, and foreign exchange as a result of the Leeville royalty being paid in United States dollars ("USD"). Timing of additional AMR's related to other projects and included in royalty income can also 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;">Option and other property income for the three month period was $253,000 which was the result of an operator and management fees earned from partners in Europe and the US, as well as execution payments and proceeds on the sale and formation of additional royalty generation agreements. Execution payments can include the fair value of equity interests obtained in the respective partner and cash proceeds.&#160; Further, anti-dilution provisions in property agreements provide for additional equity received and were included in option and other property income. For the three-month period ended September 30, 2021, included in option and other property income was $219,000 related to cash payments received from option agreements. 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>Cost and Expenses</b></i></p>
    <p style="text-align: justify;">Costs and expenses are comprised of expenditures incurred by the Company to carry out the royalty generation operations and the advancement of projects, as well as marketing and communications.&#160; Included in these costs is general and administrative costs for the three months ended September 30, 2021 and 2020 comprised of the following:</p>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">In Thousands of Dollars</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap;" colspan="1"><b>General and administrative expenses&#160;</b></td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
            <td style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Salaries, consultants, and benefits</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">774</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: 15%; text-align: right; background-color: #e6efff;">479</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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: 15%; text-align: right;">523</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: 15%; text-align: right;">228</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">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: 15%; text-align: right; background-color: #e6efff;">193</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: 15%; text-align: right; background-color: #e6efff;">183</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Transfer agent and filing fees</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">39</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: 15%; text-align: right;">118</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;" colspan="1">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: 15%; 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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">247</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Travel</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">12</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">14</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,807</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,269</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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    </table>
    <p style="text-align: justify;">General and administrative expenses ("G&amp;A") of $1,807,000 were incurred compared to $1,269,000 in Q3-2020. 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 Q3-2021 compared to Q3-2020 are related to:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Salaries and consultants increased in Q3-2021 by $295,000 compared to Q3-2020 primarily resulting from increased services and due diligence provided by consultants and new employees.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Professional fees increased in Q3-2021 by $295,000 compared to Q3-2020 resulting from the due diligence of prospective royalty assets as well as the acquisition of the Caserones royalty interest.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">
            <p style="margin-top: 0pt;">Other costs remained comparable to Q3 of the previous year.</p>
        </li>
    </ul>
    <p style="text-align: justify;">It should be noted that many of our personnel and professional expenditures companywide are denominated in USD and an increase or decrease in the value of the USD compared to the Canadian dollar, which is our reporting currency, will increase or decrease expenditures.</p>
    <p style="text-align: justify;"><i><b>Project and Royalty Generation Costs, Net of Recoveries</b></i></p>
    <p style="text-align: justify;">Net Royalty generation costs decreased from $2,464,000 in Q3-2020 to $2,090,000 in Q3-2021. This is a result of a decrease in expenditures from $5,838,000 in Q3-2020 to $3,882,000 in Q3-2021 offset with a decrease in recoveries from partners from $3,374,000 in Q3-2020 to $1,792,000 in Q3-2021. 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. Royalty generation costs are expected to be higher for the current year as COVID-19 restrictions were lifted as compared to fiscal 2020. See the highlights, royalty and project review sections for current activities.</p>
    <div id="footer_page_15">
        <p style="text-align: center;">Page 15</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <p style="text-align: justify;"><i>Share-based Payments</i></p>
    <p style="text-align: justify;">In Q3-2021 the Company recorded a total of $1,206,000 in share-based payments compared to $14,000 in Q3-2020.&#160; The aggregate share-based payments relate to the fair value of stock options and RSU's vested during the period and the fair value of incentive stock grants. Of the total share-based compensation, $45,000 (Q3-2020 - $Nil) was included in royalty generation costs. Timing of share-based payments can fluctuate. The increase in Q3-2021 compared to Q3-2020 was the result of an increase in fair value of stock options granted in the period compared to Q3-2020.</p>
    <p style="text-align: justify;"><i><b>Other</b></i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">During the three months ended September 30, 2021, the Company had an unrealized loss of $3,731,000 (Q3-2020 - gain of $2,457,000) related to the fair value adjustments of certain financial instruments. The unrealized loss in the current period can be primarily attributed to an overall weaker market performance of investments relative to the sustained strength which occurred in 2020.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Q3-2021, the Company incurred a foreign exchange gain of $1,301,000 compared to a foreign exchange loss of $970,000 in Q3-2020. This was primarily related to the Company holding significant USD cash balances and net assets and the increase in the value of the USD compared to the Canadian dollar over the period.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">For the three months ended September 30, 2021, the Company recognized $1,138,000 (2020 - $Nil) in income related to its equity investments in associated entities, which included $19,000 for the investment in Rawhide and $1,119,000 for its share of income earned in SLM California pertaining to the Caserones Royalty.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Q3-2021, the Company recognized impairment charges totaling $4,178,000 (2020 - $Nil) &#160;related to it&#8217;s investment in Rawhide and Lower Detour property option agreement included as part of the Perry Portfolio in Canada.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Q3-2021, the Company incurred finance charges and other expenses totaling $1,038,000 (Q3-2020 - $Nil), of which $788,000 related to effective interest on the credit facility the Company signed with Sprott during the period and $250,000 which related to stamp duties paid on the acquisition of Caserones.</li>
    </ul>
    <p style="text-align: justify;"><u>Nine months ended September 30, 2021</u></p>
    <p style="text-align: justify;">The net loss for the nine months ended September 30, 2021 ("current period") was $18,868,000 compared to $2,074,000 for the prior year's comparative period ("prior period"). The loss for the current period was made up of revenues of $7,057,000 (2020 - $4,362,000), costs and expenses totaling $16,102,000 (2020 - $13,339,000), and losses from other items of $9,923,000 (2020 - income of $6,903,000).</p>
    <p>The significant items to note for the current period compared to the prior period are consistent with the significant items for Q3-2021 and Q3-2020 quarterly discussion.&#160; In addition, some items to note were as follows:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company earned $1,559,000 (2020 - $991,000) of royalty income. This included income earned for 594 (2020 - 404) ounces of gold from the Leeville royalty interest, offset by gold tax and depletion of $1,252,000 (2020 - $747,000). The increase in royalty income was mainly due to an increase in production ounces received. In the current period the average realized gold price was US$1,800 per ounce compared to US$1,739 for 2020.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company granted 1,801,500 stock options and 470,000 restricted shares units ("RSU"), as well as settled 312,500 RSU's from the 2018 RSU grant for aggregate share-based payments of $4,651,000 (2020 - $2,636,000) 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>
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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 incurred a foreign exchange adjustment of $1,055,000 compared to a foreign exchange gain of $2,325,000 in 2020. This was directly related to the Company holding significant USD cash balances and net assets in USD. USD was weaker at September 30, 2021 than at 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;">The Company recorded an unrealized loss of $5,477,000 (2020 - unrealized gain $4,414,000) related to the fair value changes of financial instruments including marketable securities. This is directly related to the softening of certain markets in 2021 compared to 2020 for the comparative period.</li>
    </ul>
    <div id="footer_page_16">
        <p style="text-align: center;">Page 16</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: justify;"><b>LIQUIDITY AND CAPITAL RESOURCES</b></p>
    <p>The Company considers items included in shareholders&#8217; equity as capital. The Company&#8217;s objective when managing capital is to safeguard the Company&#8217;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>As at September 30, 2021, the Company had working capital of $13,889,000 (December 31, 2020 - $68,995,000).&#160; The Company has continuing royalty income including AMR payments that will vary depending on royalty ounces received, the price of gold, agreement milestones, and foreign exchange rates on foreign payments. The Company expects additional cash inflows from options outstanding, repayment of a loan, sale of investments, and recoveries from partners. Subsequent to September 30, 2021, the Company closed the first tranche of a private placement and issued 6,337,347 units at a price of $3.30 per common share for gross proceeds of $20,913,000.</p>
    <p>In connection with the Caserones and SSR Royalty Portfolio acquisitions, EMX entered into 2 credit arrangements with Sprott and SSR Mining previously described for a total of US$51.8 million.&#160; The Sprott facility was for US$44 million with a maturity date of July 31, 2022. The Sprott facility carries an annual interest rate of 7%, payable monthly and is secured by a general security agreement over certain assets of EMX. The VTB Note from SSR Mining was for US$7.85 million and bears interest at 10% per annum for the first 180 days and will increase to 13% per annum thereafter. The VTB Note has a maturity date of December 31, 2022, is unsecured, and subordinated to the Sprott Credit Facility.</p>
    <p>Management believes that continuing cashflows including royalty income and related payments from existing and new agreements including the SSR Mining portfolio and Caserones, and the completed private placement are sufficient to meet the Company&#8217;s commitments including the servicing of the Sprott and VTB Loans.</p>
    The Company manages the capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of its underlying assets and debt. In order to maintain or adjust the capital structure, the Company may issue new shares through public and/or private placements, sell assets, seek additional debt, or return capital to shareholders.
    <p style="text-align: justify;"><b>Operating Activities</b></p>
    <p style="text-align: justify;">Cash used in operations was $11,408,000 for the nine months ended September 30, 2021 (2020 - $8,007,000) and represents expenditures primarily on royalty generation and general and administrative expense for both periods, offset by equity gain from investments in associated and royalty income received. Another significant component of cash used in operations is the increase in due diligence and project investigation related activities related to royalty generation and other prospective asset acquisitions.</p>
    <p style="text-align: justify;"><b>Financing Activities </b></p>
    <p style="text-align: justify;">The total cash provided by financing activities during the nine months ended September 30, 2021 was $55,281,000 (2020 - $1,769,000) which related primarily to $52,933,000 received from the Sprott credit facility, as well as $1,557,000 (2020 - $Nil) in proceeds received from a private placement and $1,180,000 (2020 - $1,769,000) received from exercises of stock options.</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, 2021 was $49,389,000 compared to $8,375,000 for the comparative period.</p>
    <p style="text-align: justify;">Some of the significant cash investment activities during the nine months ended September 30, 2021 included:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">$46,983,000 (2020 - $Nil) relating to the purchase and acquisition of equity investments, including SLM California which holds the Caserones Royalty interest.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">$1,140,000 (2020 - $135,000) received from dividends and distributions, primarily from the Company's equity investment in SLM California.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">$2,389,000 (2020 - $Nil) issued as a loan receivable partially offset by $550,000 (2020 - $536,000) in proceeds received on loan repayments.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Receipt of anniversary and option payments totalling $387,000 (2020 - $236,000) related to the Perry English and Frontline portfolios in Canada and the Superior West project in the US; and</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Net of proceeds received from sales, the net purchase of fair value through profit and loss investments of $1,129,000 (2020 - $2,000).</li>
    </ul>
    <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>
    <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>
    <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">
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="3">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Fiscal quarter ended</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Revenue and other income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,504</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,255</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,298</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: 15%; text-align: right; background-color: #e6efff;">1,261</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;">Project and royalty generation costs</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,882</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(5,378</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(4,027</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(2,117</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Recoveries from partners</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,792</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: 15%; text-align: right; background-color: #e6efff;">1,689</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: 15%; text-align: right; background-color: #e6efff;">2,740</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: 15%; text-align: right; background-color: #e6efff;">517</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;">Project and royalty generation costs, net</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(2,090</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,689</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,287</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,600</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Share-based payments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,206</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: 15%; text-align: right; background-color: #e6efff;">1,366</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: 15%; text-align: right; background-color: #e6efff;">542</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: 15%; text-align: right; background-color: #e6efff;">14</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;">Net income (loss) for the period</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(10,866</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,578</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(4,424</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(913</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.13</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: 15%; text-align: right; background-color: #e6efff;">(0.04</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: 15%; text-align: right; background-color: #e6efff;">(0.05</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: 15%; text-align: right; background-color: #e6efff;">(0.01</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; padding-left: 12pt;">Diluted earnings (loss) per share</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.13</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.04</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.05</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.01</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="3">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Fiscal quarter ended&#160;</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>June 30, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2020</b></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2019</b></td>
            <td style="text-align: right; border-bottom: 0.75pt 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>
            <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="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Revenue and other income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,261</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,350</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">751</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: 15%; text-align: right; background-color: #e6efff;">1,383</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;" colspan="1">Project and royalty generation costs</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(5,838</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(4,765</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(2,117</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(4,324</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Recoveries from partners</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,374</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: 15%; text-align: right; background-color: #e6efff;">1,721</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: 15%; text-align: right; background-color: #e6efff;">517</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: 15%; text-align: right; background-color: #e6efff;">3,106</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;" colspan="1">Project and royalty generation costs, net</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(2,464</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,044</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,600</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,218</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Share-based payments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; 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: 15%; text-align: right; background-color: #e6efff;">1,448</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: 15%; text-align: right; background-color: #e6efff;">78</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: 15%; text-align: right; background-color: #e6efff;">223</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 12pt;" colspan="1">Net income (loss) for the period</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(913</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,281</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">2,120</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: 15%; text-align: right;">(1,900</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 12pt;" colspan="1">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.01</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: 15%; text-align: right; background-color: #e6efff;">(0.04</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: 15%; text-align: right; background-color: #e6efff;">0.03</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: 15%; text-align: right; background-color: #e6efff;">(0.02</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; padding-left: 12pt;" colspan="1">Diluted earnings (loss) per share</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.01</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.04</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">0.02</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(0.02</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
    </table>
    <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>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>For the period&#160; ended September 30, 2021</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Salary and fees</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Management</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">858</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,141</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,999</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Outside directors *</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">427</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: 15%; text-align: right;">901</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: 15%; text-align: right;">1,328</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Seabord Management Corp.**</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,441</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,042</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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: 15%; 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: 15%; 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: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>For the period&#160; ended September 30, 2020</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">746</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: 15%; text-align: right; background-color: #e6efff;">1,308</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="vertical-align: bottom; width: 15%; text-align: right;">201</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: 15%; text-align: right;">448</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: 15%; text-align: right;">649</td>
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        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">277</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,040</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,194</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,234</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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$21. The change in fees is to reflect his increased role and involvement in the Company's investment activities.</p>
    <p style="text-align: justify;">** Seabord Management Corp. ("Seabord") is a management services company controlled by the Chairman of the Board of Directors of the Company. Seabord provides accounting and administration staff, and office space to the Company.</p>
    <p style="text-align: justify;">Included in accounts payable and accrued liabilities at September 30, 2021 is $4 (December 31, 2020 - $28) owed to key management personnel and other related parties.&#160;</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_19"></a>
    <p style="text-align: justify;">In June 2021 the Company appointed Ms. Sunny Lowe and Mr. Henrik Lundin as non-executive independent directors.</p>
    <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 financial statements for the nine months ended September 30, 2021 on <font style="color: #000000;"><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 financial statements for the nine months ended September 30, 2021 on www.sedar.com.</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 financial statements for the nine months ended September 30, 2021 on www.sedar.com.</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 financial statements for the nine months ended September 30, 2021 on <font style="color: #000000;"><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, 2020: 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;">All of EMX's royalty properties and royalty generating operations are subject to the risk of emerging infectious diseases, including COVID-19, or the threat of outbreaks of viruses or other contagions through the mining operations and exploration properties to which EMX's royalty interests and potential royalty interests relate. In addition, EMX's own operations are exposed to infectious disease risks. Accordingly, any outbreak or threat of an outbreak of a virus or other contagions or epidemic disease could have a material adverse effect on EMX, its business, results from operations and financial condition.</p>
    <p style="text-align: justify;">The COVID-19 global health pandemic is significantly impacting the global economy and commodity and financial markets. The full extent and impact of the COVID-19 pandemic is unknown and to date has included extreme volatility in financial markets, a slowdown in economic activity, extreme volatility in commodity prices (including gold, silver, palladium and oil and gas) and has raised the prospect of an extended global recession. As efforts are undertaken to slow the spread of the COVID-19 pandemic, the operation and development of mining projects may be impacted. If the operation or development of one or more of the properties in which the Company holds a royalty, stream or other interest and from which it receives or expects to receive revenue is suspended, it may have an adverse impact on the Company's profitability, financial condition and the trading price of the Company's securities. The broader impact of the COVID-19 pandemic on investors, businesses, the global economy or financial and commodity markets may also have a material adverse impact on the Company's profitability, results of operations, financial conditions and the trading price of the Company's securities. The Company continues to monitor the situation and the impact COVID-19 may have on its business.</p>
    <p style="text-align: justify;">For details on the above risks and uncertainties, please refer to the MD&amp;A for the year ended December 31, 2020 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
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        <p style="text-align: center;">Page 19</p>
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    <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;">At the end of the period covered by this MD&amp;A, the Company carried out an evaluation, under the supervision of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company's CEO and CFO have concluded that, as of the end of the period covered by this MD&amp;A, as discussed below under "Management's Report on Internal Control Over Financial Reporting," our disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in Commission rules and forms, and (ii) accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.</p>
    <p style="text-align: justify;"><i>Changes in Internal Control over Financial Reporting </i></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. During the period covered by this MD&amp;A, management has made updates and improvements in application of existing internal controls, while also implementing new internal controls over financial reporting that may materially affect, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</p>
    <p style="text-align: justify;"><i>Management's Initiatives</i></p>
    <p style="text-align: justify;">Management continues to consult an independent third-party Sarbanes-Oxley consultant to assist with our internal controls.&#160; That consultant will continue to work with us to identify any weakness and further enhance our controls.&#160; Any remediation efforts will include the implementation of additional controls to ensure all risks have been addressed.&#160;</p>
    <p style="text-align: justify;"><b>OUTSTANDING SHARE DATA</b></p>
    <p style="text-align: justify;">At November 10, 2021, the Company had 105,189,558 common shares issued and outstanding. There were also 7,123,500 stock options outstanding with expiry dates ranging from August 28, 2022 to September 8, 2026 and 3,316,755 warrants outstanding with an expiry dates ranging from November 7, 2022 to November 6, 2023.</p>
    <p style="text-align: justify;"><b>FORWARD-LOOKING INFORMATION</b></p>
    <p style="text-align: justify;">This MD&amp;A may contain forward-looking statements.&#160; These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, completion of transactions, market prices for metals or other statements that are not statements of fact.&#160; These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.&#160; Statements concerning mineral resource estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.</p>
    <p style="text-align: justify;">Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.</p>
    <p style="text-align: justify;">Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company's ability to achieve production at any of its mineral properties;</p>
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    <div id="footer_page_20">
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying the Company's resource and reserve estimates;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company's activities will not be adversely disrupted or impeded by development, operating or regulatory risks.</p>
    <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: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in development, construction or production;</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: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>commodity price fluctuations;</p>
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    <div id="footer_page_21">
        <p style="text-align: center;">Page 21</p>
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    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a>
    <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: #000000;"><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: #000000;"><u>www.sec.gov</u></font> and on the Company's website at <font style="color: #000000;"><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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<TYPE>EX-99.3
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<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.3 - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, David M. Cole, Chief Executive Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28pt; 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, 2021 and ended on September 30, 2021</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 12, 2021</b></p>
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        <tr>
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        </tr>
        <tr>
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    <br>
    <div>
        <div>&#160;</div>
    </div>
    <div id="footer_page_1">
        <p style="text-align: right;">1</p>
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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: 28pt; 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>
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    <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: 23.84pt; 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>
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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, 2021</b><i><b> </b></i><b>and ended on September 30, 2021</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 12, 2021</b></p>
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        <tr>
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        <tr>
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        <tr>
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    <br>
    <div>
        <div>&#160;</div>
    </div>
    <div id="footer_page_1">
        <p style="text-align: right;">1</p>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
