<SEC-DOCUMENT>0001062993-22-012656.txt : 20220517
<SEC-HEADER>0001062993-22-012656.hdr.sgml : 20220517
<ACCEPTANCE-DATETIME>20220516173526
ACCESSION NUMBER:		0001062993-22-012656
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220517
DATE AS OF CHANGE:		20220516

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:		22931263

	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>May 2022</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">
    <!--$$/page=--><a name="page_2"></a>
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: justify;"><b><u>Exhibits:</u></b></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; width: 8%;"><b>Exhibit</b></td>
            <td style="width: 5%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended March 31, 2022</a></td>
        </tr>
        <tr style="background-color: #ffffff;">
            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the period ended March 31, 2022</a></td>
        </tr>
        <tr>
            <td style="background-color: #eeeeee;"><a href="exhibit99-3.htm">99.3</a></td>
            <td style="background-color: #eeeeee;">&#160;</td>
            <td style="background-color: #eeeeee;"><a href="exhibit99-3.htm">Form 52-109F2 - Certification of Interim Filings - Full Certificate - CEO</a></td>
        </tr>
        <tr>
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 - Certification of Interim Filings - Full Certificate - CFO</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <!--$$/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: May 6, 2022</td>
            <td style="text-align: left; width: 8%;">By:</td>
            <td style="border-bottom: 1px solid #000000; text-align: left; width: 42%;">/s/ Rocio Echegaray</td>
        </tr>
        <tr>
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">&#160;</td>
            <td style="text-align: left; width: 42%;">&#160;</td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">Name:</td>
            <td style="text-align: left; width: 42%;">
                <p>Rocio Echegaray</p>
            </td>
        </tr>
        <tr style="vertical-align: top;">
            <td style="text-align: left; width: 50%;">&#160;</td>
            <td style="text-align: left; width: 8%;">Title:</td>
            <td style="text-align: left; width: 42%;">Corporate Secretary</td>
        </tr>
    </table>
    <br>
    <hr style="text-align: center;" width="100%" size="5" color="black" noshade="noshade">
</body>

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

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

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><img src="exhibit99-1x001.jpg" style="width: 448px;" height="74"></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>March 31, 2022</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; margin-bottom: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</p>
    <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;"><b>ASSETS</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#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>March 31, 2022</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>December 31, 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>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>Current</b></td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Cash and cash equivalents&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">44,970</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">25,218</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Restricted cash (Note 3)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,593</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">3,901</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Investments (Note 4)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">22,808</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">15,391</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Trade receivables and other assets (Note 5)</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;">9,573</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">9,446</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;">Loan receivable (Note 6)</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;">2,501</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;">2,539</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;">82,445</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;">56,495</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;">2,056</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;">183</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;">5,202</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">5,139</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Trade 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;">16,509</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;">17,052</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Investments in associated entities (Note 7)</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;">42,202</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">42,394</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Royalty and other property interests (Note 9)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">81,731</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;">83,355</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Property and equipment (Note 10)</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;">859</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">850</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Deferred financing charges</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">461</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;">446</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;">Deferred income tax asset (Note 11)</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;">3,909</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;">149,020</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;">153,328</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>
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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;">&#160;</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">209,823</td>
            <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; background-color: #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;">&#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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        <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;">&#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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,096</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;">2,967</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;">3,633</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;">3,423</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: 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;">14,210</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;">64,418</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>
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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;">21,939</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;">70,808</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>
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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;">&#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;">45,016</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">-</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;">1,408</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>
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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;">46,424</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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        <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="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">68,363</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">70,808</td>
            <td style="border-bottom: 1.5pt 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>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>SHAREHOLDERS' EQUITY</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>
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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;">200,257</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;">199,656</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#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;">31,245</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">31,306</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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;">(68,400</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;">(91,947</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <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;">163,102</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;">139,015</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="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="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</b></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;">231,465</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;">209,823</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
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    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&#160;</p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Nature of operations and going concern </b>(Note 1)</p>
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        <tr>
            <td style="width: 90%; vertical-align: top;" colspan="3">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Approved on behalf of the Board of Directors on May 12, 2022</b></p>
            </td>
            <td style="width: 9%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 38%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 37%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
            <td style="width: 9%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">
                <p>Signed:&#160; &#160; <i>"David M Cole"</i></p>
            </td>
            <td style="width: 13%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Director</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000;">
                <p>Signed:&#160; &#160; &#160; &#160; <i>"Larry Okada"</i></p>
            </td>
            <td style="width: 9%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Director</p>
            </td>
        </tr>
    </table>
    <br>
    <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 INCOME (LOSS)</p>
    <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars, Except Per Share Amounts)</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;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="border-top: 1.5pt solid #000000; text-align: right; vertical-align: bottom;">&#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; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>REVENUE AND OTHER INCOME (Note 8)</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;">2,215</td>
            <td style="vertical-align: 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>
        </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>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><b>COSTS AND EXPENSES</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>
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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;">2,688</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;">1,851</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;">Project and royalty generation costs, net (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;">2,702</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">1,287</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Depletion, depreciation, and direct royalty taxes</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">626</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;">266</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;">Share-based payments (Note 15)</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;">626</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;">542</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; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">6,642</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;">3,946</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 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;"><b>Income (loss) from operations</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(4,427</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;">(2,648</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>
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        <tr>
            <td style="vertical-align: bottom;">Gain (loss) on revaluation of investments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">6,329</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;">(1,321</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Gain (loss) on sale of marketable securities</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;">(199</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;">441</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;">Equity income from 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;">1,154</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: 15%; text-align: right;">221</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;">Finance expenses and other (Note 14)</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;">(1,787</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;">-</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;">Gain on debt modification (Note 14)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">5,008</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>
            <td style="vertical-align: bottom; background-color: #e6efff;">Settlement gain (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;">23,846</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">-</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;">Foreign exchange gain (loss)&#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;">(1,038</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;">(1,117</td>
            <td style="border-bottom: 0.75pt 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>
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        <tr>
            <td style="vertical-align: bottom;"><b>Income (loss) before income taxes</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">28,886</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;">(4,424</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Deferred income tax expense (Note 11)</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;">(5,339</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;">-</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="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>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Income (loss) for the period</b></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;">23,547</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(4,424</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">0.22</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.05</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Diluted earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">0.22</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: 15%; text-align: right;">(0.05</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>
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        <tr>
            <td style="vertical-align: bottom;">Weighted average no. of shares outstanding - basic (Note 12)</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">105,382,744</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;">84,891,451</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; background-color: #e6efff;">Weighted average no. of shares outstanding - diluted (Note 12)</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">
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    <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 INCOME (LOSS)</p>
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            <td style="text-align: right; border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></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;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom;">&#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>
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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="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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    <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>
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            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></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;"><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>March 31, 2021</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;">&#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; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right;">23,547</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: 15%; text-align: right;">(4,424</td>
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        <tr>
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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>
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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;">(186</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">580</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;">&#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;">1,321</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;">(221</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;">626</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">151</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;">-</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;">5,339</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">-</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;">28</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</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;">581</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">242</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;">-</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;">199</td>
            <td style="vertical-align: bottom; width: 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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(423</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;">(373</td>
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        </tr>
        <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="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>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">143</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; 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: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">131</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;">(454</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: 15%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">806</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>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</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="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;">-</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;">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>
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            <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;">-</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: 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;">433</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="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="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;">149</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;">(580</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>
            <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;">19,752</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">(3,218</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</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;">25,218</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;">52,418</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>
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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;">&#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;">49,200</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;">Supplemental disclosure with respect to cash flows (Note 19)</p>
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    <div id="footer_page_5">
        <p style="text-align: center;">Page 5</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
    <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;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><font style="font-size: 8pt;"><b>Reserves</b></font></td>
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            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Number of common<br>shares</b></font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Capital stock</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Deficit</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">105,359,211</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">199,656</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">21,269</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">10,037</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(91,947</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">139,015</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Shares issued for royalty and property acquisitions</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">211,795</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">601</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">601</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Share-based payments</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">626</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">626</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Foreign currency translation adjustment</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">(687</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">(687</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Income for the period</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">23,547</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">23,547</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;"><b>Balance as at March 31, 2022</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>105,571,006</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: bottom;" colspan="4">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: center; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="4"><font style="font-size: 8pt;"><b>Reserves</b></font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Number of common<br>shares</b></font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Capital stock</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Share-based<br>payments</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Accumulated other<br>comprehensive gain</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Deficit</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>&#160;</b></font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;"><b>Balance as at December 31, 2020</b></font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>84,677,831</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>132,678</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>17,516</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>8,917</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(61,351</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>97,760</b></font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Shares issued for exercise of stock options</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">305,400</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">433</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">433</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Bonus shares issued</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">4,667</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">13</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">13</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;RSUs issued</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">7,000</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">25</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">(25</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Reclass of reserves for exercise of options</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">245</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(245</font></td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">138</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">138</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Reclass of AOCI on disposal of FVOCI investment</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">847</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(847</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Foreign currency translation adjustment</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">(134</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">(134</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Loss for the period</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(4,424</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(4,424</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
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        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>84,994,898</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>133,394</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>17,384</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</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_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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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, and Latin 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 also trade on 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. 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 for Bullion Monarch Mining, Inc. ("BULM" or "Bullion"), Eurasian Royalty Madencilik AS, and its 50% interest in Minera Tercero SpA ("Tercero"), the holder of an investment in associated entity, all of whose functional currency is the United States ("US") dollar.</p>
    <p style="text-align: justify;"><b>2. STATEMENT OF COMPLIANCE AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p>
    <p style="text-align: justify;"><b>Statement of Compliance</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, which are stated at their fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting except for cash flow information.</p>
    <p style="text-align: justify;"><b>Reclassification</b></p>
    <p style="text-align: justify;">Certain comparative figures have been reclassified to conform to the current period presentation.</p>
    <p style="text-align: justify;"><b>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, 2021.</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>
    <div id="header_page_8">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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;"><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 three months ended March 31, 2022 are consistent with those applied in the Company's December 31, 2021 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, 2022. 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 March 31, 2022, the Company classified $4,649 (December 31, 2021 - $4,084) as restricted cash. This amount is comprised of $181 (December 31, 2021 - $183) held as collateral for its corporate credit cards and $1,875 (December 31, 2021 - $1,905) comprised of a minimum cash balance required in connection with the Sprott Credit Facility (Note 14) and cash of $2,593 (December 31, 2021 - $1,996) held by wholly-owned subsidiaries of the Company, which the full amount is for use and credit to the Company's exploration venture partners in the USA, Sweden, Norway, and Finland pursuant to expenditure requirements for ongoing option agreements. Partner advances expected to be used within the following twelve months are included with current assets.</p>
    <p style="text-align: justify;"><b>4. INVESTMENTS</b></p>
    <p style="text-align: justify;">At March 31, 2022 and December 31, 2021, the Company had the following investments:</p>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2021</b></td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">11,120</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">9,226</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;">79</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: 15%; text-align: right; background-color: #e6efff;">(15,391</td>
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    <p style="text-align: justify;">During the three months ended March 31, 2022, the Company recognized $139 (2021 - $139) in interest income on its investment in Ensero Holdings, Inc., a privately-held Delaware corporation, and $Nil (2021 - $79) in dividend income related to certain marketable securities, both of which have been included in revenue and other income.&#160;</p>
    <p style="text-align: justify;">During the three months ended March 31, 2022 the Company purchased 509,000 common shares of Premium Nickel Resources Corporation ("PNR"), a private Canadian company for $1,292 bringing its total investment to 4,412,702 common shares for a total cost of $4,132. Subsequent to March 31, 2022, the Company purchased an additional 1,000,000 common shares for US$2.00 per share bringing its total ownership to 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR.</p>
    <p style="text-align: justify;">The Company also receives investments as proceeds related to various property deals and sells its holdings to the market where appropriate.&#160; During the three months ended March 31, 2022 the Company realized $662 in proceeds from sales of investments.</p>
    <div id="footer_page_8">
        <p style="text-align: center;">Page 8</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
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            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
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    <p style="text-align: justify;"><b>5. TRADE RECEIVABLES AND OTHER ASSETS</b></p>
    <p style="text-align: justify;">The Company's trade receivables and other assets are primarily related to royalty revenue receivable, deferred compensation, goods and services tax and harmonized sales taxes receivable from government taxation authorities, recoveries of royalty generation costs from project partners, prepaid expenses and reclamation bonds.</p>
    <p style="text-align: justify;">As at March 31, 2022 and December 31, 2021, trade receivables and other assets were as follows:</p>
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2021</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; 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>
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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;">420</td>
            <td style="vertical-align: 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;">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;" 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;">1,460</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;">1,481</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;">6,178</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">6,979</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;">1,512</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;">1,835</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;">14,270</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">14,109</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;">780</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;">1,060</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;">1,462</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;">783</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>
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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>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">16,509</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: 15%; text-align: right;">17,052</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;">Non-current trade receivables and other assets are comprised of VAT, the deferred payments from Aftermath Silver Ltd. ("Aftermath") and AbraSilver Resource Corp. ("AbraSilver") (Note 9) expected to be collected after 12 months, and reclamation bonds 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;</p>
    <p style="text-align: justify;">Once reclamation of the properties is complete, the bonds will be returned to the Company and as at March 31, 2022, the Company has no material reclamation obligations.</p>
    <p style="text-align: justify;">The carrying amounts of the Company's trade receivables and other assets are denominated in the following currencies:</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; 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>March 31, 2022</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, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt 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;">&#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;">17,459</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;">16,961</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;">474</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">843</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;">6,237</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;">6,979</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;">26,082</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;">26,498</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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    <p style="text-align: justify;"><b>6. LOAN RECEIVABLE </b></p>
    <p style="text-align: justify;">In July 2021, the Company entered into a loan administration agreement with Earlston Investments Corp. ("Earlston") who&#160; 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 pay Earlston a US$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 March 31, 2022, the balance receivable was $2,501 (US$2,000) (December 31, 2021 - $2,539) and the Company received or accrued $75 (2021 - $Nil) in interest income.</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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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, Tercero, 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. The Company's effective NSR was increased to 0.7335% subsequent to March 31, 2022 (Note 20).</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. Separately, the Company entered into a Credit Agreement with Sprott Private Resource Lending II (Collector), LP ("Sprott") (Note 14) to finance its portion of the purchase price.&#160; SLM California has a right to 67.5% of the 2.88% Caserones 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 the right to the effective 0.418% royalty interest.&#160; As at March 31, 2022, the Company's investment in SLM California including its share of accumulated equity income and losses, and distributions was $42,202 (December 31, 2021 - $42,394).&#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 on the Board of SLM California. The Company'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's investment in SLM California:</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: 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>March 31, 2022</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, 2021</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;" colspan="1">Opening Balance</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;">42,394</td>
            <td style="vertical-align: 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="vertical-align: bottom;" colspan="1">Capital Investment</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;">43,007</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">Company's share of net income of associated entity</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;">1,154</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">3,012</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">Currency translation adjustments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(204</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;">(1,473</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Distributions</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;">(1,142</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;">(2,152</td>
            <td style="border-bottom: 0.75pt solid #000000; 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;" colspan="1">Ending Balance</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;">42,202</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;">42,394</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;">Summarized financial information for the Company's investment in SLM California and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is 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;">&#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>March 31, 2022</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>March 31, 2021</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;" colspan="1">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;">8,603</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">N/A</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">Net income and comprehensive income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">5,366</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;">N/A</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">The Company's ownership %</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;">21.5%</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;">0.0%</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;" colspan="1">Company's share of net income of associated entity</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;">1,154</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;">N/A</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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;">&#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;"><b>March 31, 2022</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;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>December 31, 2021</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;" colspan="1">Current assets</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;">17,404</td>
            <td style="vertical-align: 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;">6,308</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">Non-current assets</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;">-</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">Total liabilities&#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;">(9,022</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;">(6,797</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Net assets (liabilities)</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;">8,382</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;">(489</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">The Company's ownership %</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;">21.5%</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">21.5%</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">Acquisition fair value and other adjustments</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;">40,400</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;">42,499</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;">Carrying amount of investment in associated entity</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;">42,202</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;">42,394</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;">&#160;</p>
    <div id="footer_page_10">
        <p style="text-align: center;">Page 10</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_11"></a>
    <div id="header_page_11">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>7. INVESTMENTS IN ASSOCIATED ENTITIES </b>(Continued)</p>
    <p style="text-align: justify;"><i>Rawhide</i></p>
    <p style="text-align: justify;">The Company has a 38.07% (December 31, 2021 - 38.07%) equity investment in Rawhide Acquisition Holdings ("RAH"). During the year ended December 31, 2021 RAH suspended its mining operations due to working capital constraints and as at December 31, 2021 the Company determined that its investment in RAH was impaired. Accordingly, the Company recognized an impairment charge of $10,014 on the value of its investment at December 31, 2021. As at March 31, 2022 the Company's investment in RAH including its share of accumulated equity income and losses, dilution gains and impairment charges was $Nil (December 31, 2021 - $Nil).</p>
    <p style="text-align: justify;">The Company has a minority position on the Board of Rawhide, and does not control operational decisions. The Company's judgment is that it has significant influence, but not control and accordingly equity accounting is appropriate.&#160;</p>
    <p style="text-align: justify;">Summarized financial information for the Company's investment in Rawhide on a 100% basis and reflecting adjustments made by the Company, including adjustments made at the time of acquisition is as follows:</p>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">11,439</td>
            <td style="vertical-align: 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;">15,235</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;" colspan="1">Net income and comprehensive loss</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;">606</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;">884</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <br>
    <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: 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>March 31, 2022</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, 2021</b></td>
            <td style="text-align: right; 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; background-color: #e6efff;" colspan="1">Current assets</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;">32,148</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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">32,062</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;" colspan="1">Non-current assets</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">32,203</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;">33,553</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;">(31,063</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;">(21,199</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;">(28,536</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;">(42,163</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Net assets (liabilities)</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;">4,752</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;">2,253</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>
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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: 15%; text-align: right;">38.07%</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: 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;">(1,809</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;">(857</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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            <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;">-</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <p style="text-align: justify;"><b>8. REVENUE AND GENERAL AND ADMINISTRATIVE EXPENSES</b></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022 and 2021, the Company had the following sources of revenue and other income, and general and administrative expenses:</p>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b><br><b>March 31, 2022</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b><br><b>March 31, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Royalty revenue</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">796</td>
            <td style="vertical-align: 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;">392</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">Interest and other income</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">629</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;">175</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">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;">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;">652</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;" colspan="1">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;">79</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;">2,215</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;">1,298</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 style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
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            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>General and administrative expenses</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;"><b>Three months ended</b><br><b>March 31, 2022</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>Three months ended</b><br><b>March 31, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; 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;">1,146</td>
            <td style="vertical-align: 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;">985</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;">776</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;">213</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;">254</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">172</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;">208</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;">187</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;">294</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">274</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>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">10</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;">20</td>
            <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="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;">2,688</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>
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        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_11">
        <p style="text-align: center;">Page 11</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b></p>
    <p style="text-align: justify;">As at and for the three months ended March 31, 2022:</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;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Country</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>December 31, 2021</b></font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>Impairment</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>March 31, 2022</b></font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Gediktepe</font></td>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Turkey</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">55,540</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(838</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">54,702</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Leeville</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">USA</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">8,144</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(581</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(116</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">7,447</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Diablillos</font></td>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Argentina</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">8,912</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">8,912</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Berenguela</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Peru</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">2,475</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">2,475</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Revelo Portfolio</font></td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,684</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,684</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Tartan Lake</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Canada</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,238</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,238</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">2,249</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">2,249</font></td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Canada</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,678</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(89</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,589</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Various</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,435</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,435</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">3,113</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(89</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">83,355</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
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        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: left;" colspan="19">&#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;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;"><b>December 31, 2020</b></font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Gediktepe</font></td>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Turkey</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">53,970</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,570</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">55,540</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Leeville</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">USA</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">11,251</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(3,029</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(78</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">8,144</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Diablillos</font></td>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Argentina</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">8,912</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">8,912</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Berenguela</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Peru</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">2,475</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">2,475</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Revelo Portfolio</font></td>
            <td style="vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Chile</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,684</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,684</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Tartan Lake</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Canada</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,238</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,238</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,313</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">936</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">2,249</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">14,248</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">67,531</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,492</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">80,242</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="2"><font style="font-size: 8pt;"><b>Other Property Interests</b></font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">&#160; &#160;Perry Portfolio</font></td>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;">Canada</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">2,421</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(587</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(156</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">1,678</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160; &#160;Other*</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Various</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,827</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(260</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">(132</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1,435</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">4,248</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(847</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">-</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">(288</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;"><font style="font-size: 8pt;">3,113</font></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>18,496</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>66,684</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(3,029</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>1,492</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>(288</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>)</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;"><b>$</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;"><b>83,355</b></font></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: justify;" colspan="19">*Included in other are various royalty and other property interests held in Serbia, Finland, Sweden, Argentina, Chile, Mexico Canada and the U.S.A.<font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;"><font style="font-size: 8pt;"><br></font></td>
        </tr>
    </table>
    <p style="text-align: justify;"><b>ROYALTY INTERESTS</b></p>
    <p style="text-align: justify;"><i><b>SSR Mining Royalty Portfolio</b></i></p>
    <p style="text-align: justify;">On October 21, 2021, the Company completed the acquisition of a portfolio of&#160; royalty interests and deferred payments from SSR Mining Inc. and certain of its subsidiaries ("SSR Mining"). The royalty portfolio includes US$18,000 in future cash payments (of which US$2,250 was received during the year ended December 31, 2021). Total consideration paid was $40,720 (US$33,000) in cash and 12,323,048 common shares of the Company valued at $41,898 (US$33,955) or $3.40 per share to SSR Mining. The Company also paid or accrued $503 in acquisition costs, $9,684 (US$7,848) in VAT, and $473 (US$383) in stamp duties. Additionally, EMX will be required to make contingent payments to SSR Mining of up to US$34,000 for the Yenipazar property to be paid in a combination of cash and common shares of EMX upon certain development and production milestones being achieved.&#160;</p>
    <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">
        <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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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;">As part of the portfolio, the Company acquired two royalties at Gediktepe in Turkey, which cover assets currently being developed by Lidya Madencilik Sanayi ve Ticaret A.&#350;., a private Turkish company. These include a perpetual 10% NSR royalty over metals produced from the oxide zone after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone, payable after cumulative production of 25,000 gold-equivalent sulfide ounces.</p>
    <p style="text-align: justify;">The portfolio also includes a Net Profits Interest ("NPI") royalty at Yenipazar that is set at 6% until US$165,000 in revenues are received, after which the NPI converts to a 10% interest.</p>
    <p style="text-align: justify;">In Argentina, the Company acquired a 1% NSR royalty with respect to production pursuant to a definitive share purchase agreement for the Diablillos property originally executed by SSR Mining with AbraSilver Resource Corp. The agreement with AbraSilver includes the right to a deferred payment of US$7,000 upon the earlier of commencement of commercial production or July 31, 2025.&#160; This payment is binding under the agreement with AbraSilver and has been discounted at a rate of 12% and included in trade receivables and other assets on acquisition.&#160; As at March 31, 2022, the carrying value was $6,041 ($US4,831).</p>
    <p style="text-align: justify;">In Peru, the Company acquired the right to deferred payments including US$11,000 (US$2,250 received) pursuant to a definitive acquisition agreement for the Berenguela property originally executed by SSR Mining with Aftermath Silver Ltd. which includes a series of staged payments over the next five years to acquire a 100% interest in the Berenguela project. Upon earn-in and the declaration of commercial production at Berenguela, a sliding-scale royalty will be payable to EMX based upon a 1% NSR royalty on all mineral production when the silver price is up to and including US$25 per ounce, or a 1.25% NSR royalty on all mineral production when the silver price is over US$25 per ounce and when the copper price is over US$2 per pound. The deferred payments are binding under the agreement with Aftermath and have been discounted at a rate of 12% and included in trade receivables and other assets on acquisition.&#160; As at March 31, 2022, the carrying value was $8,229 ($US6,580).</p>
    <p style="text-align: justify;">The remaining royalty interests acquired in the SSR Mining portfolio include assets in South America, Mexico, the United States (Nevada), and Canada.</p>
    <p style="text-align: justify;">In connection with the closing of the acquisition, the Company entered into a Vendor-take-back note ("VTB Note") with SSR Mining pursuant to which the Company borrowed $9,682 (US$7,848) (Note 14) to finance the payment of VAT in Turkey which was payable on the Turkish assets acquired.</p>
    <p style="text-align: justify;"><i><b>Leeville Royalty</b></i></p>
    <p style="text-align: justify;">The Company holds a 1% gross smelter return ("GSR") royalty on portions of West Leeville, Carlin East, Four Corners, Turf 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 and Barrick-Newmont Nevada joint venture.</p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, through its wholly-owned subsidiary, Bullion Monarch Mining, Inc. the Company reached a settlement with Barrick Gold Corporation ("Barrick") and Barrick affiliates and subsidiaries ("Barrick Entities") with respect to Bullion's claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin trend, Nevada. Pursuant to the settlement, Barrick paid Bullion (US$25,000). Of the US$25,000 settlement, US$6,175 was paid as a fee to Bullion's lawyers resulting in net proceeds received of $23,846 (US$18,825).&#160;</p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, $608 (2021 - $266) in royalty revenue from the Leeville Mine was included in revenue and other income. Royalty income from the Leeville Mine incurred a 5% direct gold tax of $30 (2021 - $13). Further, applied only against the Leeville Mine was depletion of $581 (2021 - $242).</p>
    <div id="footer_page_13">
        <p style="text-align: center;">Page 13</p>
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                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
    <p style="text-align: justify;"><i><b>Revelo Portfolio Interests</b></i></p>
    <p style="text-align: justify;">The Company holds various NSR Royalty interests in Chile acquired from Revelo Resources Corp. for $1,684 (US$1,162) a subsidiary of Austral Gold Corp.</p>
    <p style="text-align: justify;"><i><b>Kaukua Royalty Interest</b></i></p>
    <p style="text-align: justify;">The Company holds a 2% NSR royalty on various exploration licenses (the "Kaukua Royalty") in Finland acquired from Akkerman Exploration B.V., a private Netherlands Company ("Akkerman"). The Kaukua Royalty was acquired from Akkerman by the Company for $125 (paid) and the issuance of 52,000 EMX shares issued and valued at $136. The Company's NSR royalty applies to all future mineral production from the Kaukua Royalty licenses. Palladium One can purchase 1% of the NSR royalty prior to the delivery of a "bankable feasibility study" for &#8364;1,000. The remaining 1% of the NSR royalty is uncapped, and cannot be repurchased.</p>
    <p style="text-align: justify;"><i><b>Balya Royalty Interest</b></i></p>
    <p style="text-align: justify;">The Company holds a 4% NSR royalty on the Balya property that is uncapped and is not subject to a buy back agreement previously acquired from the transfer of the Balya royalty property in Turkey from Dedeman Madencilik San. ve Tic. A. &#350;. to Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan") a private Turkish company.</p>
    <p style="text-align: justify;"><b>OTHER PROPERTY INTERESTS</b></p>
    <p style="text-align: justify;">The Company has a number of exploration stage royalties and royalty generation properties being advanced by the Company and within partnered agreements. Many of these projects include staged and conditional payments owed to the Company. During the three months ended March 31, 2022, the Company received cash payments totaling $70 (2021 - $95) and total equity payments valued at $373 (2021 - $398) in connection with property deals from various partners which has been included in revenue and other property income. Certain transactions of note for the three months ended March 31, 2022 included the following:</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>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <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;">&#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>Gold Line Cash<br>Payments (USD)</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>EMX Shares (USD)</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>Gold Line Shares<br>(USD)</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>
            <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">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;" colspan="1">First anniversary of the purchase agreement (paid and issued)</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;" colspan="1">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;" colspan="1">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="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>
        </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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">7,000</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,500</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;">1,500</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;">&#160;</p>
    <div id="footer_page_14">
        <p style="text-align: center;">Page 14</p>
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            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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;">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: 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;"><b>Cash Payments <br>(USD)</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;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Gold Line Shares (USD)</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">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;" colspan="1">First anniversary of the purchase agreement&#160; (received)</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;" colspan="1">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="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="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;">563</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;">938</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;">During the three months ended March 31, 2022, pursuant to the first anniversary of the agreement, the Company issued 211,795 common shares to Agnico and received the cash payment of US$250 and 2,840,806 common shares of GLR.</p>
    <p style="text-align: justify;"><i>Oij&#228;rvi Extension</i></p>
    <p style="text-align: justify; background-color: #ffffff;">In January 2022, previously entered into on December 31, 2021, the Company and GLR closed an amended agreement to transfer the Company's exploration reservation in Finland's Oij&#228;rvi greenstone belt (the "Oij&#228;rvi Extension") to GLR. 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, on closing, the Company transferred to GLR its interests in the Oij&#228;rvi Extension property and GLR issued to EMX 1,125,000 common shares of GLR valued at $158.</p>
    <p style="text-align: justify; background-color: #ffffff;">In return, 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 Advance Annual 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.</p>
    <p style="text-align: justify;"><i>Mo-i-Rana</i></p>
    <p style="text-align: justify; background-color: #ffffff;">In February 2022, the Company entered into an agreement to sell its Mo-i-Rana project in Norway to Mahvie Minerals AB ("Mahvie"), a private Swedish. To acquire the project Mahvie will acquire a 100% interest in the EMX subsidiary company that controls the project, subject to the following terms:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">Upon closing, EMX will receive 75 Norwegian Krone (received) in cash and 9.9% of the issued and outstanding shares of Mahvie Minerals AB;</li>
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">EMX will receive a 2.5% NSR royalty interest in the project. On the sixth anniversary after closing, Mahvie has the option to purchase 0.5% of the NSR on the Project by paying EMX US$1,500;</li>
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">EMX will receive AAR payments of US$25 for the project commencing on the third anniversary of the closing, with the AAR payment increasing by US$5 per year until reaching US$100;</li>
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">A financial instrument will be put in place that allows EMX to maintain its 9.9% interest in Mahvie until a total of 25,000 Swedish Kronor has been raised by Mahvie;</li>
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">A payment of US$500, payable in cash or shares of Mahvie, will be made to EMX upon the completion of a Prefeasibility or Feasibility study; and</li>
        <li style="margin-left: 12.9pt; text-align: justify; padding-left: 8.4pt; background-color: #ffffff;">To maintain its interest in the Project, Mahvie will also: (i) spend a minimum of US$200 on the Project by the first anniversary of the agreement and (ii) spend aggregate of US$1,000 by the third anniversary of the agreement or complete a minimum of 2,000 meters of drilling on the project.</li>
    </ul>
    <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>
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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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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; background-color: #ffffff;"><b>USA&#160; </b></p>
    <p style="text-align: justify;"><i>Robber Gulch</i></p>
    <p style="text-align: justify;">In January 2022, the Company through its wholly-owned subsidiary Bronco Creek Exploration, executed an exploration and option agreement for the Robber Gulch project (formerly under agreement with Gold Lion Resources Inc.) with Ridgeline Exploration Corporation, a wholly-owned subsidiary of Ridgeline Minerals Corporation ("Ridgeline").</p>
    <p style="text-align: justify;">Pursuant to the agreement, Ridgeline can acquire a 100% interest in the project by making execution and staged option payments totaling US$750 over a five-year option (execution payment of US$50 received), delivering 150,000 common shares of Ridgeline to the Company by the second anniversary of the agreement, and completing US$650 in exploration expenditures before the fifth anniversary of the agreement.</p>
    <p style="text-align: justify;">Upon Ridgeline's exercise of the option EMX will be granted a 3.25% NSR royalty of the production returns for the property. Ridgeline has a buyback option of up to one percent (1%) of the royalty by first completing an initial half-percent (0.5%) royalty buyback for a payment of US$1,500 to EMX before the third anniversary of the option exercise. If Ridgeline completes the first buyback, then the remaining half-percent (0.5%) of the royalty buyback can be purchased anytime thereafter for a payment of US$2,000. EMX will continue to receive AAR payments of US$50 which increase to US$75 upon the completion of a Preliminary Economic Assessment.</p>
    <p style="text-align: justify;"><i>Parks Salyer</i></p>
    <p style="text-align: justify;">In February 2022, the Company through its wholly-owned subsidiary Bronco Creek Exploration, executed an Assignment and Assumption agreement as well as a Royalty Agreement for the transfer of EMX's Arizona State Exploration Permit to Cactus 110 LLC, a wholly-owned subsidiary of Arizona Sonoran Copper Company, Inc ("ASCU"). Pursuant to the agreement, ASCU will assume all rights under EMX's Arizona State Exploration Permit by making payment of US$5 upon execution (received) and US$195 upon transfer and registration ("Registration Date") of the Permit to Cactus 110 LLC (received subsequent to March 31, 2022).</p>
    <p style="text-align: justify;">Pursuant to the agreement, the Company was granted a 1.5% NSR royalty interest on the property. ASCU has a buyback option of one percent (1%) of the royalty for a payment of US$500 to EMX.&#160; EMX will receive AAR payments of US$50, ceasing upon completion of commercial production and can be bought out at any time for a payment of US$1,000. ASCU will make milestone payments of totaling US$3,000 upon certain milestones being met. In the two years following the Registration Date, ASCU will make yearly exploration expenditures totaling US$2,000 prior to the first anniversary and a cumulative total of US$4,000 prior to the second anniversary.</p>
    <p style="text-align: justify;"><b>Australia </b></p>
    <p style="text-align: justify;"><i>Queensland Gold Project</i></p>
    <p style="text-align: justify;">In September 2020, and amended September 3, 2021, the Company executed an option agreement for the Queensland Gold project in northeastern Australia with Many Peaks Gold Pty. Ltd. ("MPL").&#160; Pursuant to the agreement, MPL can earn an 80% interest in the project by making a payment of AUD$65 (received) on signing and incurring minimum expenditures AUD$300 on the project within 18 months from the effective date. To exercise the option MPL is required to make a payment equal to AUD$235 in cash or shares. Upon MPL's exercise of the option, EMX will retain a 2.5% NSR royalty interest. Upon exercise of the option, MPL will be granted a second option by EMX to acquire the remaining 20% interest in the project by incurring a total of AUD$2,500 within 24 months of the start date of the first option period or issue to EMX the value of any shortfall in MPL shares. To exercise the second option MPL is required to make a payment equal to AUD$500 in cash or shares. During the three months ended March 31, 2022, 1,175,000 common shares of MPL were issued to EMX as payment of the AUD$235 first option fee upon the successful listing of MPL on the Australian Stock Exchange.</p>
    <div id="footer_page_16">
        <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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</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>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 three months ended March 31, 2022, these assumptions remained reasonable and no revisions were considered necessary.&#160;</p>
    <p style="text-align: justify;"><b>Project and Royalty Generation Costs</b></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, the Company incurred the following project and royalty generation costs, which were expensed as incurred:&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 9pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="text-align: center; vertical-align: middle; border-color: #000000; border-style: solid; border-width: 1.5pt 0.75pt 0.75pt 1.5pt; border-image: none 100% / 1 / 0 stretch;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>Fennoscandia</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>USA</b></font></td>
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            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>Turkey</b></font></td>
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            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>Australia</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>Canada</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>South America<br>and other</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>General<br>Royalty<br>and<br>Project<br>Investigation<br>cost</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap;"><font style="font-size: 8pt;"><b>Total</b></font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Administration costs&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">44</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">65</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">14</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">1</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">5</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">30</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><font style="font-size: 8pt;">160</font></td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">Drilling, technical, and support costs</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">30</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">1,978</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">2</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">17</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">14</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">2,041</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Personnel&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">285</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">578</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">184</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">45</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">21</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">86</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">1,844</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">83</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">3</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">14</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">7</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">104</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">191</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">402</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">498</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">153</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">46</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">186</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">3</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">886</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">24</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">1</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">4</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">7</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">6</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">22</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">64</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">Total Expenditures</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">964</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">2,778</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">218</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">77</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">74</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">395</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">891</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">5,397</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">(275</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">(2,405</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">(4</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">(11</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 0.75pt solid #000000; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">(2,695</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
        </tr>
        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">Net Expenditures</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">689</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">373</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">214</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">66</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">74</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">395</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">891</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">2,702</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;" colspan="25"><font style="font-size: 10pt;">During the three months ended March 31, 2021, the Company incurred the following project and royalty generation costs, which were expensed as incurred:</font></td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;"><br></font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;"><font style="font-size: 8pt;"><br></font></td>
        </tr>
        <tr>
            <td style="text-align: center; vertical-align: middle; border-color: #000000; border-style: solid; border-width: 1.5pt 0.75pt 0.75pt 1.5pt; border-image: none 100% / 1 / 0 stretch; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">Fennoscandia</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; padding-left: 3pt; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">USA</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; padding-left: 3pt; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">Turkey</font></b></td>
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            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">Australia&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">Canada</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">South<br>America<br>and other</font></b></td>
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            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">General<br>Royalty<br>and<br>Project<br>Investigation<br>cost</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">&#160;</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; white-space: nowrap; background-color: #e6efff;"><b><font style="font-size: 8pt;">Total</font></b></td>
            <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle; border-right: 1.5pt solid #000000; white-space: nowrap; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">Administration costs&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">13</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">65</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">(4</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">)</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">21</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">$</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">95</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
        </tr>
        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Drilling, technical, and support costs</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">965</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">513</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">17</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">18</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">21</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">143</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">1,677</font></td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">425</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">578</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">1,098</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">5</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">201</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">384</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">654</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">33</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">1</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">4</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">692</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">13</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">13</font></td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><font style="font-size: 8pt;">Travel&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">49</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">19</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">68</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 1.5pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        <tr>
            <td style="border-left: 1.5pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><font style="font-size: 8pt;">Total Expenditures</font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">1,889</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">1,051</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">56</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">38</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">22</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; padding-left: 3pt; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; background-color: #e6efff;"><font style="font-size: 8pt;">9</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000; background-color: #e6efff;"><font style="font-size: 8pt;">&#160;</font></td>
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            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%;"><font style="font-size: 8pt;">-</font></td>
            <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; border-right: 0.75pt solid #000000;"><font style="font-size: 8pt;">&#160;</font></td>
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        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_17">
        <p style="text-align: center;">Page 17</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_18"></a>
    <div id="header_page_18">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>10. PROPERTY AND EQUIPMENT</b></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022,&#160; depreciation of $13 (2021 - $8) has been included in project and royalty generation costs.&#160;</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
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            <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="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</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; white-space: nowrap;">&#160;</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; white-space: nowrap;">&#160;</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; 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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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Cost</b></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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#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;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#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;">$</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; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        </tr>
        <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: 11%; 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: 11%; 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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        <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: 11%; 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: 11%; 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: 11%; 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: 11%; text-align: right; background-color: #e6efff;">(83</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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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">53</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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">723</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; 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: 11%; text-align: right;">1,677</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: 11%; 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: 11%; 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: 11%; 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: 11%; 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: 11%; 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: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Accumulated depreciation</b></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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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;">&#160;As at December 31, 2021&#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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">53</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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">631</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; 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: 11%; text-align: right; background-color: #e6efff;">873</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="vertical-align: bottom;" colspan="1">&#160; Additions</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 11%; text-align: right;">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: 11%; 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: 11%; text-align: right;">6</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: 11%; 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: 11%; text-align: right;">28</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">&#160; Disposals and derecognition</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: 11%; text-align: right; background-color: #e6efff;">(83</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: 11%; 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: 11%; 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: 11%; 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: 11%; text-align: right; background-color: #e6efff;">(83</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="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: 11%; text-align: right;">128</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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">53</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">637</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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">818</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 11%; 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: 11%; 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: 11%; 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: 11%; 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: 11%; 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: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Net book value</b></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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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: 11%; text-align: right;">&#160;</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;" colspan="1">&#160;As at December 31, 2021&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">339</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 11%; 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;">$</td>
            <td style="vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">92</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">419</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 11%; text-align: right; background-color: #e6efff;">850</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">354</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">-</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">86</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">419</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">859</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;"><b>11. INCOME TAXES</b></p>
    <p style="text-align: justify;"><b>Deferred Income Tax (Liability) Asset</b></p>
    <p style="text-align: justify;">The tax effects of temporary differences between amounts recorded in the Company's accounts and the corresponding amounts as computed for income tax purposes gives rise to deferred tax assets and liabilities as follows:</p>
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        <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>
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            <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, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Royalty interest</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(1,758</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(1,923</td>
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        <tr>
            <td style="vertical-align: bottom;">Tax loss carryforwards</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">303</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;">5,765</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;">Other</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;">47</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;">67</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(1,408</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,909</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;"><b>Income Tax Expense</b></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>March 31, 2022</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>March 31, 2021</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Current tax expense</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;">-</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;">Deferred tax expense&#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;">5,339</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: 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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">5,339</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</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 current period deferred tax expense is mainly attributed to the gain on settlement with Barrick (Note 9) and utilization of historical tax losses.</p>
    <p style="text-align: justify;"><b>12. NET INCOME (LOSS) PER SHARE</b></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;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <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>March 31, 2022</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;">&#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="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Net income (loss)</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">23,547</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(4,424</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Weighted average number of common shares outstanding - basic</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">105,382,744</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;">84,891,451</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">Dilutive effect of stock options and warrants outstanding</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;">1,899,625</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;">&#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>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">Weighted average number of common shares outstanding - diluted</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;">107,282,369</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;">84,891,451</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; background-color: #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>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">0.22</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.05</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Diluted earnings (loss) per share</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">0.22</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.05</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
    </table>
    <br>
    <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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>13. 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: 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>March 31, 2022</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, 2021</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;">U.S.A.</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,185</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,753</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">Sweden and Norway</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;">448</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;">670</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,633</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,423</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>14. LOANS PAYABLE</b></p>
    <p style="text-align: justify;"><i>Sprott Credit Facility </i></p>
    <p style="text-align: justify;">In August 2021, the Company entered into a credit facility with Sprott for US$44,000 (the "Sprott Credit Facility") 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 Credit Facility, EMX paid cash fees of US$795 as an origination discount, and issued 450,730 common shares valued at $1,558 (US$1,235) or $3.46 (US$2.74) per share. Included in restricted cash as at March 31, 2022 was $1,875 (US$1,500) in funds held as a minimum cash balance as required under the agreement. The Sprott Credit Facility includes a general security agreement over select assets of EMX.&#160;</p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, for a fee of 1.5% of the outstanding loan balance or US$660 to be paid on maturity, the Company entered into an amended agreement to extend the term of the Sprott Credit Facility to December 31, 2024. As a result of the modification of the Sprott Facility, on January 24, 2022, the Company applied the non-substantial modification treatment in accordance with IFRS 9 Financial Instruments by restating the liability to the present value of revised cash flows discounted at the original effective interest rate, with an adjustment to profit or loss. The fee incurred as part of the modification payable to the lender is considered to be part of the gain or loss on modification. As a result of the modification, the Company recognized a gain on modification of $5,008 (US$4,005) and a revised effective interest rate of 12.39%. For the three months ended March 31, 2022, the Company recognized an interest expense of $1,543 on the loan which was calculated using the revised annual effective interest rate and was included in finance expenses and other.</p>
    <p style="text-align: justify;"><i>SSR VTB Note</i></p>
    <p style="text-align: justify;">In October 2021, as part of the purchase of the SSR Mining royalty portfolio (Note 9), the Company entered into a vendor take-back ("VTB") financing for up to US$8,000 which 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. Upon closing of the acquisition, the Company drew upon the financing and issued a note payable to SSR Mining in the amount of US$7,848.</p>
    <p style="text-align: justify;">Subsequent to the amended agreement with Sprott, the Company entered into an amendment to the postponement agreement with Sprott and SSR Mining to permit the prepayment of the VTB Note prior to the repayment of the Sprott Credit Facility, provided that no event of default has occurred or is continuing under the Sprott Credit Facility.</p>
    <p style="text-align: justify;">The following table summarizes the Company's loans payable as at March 31, 2022 and changes during the three months then ended:</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>Sprott Facility</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>SSR VTB Note</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>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>
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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;">54,261</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;">10,157</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;">64,418</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;">(5,008</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;">-</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;">(5,008</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;">1,543</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">244</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">1,787</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">(987</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;">-</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;">(987</td>
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        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Foreign exchange</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;">(829</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;">(155</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;">(984</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">48,980</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;">10,246</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;">59,226</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" 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;">(3,964</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;">(10,246</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;">(14,210</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;" colspan="1">Non-current portion</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;">45,016</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">45,016</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;">&#160;</p>
    <div id="footer_page_19">
        <p style="text-align: center;">Page 19</p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <div id="header_page_20">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. CAPITAL STOCK</b></p>
    <p style="text-align: justify;"><b>Authorized&#160; </b></p>
    <p style="text-align: justify;">As at March 31, 2022, 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 three months ended March 31, 2022, the Company:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.45pt; text-align: justify; padding-left: 8.25pt;">Issued 211,795 common shares valued at $601 (US$500) related to the Oij&#228;rvi acquisition agreement (Note 9).</li>
    </ul>
    <p style="text-align: justify;">During the three months ended March 31, 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 305,400 common shares for gross proceeds of $433 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: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 7,000 common shares valued at $25 pursuant to a restricted share unit plan to with an employee of the Company.</li>
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    <p style="text-align: justify;"><b>Stock Options</b></p>
    <p style="text-align: justify;">The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V.&#160; The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time.&#160; The vesting terms are determined at the time of the grant, subject to the terms of the plan.</p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, there were no changes in the number of stock options outstanding.</p>
    <p style="text-align: justify;">The following table summarizes information about the stock options which were outstanding and exercisable at March 31, 2022:</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: 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;"><b>Number of Options</b></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;"><b>Exercisable</b></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>
            <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;"><b>Exercise Price $</b></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>
            <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;"><b>Expiry Date</b></td>
            <td style="text-align: right; vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">August 28, 2017</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;">1,045,000</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;">1,045,000</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;">1.20</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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 28, 2022</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">July 10, 2018</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,289,000</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;">1,289,000</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;">1.30</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;">July 10, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">November 28, 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;">10,000</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;">10,000</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;">1.57</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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 28, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">December 14, 2018</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;">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;">1.42</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;">December 14, 2023</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">June 6, 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;">1,375,000</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;">1,375,000</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;">1.70</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">June 6, 2024</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">November 18, 2019</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">30,000</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;">30,000</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;">1.80</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 18, 2024</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">January 21, 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;">60,000</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;">60,000</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;">2.22</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">January 21, 2025</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">April 22, 2020</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;">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;">2.50</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;">1,444,000</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;">1,444,000</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;">2.62</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">June 10, 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>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">29,000</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;">29,000</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;">3.50</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;">October 5, 2025</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;">1,241,500</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;">1,236,500</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;">4.11</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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 6, 2026</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">May 12, 2021</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">15,000</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;">15,000</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;">4.28</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;">May 12, 2026</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;">June 21, 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;">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;">3.67</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">June 21, 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;">500,000</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;">500,000</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;">3.66</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 19, 2026</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">September 8, 2021</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">10,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">10,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">3.51</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">September 8, 2026</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; 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>
            <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; 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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">7,108,500</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">7,103,500</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
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    <p>* Includes options granted for investor relations services that vest 25% every 4 months from the date of grant.</p>
    <p style="text-align: justify;">The weighted average remaining useful life of exercisable stock options is 2.33 years (December 31, 2021 - 2.73 years).</p>
    <p style="text-align: justify;"><b>Restricted share units</b></p>
    <p style="text-align: justify;">In 2017, the Company introduced a long-term restricted share unit plan ("RSUs"). The RSUs entitle employees, directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company's Board of Directors at the time of grant.&#160; A total of 3,200,000 RSU's are reserved for issuance under the plan and the number of shares</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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>15. CAPITAL STOCK </b>(Continued)</p>
    <p style="text-align: justify;">issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date.</p>
    <p style="text-align: justify;">The following table summarizes information about the RSU's which were outstanding at March 31, 2022:</p>
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        <tr>
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            <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, 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>
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            <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>
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            <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>
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            <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>March 31, 2022</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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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>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(234,750</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: 12%; text-align: right; background-color: #e6efff;">(77,750</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: 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;">7,000</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;">7,000</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;">430,000</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>
            <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>
            <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;">430,000</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>
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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: 12%; 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: 12%; 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: 12%; 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: 12%; text-align: right;">470,000</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;">Total</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: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; 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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(234,750</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(77,750</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">907,000</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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    <p style="text-align: justify;">*Based on the achievement of performance as evaluated by the Compensation Committee, it was ascertained that 234,750 RSU's with an evaluation date of December 31, 2021 had vested based on preset performance criteria previously established on the grant date.&#160; As at March 31, 2022 the vested RSU's had not yet been issued.</p>
    <p style="text-align: justify;"><b>Warrants</b></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022 there were no changes in the number of warrants outstanding.</p>
    <p style="text-align: justify;">The following table summarizes information about the warrants which were outstanding at March 31, 2022:</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>Date Issued</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>Number of Warrants</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>
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            <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>Exercise Price $</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>Expiry Date</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">November 5, 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;">148,082</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">148,082</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">November 7, 2022</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">November 16, 2021</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">1,200</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;">1,200</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;">3.50</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 17, 2022</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">November 5, 2021</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;">3,249,998</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;">3,249,998</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;">4.00</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;">November 5, 2023</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;">Total</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;">3,399,280</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;">3,399,280</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;">&#160;</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;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
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    <p style="text-align: justify;"><b>Share-based Payments</b></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022 the Company recorded aggregate share-based payments of $626 (2021 - $555) as they relate to the fair value of stock options and RSU's vested during the year and the fair value of incentive stock grants. Share-based payments for the periods ended March 31, 2022 and 2021 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-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Three months ended March 31, 2022</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>General and<br>Administrative<br>Expenses</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>Project and Royalty<br>Generation Costs</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>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;">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;">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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3</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;">RSU's vested</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;">623</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;">623</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">626</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</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;">626</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;"><br><br></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;" colspan="1"><b>Three months ended March 31, 2021</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>General and</b><br><b>Administrative</b><br><b>Expenses</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>Project and Royalty<br>Generation Costs</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>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;" 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;">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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">13</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">16</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;">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;">271</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;">271</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 in 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;">268</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;">268</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; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">542</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">13</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;">555</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>
    <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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>16. 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="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended March 31, 2022</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>Salary and fees</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>Share-based</b><br><b>Payments</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>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>
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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;">436</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">234</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">670</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">Outside directors&#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>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">101</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;">361</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;">65</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;">65</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">761</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">335</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;">1,096</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;">&#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="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>
        </tr>
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><b>Three months ended March 31, 2021</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; white-space: nowrap;"><b>Salary and fees</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; white-space: nowrap;"><b>Total</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#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;">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;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">230</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">664</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&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">189</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;">41</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;">230</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;">65</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;">65</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">688</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">271</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;">959</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;">*Seabord Management Corp. ("Seabord") is a management services company partially owned by the CFO and 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 March 31, 2022 is $369 (December 31, 2021 - $3) owed to key management personnel and other related parties and includes accruals for short term incentive bonuses and compensation adjustments.</p>
    <p style="text-align: justify;"><b>17. SEGMENTED INFORMATION</b></p>
    <p style="text-align: justify;">The Company operates within the resource industry.&#160; As at March 31, 2022, 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: 1.5pt 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="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>March 31, 2022</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, 2021</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;">Turkey</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;">54,702</td>
            <td style="vertical-align: 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;">55,540</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;">8,861</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;">9,558</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Argentina</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;">8,995</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">8,995</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Canada</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">3,701</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;">3,790</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Peru</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;">2,475</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">2,475</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <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: 15%; text-align: right;">1,850</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;">1,850</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;">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;">Mexico</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;">249</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">249</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: 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;">81,731</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">83,355</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>PROPERTY AND EQUIPMENT</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">U.S.A.</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">690</td>
            <td style="vertical-align: 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;">709</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;">132</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;">141</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;">Turkey</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;">37</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;">-</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: 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;">859</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">850</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>ROYALTY REVENUE</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">U.S.A.</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">608</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">266</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Sweden</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">188</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; border-bottom: 0.75pt solid #000000;">126</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">796</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;">392</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;">The Company's depletion expense is related to properties located in the USA for the three months ended March 31, 2022 and 2021.</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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>18. 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 March 31, 2022, the Company had working capital of $60,506 (December 31, 2021 - working capital deficit of $14,313). The Company has continuing royalty income that will vary depending on royalty ounces received, the price of gold, and foreign exchange rates on US royalty payments. The Company also receives additional cash inflows from the recovery of expenditures from project partners, and investment income including dividends from investments in associated entities. During the three months ended March 31, 2022, the Company re-negotiated the payment terms of the Sprott Credit Facility (Note 14). 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, renegotiate terms of debt, or return capital to shareholders.&#160;</p>
    <p style="text-align: justify;">The Company is not subject to externally imposed capital requirements other than as disclosed in Note 14.</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 March 31, 2022, there were no changes in the levels in comparison to December 31, 2021. 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;"><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>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;">&#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>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;">&#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>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;">&#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>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: 12%; text-align: right; background-color: #e6efff;">11,120</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11,563</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">22,683</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;">Warrants</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: 12%; 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: 12%; 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: 12%; 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: 12%; text-align: right;">79</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: 12%; text-align: right; background-color: #e6efff;">11,120</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11,642</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; 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: 12%; text-align: right; background-color: #e6efff;">22,762</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 value of current trade receivables and other assets, loan receivable, accounts payable and accrued liabilities, advances from joint venture partners and loans payable, 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. 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_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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b> (Continued)</p>
    <p style="text-align: justify; background-color: #ffffff;"><b>Interest Rate Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to interest rate risk because of fluctuating interest rates.&#160; Management believes the interest rate risk is low given interest rates on promissory notes and loans including the Sprott Credit Facility and SSR VTB Note (Note 14) are fixed and the current low global interest rate environment.</p>
    <p style="text-align: justify;"><b>Market Risk</b></p>
    <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to market risk because of the fluctuating values of its publicly traded marketable securities and other company investments. The Company has no control over these fluctuations and does not hedge its investments.&#160; Based on the March 31, 2022 portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $2,276.</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. 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, advances from joint venture partners and loans payable to foreign exchange risk as at March 31, 2022 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;"><b>Accounts</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>US dollars</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>
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        <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;">24,335</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;">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;">3,605</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;">17,766</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;">2,000</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <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;">(1,477</td>
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        </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;">(2,548</td>
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        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Loans payable</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;">(47,990</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>
            <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;">$</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Canadian dollar equivalent</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(5,388</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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    <p style="text-align: justify;">&#160;</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>
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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><b>EMX ROYALTY CORPORATION<br></b><font style="font-size: 10pt;">NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<br></font>(Unaudited - Expressed in Thousands of Canadian Dollars, Except where indicated)<br>For the Period Ended March 31, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <p style="text-align: justify;"><b>18. 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. Based on the above net exposure as at March 31, 2022, 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 $539 in the Company's pre-tax profit or loss.</p>
    <p style="text-align: justify;"><b>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS </b></p>
    <p style="text-align: justify;">Changes in non-cash working capital:</p>
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            <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; border-top: 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;">&#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>March 31, 2022</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;">&#160;</td>
        </tr>
        <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;">967</td>
            <td style="vertical-align: 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;">(999</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Accounts payable and accrued liabilities</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">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;">1,831</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;">Advances from joint venture partners</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;">(355</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;">402</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;">&#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;">1,461</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,234</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">During the three months ended March 31, 2022 and 2021, the Company paid interest and income tax as follows:</p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
            <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
            <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Interest paid</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">987</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Income taxes paid</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">987</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;">-</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;">The significant non-cash investing and financing transactions during the three months ended March 31, 2022 and 2021 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 $601 (2021 - $Nil) through share capital for the issuance of 211,795 (2021 - 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;">b)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $Nil (2021 - $847) 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;">c)<font style="width: 10.74pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $Nil (2021 - $245) from reserves to share capital for options exercised; and</p>
    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">d)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Adjusted non-current assets and liabilities for $687 (2021 - $134) related to cumulative translation adjustments ("CTA"), of which $954 (2021 - $131) relates to CTA loss on royalty interest, $204 (2021 - $Nil) relates to CTA gain on investment in associates, $22 (2021 - $Nil) relates to a CTA gain on deferred tax liabilities, and $449 (2021 - gain of $3) relates to CTA loss in the net assets of a subsidiary with a functional currency different from the presentation currency.</p>
    <p style="text-align: justify;"><b>20. EVENTS SUBSEQUENT TO THE REPORTING DATE</b></p>
    <p style="text-align: justify;">Subsequent to the three months ended March 31, 2022, the Company:</p>
    <p style="margin-left: 35.7pt; margin-bottom: 0pt; text-indent: -17.85pt; text-align: justify;">a)<font style="width: 10.03pt; text-indent: 0pt; display: inline-block;">&#160;</font>Acquired an additional 16.23% of the shares of SLM California (Note 7) for US$25,740 pursuant to share purchase agreements with existing shareholders of SLM California increasing the Company's effective royalty interest in the Caserones mine to 0.7335%.</p>
    <p style="margin-top: 0pt; margin-left: 35.7pt; text-indent: -17.85pt; text-align: justify; margin-bottom: 0pt;">b)<font style="width: 9.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>Completed a private placement with Franco-Nevada Corporation ("Franco") in which Franco purchased 3,812,121 units at $3.30 per unit for total proceeds of $12,580. Each unit will consist of one common share of the Company and one warrant to purchase one common share of the Company for five years at an exercise price of $4.45.</p>
    <p style="margin-top: 0pt; margin-left: 35.7pt; text-indent: -17.85pt; text-align: justify;">c)<font style="width: 10.59pt; text-indent: 0pt; display: inline-block;">&#160;</font>Granted 1,859,500 stock options, exercisable at a price of $2.56 per share for a period of five years to officers, directors, employees and consultants of the Company, and 520,000 RSU's<b> </b>with a 3-year vesting provision to officers, directors, and key employees. Each RSU will entitle the holder to acquire, up to one and a half common shares of the Company, subject to the achievement of performance conditions and certain operational milestones.</p>
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        <p style="text-align: center;">Page 25</p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>

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

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b> </b><img src="exhibit99-2x001.jpg" style="width: 441px;" height="73"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>THREE MONTHS ENDED MARCH 31, 2022</b></p>
    <p style="margin-top: 0pt; text-align: center;">&#160;</p>
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    <p style="text-align: justify;"><b>GENERAL</b></p>
    <p style="text-align: justify;"><i>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 May 12, 2022. 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 three months ended March 31, 2022 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.</i></p>
    <p style="text-align: justify;"><i>Readers are cautioned that the MD&amp;A contains forward-looking statements and that actual events may vary from management's expectations. Readers are encouraged to read the "Forward-Looking Information and Cautionary Statement" at the end of this MD&amp;A. Additional information related to the Company, including our Annual Information Form and Form 40-F, are available on SEDAR at www.sedar.com, and on EDGAR at www.sec.gov, respectively. These documents contain descriptions of certain of EMX's producing royalties as well as summaries of the Company's advanced royalties and royalty generation assets. For additional information, please see our website at </i><font style="color: #0000ff;"><u><i>www.emxroyalty.com</i></u></font><i>.</i></p>
    <p style="text-align: justify;"><b>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 royalty and mineral property portfolio consists of over 272 properties in North America, Europe, Turkey, Latin America and Australia. The Company's portfolio is comprised of the following:</p>
    <table style="margin-right: auto; margin-left: auto; border-collapse: collapse; font-size: 10pt; width: 50%; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 73%; vertical-align: top;">
                <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: left;"><b>Producing Royalties</b></p>
            </td>
            <td style="width: 26%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5</p>
            </td>
        </tr>
        <tr>
            <td style="width: 73%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><b>Advanced Royalties</b></p>
            </td>
            <td style="width: 26%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Exploration Royalties</b></p>
            </td>
            <td style="width: 26%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">155</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Royalty Generation Properties</b></p>
            </td>
            <td style="width: 26%; vertical-align: top;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">103</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">The Company's common shares are listed on the TSX Venture Exchange and the NYSE American Exchange under the symbol "EMX", as well as on the Frankfurt Stock Exchange under the symbol "6E9".</p>
    <p style="text-align: justify;"><b>STRATEGY</b></p>
    <p style="text-align: justify;">EMX's strategy is to provide our shareholders and other stakeholders exposure to exploration success and commodity upside through successful implementation of our royalty business. The Company believes in having a strong, balanced exposure to precious and base metals with an emphasis on gold and copper. 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> The purchase of royalty interests allows EMX to acquire assets that range from producing mines to development projects. In conjunction with the acquisition of producing and pre-production royalties in the base metals, precious metals, and battery metals sectors, the Company will also consider other cash flowing royalty acquisition opportunities including the energy sector.</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;"><b>Strategic Investment.</b> An important complement to EMX's royalty generation and royalty acquisition initiatives comes primarily from strategic equity investments 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 has a combination of producing royalties, advanced royalty projects and early-stage exploration royalty properties providing shareholder's exposure to immediate cash flow, near-term development of mines, and long-term exposure to world class discoveries. Unlike other royalty companies, EMX has focused a significant portion of its expertise and capital toward organically generating royalties. We believe putting people on the ground generating ideas and partnering with major and junior companies is where EMX can generate the highest return for our shareholders. This diversified approach towards the royalty business provides a foundation for supporting EMX's growth and increasing shareholder value over the long term.</p>
    <p style="text-align: justify;"><b>HIGHLIGHTS</b></p>
    <p style="text-align: justify;"><b>Financial Updates for the Three Months Ended March 31, 2022</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Adjusted revenue and other income<a style="text-decoration: none;" href="#_ftn1"><font style="color: #000000;"><sup>1</sup></font></a> of $3,369,000 included $1,154,000 in income from the effective Caserones copper royalty interest in Chile.</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 of $5,397,000 of which the Company recovered $2,695,000 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 costs totaled $2,688,000. Impacting general and administrative costs, were higher professional fees, relating to the Barrick settlement of the Bullion Monarch litigation in the US, as well as the payment or accrual of annual compensation awards and adjustments.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Share-based payments totaled $626,000 compared to $542,000 in Q1-2021. The aggregate share-based payments relate mainly to the fair value of restricted share units ("RSUs") vested during the period.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Finance expenses of $1,787,000 associated with the Sprott Credit Facility and the SSR VTB note. The Company also recognized a gain on modification of the Sprott Credit Facility of $5,008,000 resulting from an extension of the maturity date.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">For the quarter, the Company had a loss from operations of $4,427,000 and net income of $23,547,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Adjusted cash provided by operating activities<sup>1</sup> of $20,928,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">Other significant items affecting income for the three months ended March 31, 2022 included $23,846,000 of net proceeds received (after settlement of legal fees) relating to the Barrick settlement with Bullion Monarch, unrealized fair value gains on investments of $6,329,000, deferred income tax expense of $5,339,000, and foreign exchange adjustments of $1,038,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">As at March 31, 2022, the Company had cash and cash equivalents of $44,970,000, investments, long-term investments and loans receivable valued at $30,511,000, and loans payable of $59,226,000.</li>
    </ul>
    <p style="text-align: justify;"><b>_________________________________<br></b><sup>1</sup> Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-IFRS financial measures" section on page 20 of this MD&amp;A for more information on each non-IFRS financial measure.</p>
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    <p style="text-align: justify;"><b>Corporate Updates</b></p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Suspension of Filing of Notice of Arbitration</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">EMX suspended the filing of its Notice of Arbitration to Zijin Mining Group Ltd ("Zijin") and commenced discussions with Zijin with the goal of reaching a mutually acceptable resolution.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Settlement of the Bullion Litigation </b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">The Company's wholly-owned subsidiary, Bullion Monarch Mining, Inc., ("Bullion") reached a settlement with Barrick Gold Corporation ("Barrick") and Barrick affiliates and subsidiaries ("Barrick Entities") with respect to Bullion's claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin Trend, Nevada. Bullion initiated litigation in 2008, before EMX acquired Bullion in 2012. Pursuant to the settlement, Barrick paid Bullion US$25 million. Of the US$25 million settlement, US$6.175 million was paid as a fee to Bullion's Reno, Nevada lawyers. The settlement of the lawsuit does not affect our 1% gross smelter return royalty from portions of Nevada Gold Mine's Leeville, Carlin East, Four Corners, and other northern Carlin Trend underground gold mining operations (the "Leeville Royalty"), which will continue to be paid.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Acquisition of Additional Royalty Interest on Caserones </b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">Subsequent to Q1, EMX acquired an additional (effective) 0.3155% Net Smelter Return ("NSR") royalty on the Caserones Copper-Molybdenum Mine located in northern Chile for US$25.74 million. When combined with EMX's (effective) 0.418% NSR interest acquired in August 2021 (see EMX news release dated August 17, 2021), EMX now holds an effective 0.7335% NSR royalty.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Impact of Covid 19</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">EMX continues to monitor 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.</p>
    <p style="text-align: justify;"><b>Royalty Generation Updates</b></p>
    <p style="text-align: justify;">During Q1 of 2022, the Company's royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $5,397,000 and recovered $2,695,000 from partners. During the quarter the Company also completed 3 partnerships across the portfolio all the while continuing to replace partnered properties with new mineral properties.</p>
    <p style="text-align: justify;"><i><b>Highlights from Q1 2022 include the following:</b></i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In the US the Company added to its growing royalty portfolio with the completion of two new royalty agreements, the advancement of eight partner-funded work programs, including ongoing drill projects, and new generative work leading to new acquisitions.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Canada, partners continued to advance the portfolio with multiple field programs, including drill programs, while EMX received $89,000 in cash payments and $Nil share equity payments.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX continued to expand its asset portfolio in Fennoscandia with the generation of several additional exploration properties. Nickel and other battery metals continue to be a focus of the Fennoscandia operations.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX's South American royalty portfolio advanced through drill programs conducted by AbraSilver Resource Corp. Aftermath Silver Ltd, Austral Gold Ltd., and Pampa Metals Corp.</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 Australia, partner Many Peaks Gold achieved a public listing on the Australian Securities Exchange ("ASX") and commenced drilling at the Company's Queensland Gold project with results anticipated in Q2. As per the option agreement and in connection with the initial public offering, Many Peaks Gold Pty Ltd. issued to the Company 1,175,000 shares valued at $215,000 as an option fee.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">At the end of Q1, 2022, technical reports were filed for EMX's Caserones Copper-Molybdenum Mine Royalty in Chile, EMX's Gediktepe Polymetallic Deposit Royalties in Turkey and for EMX's Timok Royalty in Serbia that covers the newly commissioned Cukaru Peki Copper and Gold Mine.</li>
    </ul>
    <p style="text-align: justify;"><b>Financing Updates</b></p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Sprott Credit Facility</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">The Company entered into a credit facility in Q3 of 2021 with Sprott Private Resource Lending II (Collector), LP ("Sprott") totaling US$44 million (the "Credit Facility"). On January 24, 2022, the Company signed a credit agreement modification extending the maturity date to December 31, 2024. In connection with the extension, an additional 1.50% of the principal (US $660,000) was added to the principal balance as at January 24, 2022.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Private Placement with Franco-Nevada</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">Subsequent to Q1, the Company completed a $12,580,000 (US$10,000,000) private placement with Franco-Nevada Corporation ("Franco-Nevada"). The proceeds were used to acquire the additional (effective) NSR on the Caserones open pit mine in northern Chile (see EMX's news release dated April 14, 2022).</p>
    <p style="text-align: justify;">Franco-Nevada purchased 3,812,121 units at $3.30 per unit. Each unit consisted of one common share of EMX and one warrant to purchase one common share of EMX for $4.45 exercisable until April 14, 2027. The shares issued upon closing and the shares issuable upon the exercise of the warrants will be subject to a four-month restricted resale (hold) period expiring August 15, 2022. Franco-Nevada now owns approximately 3.5% of the issued and outstanding shares of EMX on an undiluted basis.</p>
    <p style="text-align: justify;"><b>Investment Updates</b></p>
    <p style="text-align: justify;">As at March 31, 2022, the Company had investments totaling $28,010,000 which included $22,808,000 in various public and private entities, and $5,202,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate. Much of the investment portfolio was derived from royalty deals completed as part of our organic royalty generation business.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Strategic Investment in Premium Nickel Resources</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">Subsequent to Q1, the Company completed a strategic investment in Premium Nickel Resources Corporation ("PNR"), a private Canadian company advancing nickel-copper-cobalt and platinum group element ("PGE") projects in Botswana. EMX now owns 5,412,702 shares or 6.3% of the issued and outstanding shares of PNR having purchased an additional one million shares in April 2022. This purchase was part of a recent financing completed by PNR at US$2.00 per share.</p>
    <p style="text-align: justify;">PNR recently acquired the Selebi and Selebi North nickel-copper-cobalt mines and signed an asset purchase agreement to acquire the Selkirk nickel-copper-cobalt-PGE mine, which are located in Botswana's prolific Selebi-Phikwe and Tati nickel mining districts. In February 2022, PNR announced the signing of a non-binding letter of intent providing for a business combination with North American Nickel, which trades on the TSX-V (NAN), as a path to go public.</p>
    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">The year 2022 will see an increase in revenue and other income coming from our cash flowing royalties including Caserones in Chile, Leeville in Nevada, and potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin). Likewise, Gediktepe and Balya in Turkey have been commissioned and are scheduled to contribute to 2022 cash flows. As in previous years, production royalties will continue to be complemented by option, advance royalty, and other pre-production payments from partnered projects across the global asset portfolio. The Company plans to give production guidance for 2022 later this year.</p>
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    <p style="text-align: justify;">Subsequent to Q1, EMX acquired an additional (effective) 0.3155% royalty interest on Caserones and completed a $12,580,000 (US $10,000,000) private placement Franco-Nevada and a strategic investment in PNR.</p>
    <p style="text-align: justify;">The Company will continue to strengthen its balance sheet over the course of the year by looking to retire portions of our long-term debt, continuing to evaluate equity markets (including the filing of a shelf prospectus), and the ongoing monetization of the Company's marketable securities.</p>
    <p style="text-align: justify;">EMX is well funded to identify new royalty and investment opportunities, while further filling a pipeline of royalty generation properties that provide opportunities for additional cash flow, as well as exploration, development, and production success.</p>
    <p style="text-align: justify;"><b>ROYALTY PORTFOLIO REVIEW</b></p>
    <p style="text-align: justify;">EMX's royalty and royalty generation portfolio totals over 272 projects on five continents. The following is a summary of the royalty portfolio that includes producing, advanced, and exploration project royalties. There are three material royalties covering the Gediktepe Mine in Turkey, the Timok Mine in Serbia, and the Caserones Mine in Chile. EMX has filed technical reports for Gediktepe, Timok, and Caserones that are available under the Company's issuer profile on SEDAR (<font style="color: #0000ff;"><u>www.sedar.com</u></font>). In addition, the Leeville and Balya royalty properties are important to the Company, for current as well as projected future royalty cash flows, respectively.</p>
    <p style="text-align: justify;">Appendix A includes a comprehensive table of EMX's royalty assets. Please see EMX's Annual Information Form for the year ended December 31, 2021 for a summary of resource and reserve statements for key royalty assets. For additional details on EMX's royalty and royalty generation portfolio, including specifics on the royalty terms, please refer to the Company's website (<font style="color: #0000ff;"><u>www.EMXroyalty.com</u></font>) as well as the Company's financial statements for the year ended December 31, 2021.</p>
    <p style="text-align: justify;"><b>Producing Royalties</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Asset</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Location</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Operator</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Commodity</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Stage</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap;">
                <p><b>Royalty Interest</b></p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Caserones</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Chile</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>JX Nippon Mining &amp; Metals</p>
            </td>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Copper (Molybdenum)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Producing</p>
            </td>
            <td style="width: 20%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Effective 0.7335% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Timok</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Serbia</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zijin Mining Group Co, Ltd.</p>
            </td>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Producing</p>
            </td>
            <td style="width: 20%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">0.5% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Leeville</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">USA</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nevada Gold Mines LLC</p>
            </td>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Producing</p>
            </td>
            <td style="width: 20%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">1.0% GSR</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Gediktepe</p>
            </td>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Turkey</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Lidya Madencilik Anayi ve Ticaret A.S.</p>
            </td>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Gold, Polymetallic</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Oxide phase commissioned - initial production</p>
            </td>
            <td style="width: 20%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">10% NSR on oxide zone and 2% NSR on sulfide zone</p>
            </td>
        </tr>
        <tr>
            <td style="width: 11%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Balya</p>
            </td>
            <td style="width: 7%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Turkey</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;.</p>
            </td>
            <td style="width: 14%; vertical-align: middle; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Zinc-Lead-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Development - initial production</p>
            </td>
            <td style="width: 20%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">4.0% NSR</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><u><b>Significant Updates </b></u></p>
    <p style="text-align: justify;"><i><b>Caserones, Chile - </b></i>The Caserones open pit mine ("Caserones") is developed on a porphyry copper (molybdenum) deposit in the Atacama Region of Chile's Andean Cordillera. The mine is operated by SCM Minera Lumina Copper Chile SpA, which is 100% indirectly owned by JX Nippon Mining &amp; Metals Corporation ("JX Nippon"). 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 (JX Nippon's year-end 2021 reporting is pending).</p>
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    <p style="text-align: justify;">Subsequent to Q1 2022, EMX announced the acquisition of an additional 0.3155% NSR on Caserones for a purchase price of US$25.74 million (see EMX news release dated April 14, 2022).&#160; When combined with EMX's previously acquired 0.418% NSR, EMX now controls an effective 0.7335% NSR.&#160; As part of the additional royalty purchase, EMX also announced completion of a private placement with Franco-Nevada Corporation for $12,580,000 million (see EMX news release dated April 14, 2022).&#160;</p>
    <p style="text-align: justify;"><i><b>Timok, Serbia -</b></i> EMX's Timok Royalty is located in the Bor Mining District of Serbia and covers the Cukaru Peki copper-gold deposits. Cukaru Peki consists of a high-level body of high-grade, epithermal-style copper-gold mineralization referred to as the "Upper Zone", and a deeper body of porphyry-style copper-gold mineralization known as the "Lower Zone". EMX's Timok Royalty covering Cukaru Peki is stated to be a 0.5% NSR in the royalty agreement. The royalty agreement contains a provision for the reduction of the royalty rate under certain circumstances, but EMX does not believe that those conditions have been satisfied. The Timok project is currently owned and operated by Zijin Mining Group Ltd ("Zijin").</p>
    <p style="text-align: justify;">Production from the Upper Zone of Cukaru Peki commenced in Q4 2021, and EMX announced its intent to seek arbitration to resolve the issue about the royalty rate on the project (see EMX news release dated December 17, 2021). Amicable discussions with Zijin commenced shortly after EMX's announcement, leading EMX to suspend plans to file a notice of arbitration (see Company news release dated January 27, 2022). Discussions between EMX and Zijin continued in Q1 as both companies continue to work toward finding an amicable solution.</p>
    <p style="text-align: justify;"><i><b>Leeville, Nevada - </b></i>The Leeville 1% gross smelter return ("GSR") royalty covers portions of West Leeville, Carlin East, Four Corners, Turf and other underground gold mining operations and deposits in the Northern Carlin Trend of Nevada (the "Leeville Royalty"). The Leeville Royalty property is included in the Nevada Gold Mines LLC ("NGM") Barrick-Newmont Nevada joint venture.</p>
    <p style="text-align: justify;">Leeville Royalty provisional payments to EMX totaled approximately US$480,000 during Q1. Royalty production totaled 259 troy ounces of gold that were principally sourced from the Four Corners (52%), Monarch (17%), West Leeville (16%), Carlin East (8%), and Rita K (6%) and other operations (1%).&#160;</p>
    <p style="text-align: justify;"><i><b>Gediktepe, Turkey</b></i> - The Gediktepe VMS deposit is located in western Turkey. Descriptions of the deposit and historical resource and reserve estimates are disclosed in an NI 43-101 Prefeasibility study entitled "Gediktepe 2019 Prefeasibility Study" with an effective date of March 26, 2019 and filed on SEDAR by Alacer Gold Corp (formerly a reporting issuer in Canada). The Gediktepe Royalties consist of: (i) a perpetual 10% NSR royalty over metals produced from the oxide zone (predominantly gold and silver) after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone (predominantly copper, zinc, lead, silver and gold), payable after cumulative production of 25,000 gold-equivalent sulfide ounces (gold-equivalent as referenced from an underlying 2019 Share Purchase Agreement).</p>
    <p style="text-align: justify;">The Gediktepe Royalties were acquired as part of the SSR royalty portfolio transaction (see Company news release dated July 29, 2021), and are being advanced by operator Lidya Madencilik ("Lidya"), a private Turkish company. Since acquiring the Royalties, EMX has maintained discussions with Lidya, who commenced initial mining activities in Q4 2021. Mining and processing of oxide gold materials continued in Q1, and Lidya has informed the Company that it will likely achieve the 10,000 ounce production milestone in Q2 or Q3, 2022. The EMX royalty will commence paying once this threshold is reached.</p>
    <p style="text-align: justify;"><i><b>Balya, Turkey</b></i> - The Balya royalty property is located in the historical Balya lead-zinc-silver mining district in northwestern Turkey. EMX holds an uncapped 4% NSR royalty on the "Balya North Deposit", which is operated by Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan"), a private Turkish company. Esan operates a lead-zinc mine and flotation mill on the property immediately adjacent to EMX's Balya North royalty property.</p>
    <p style="text-align: justify;">The initial phases of mining at Balya North commenced in late 2021, and material produced from Balya North is currently undergoing metallurgical test work. Mined material has been stockpiled on site at Balya North, and Esan has advised EMX that it will likely begin processing the material in June 2022.</p>
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    <p style="text-align: justify;"><b>Advanced Royalty Projects</b></p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 14%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Asset</b></p>
            </td>
            <td style="width: 11%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Location</b></p>
            </td>
            <td style="width: 18%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Operator</b></p>
            </td>
            <td style="width: 11%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Commodity</b></p>
            </td>
            <td style="width: 26%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Stage</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>Royalty Interest</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Bar South</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nevada</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>McEwen Mining Inc.</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Feasibility</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Diablillos</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Argentina</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>AbraSilver Resource Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>PEA</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Berenguela</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Peru</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Aftermath Silver Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Silver-Manganese-Zinc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Resource - Advancing PFS</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% -1.25% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Challacolla</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Chile</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Aftermath Silver Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Resource Development</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Yenipazar</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Turkey</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Virtus Madencilik</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Feasibility</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>6% -10% NPI</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Akarca</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Turkey</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#199;iftay &#304;n&#351;aat Taahh&#252;t ve Ticaret A.&#350;.</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Resource Development</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1%-3% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sisorta</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Turkey</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bahar Madencilik Sinayi ve Ticaret Ltd Sti</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Feasibility</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.5%-5% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Viscaria</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sweden</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copperstone Resources AB</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Iron</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Resource Development</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% to 1% NSR</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kaukua</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Finland</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Palladium One Mining Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>PGE-Nickel-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Resource Development</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% NSR</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;"><u><b>Significant Updates </b></u></p>
    <p style="text-align: justify;"><i><b>Gold Bar South, Nevada - </b></i>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.</p>
    <p style="text-align: justify;">McEwen provided a "2021 Year End and Q4 Results" update which stated that<b> </b>"The permitting process to access ore at the Gold Bar South satellite deposit is ongoing and we anticipate receiving the permit in Q1 of 2022. Commencement of gold production from Gold Bar South is planned for the second half of 2022."&#160; No material changes disclosed for the three months ended March 31, 2022.</p>
    <p style="text-align: justify;"><i><b>Diablillos, Argentina - </b></i>EMX's Diablillos 1% NSR royalty was acquired in 2021 as part of the SSR royalty portfolio transaction. Diablillos is a high sulfidation silver-gold project, located in the Puna region of Salta Province, Argentina that is owned and operated by AbraSilver Resource Corp. (TSX-V: ABRA, "AbraSilver"). There are seven known mineralized zones, with the Oculto zone advanced to the PEA stage of assessment. During the quarter AbraSilver reported encouraging drill results lying outside of the current conceptualized open pit (see AbraSilver news releases dated February 22, 2022, and March 10, 2022).</p>
    <p style="text-align: justify;"><i><b>Berenguela, Peru -</b></i> The Berenguela project, located in the Puno region of southeastern Peru, is a resource stage polymetallic carbonate replacement-style deposit being advanced by Aftermath Silver Ltd. ("Aftermath") (TSX-V:&#160; AAG; OTCQB: AAGFF). Aftermath is earning 100% project interest per a definitive acquisition agreement originally executed with SSR Mining. EMX's royalty interest in, and future earn-in payments from, Berenguela were acquired in 2021 as part of the SSR royalty portfolio transaction. The project hosts an historical JORC silver-copper-manganese-zinc mineral resource.</p>
    <p style="text-align: justify;">Aftermath reported completion of 39 drill holes, totalling 3,680 meters from its ongoing exploration and metallurgical programs (see Aftermath news release dated March 21, 2022).</p>
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    <p style="text-align: justify;"><i><b>Challacolla, Chile</b></i> - Challacolla is a resource stage low-sulphidation epithermal deposit located in Chile's northernmost Region I. The project operator, Aftermath, is earning 100% project interest per a binding agreement with Mandalay Resources Corporation (TSX: MND). EMX's interest in the Challacolla project was acquired in 2021 as part of the SSR Royalty Portfolio transaction (see Company news releases dated July 29, and October 21, 2021). After earn-in, EMX will retain a 2% NSR royalty, payable after 36 million ounces of silver have been produced, with a cap of US$5 million. This cap is not subject to a U.S. Consumer Price Index (US CPI) adjustment. The project hosts historical open pit and underground constrained silver-gold resources. Aftermath did not provide project updates during Q1.</p>
    <p style="text-align: justify;"><i><b>Yenipazar, Turkey - </b></i>The Yenipazar polymetallic VMS deposit in central Turkey is currently owned and advanced by Virtus Madencilik ("Virtus"), a private Turkish company that is partly owned by Trafigura Ventures V B.V. EMX holds a Net Profits Interest ("NPI") royalty that is set at 6% until US$165 million in revenues are received, after which the NPI converts to a 10% interest. The Yenipazar Royalty was acquired by EMX in 2021 as part of the SSR royalty portfolio transaction.&#160;</p>
    <p style="text-align: justify;">Previous owner Aldridge Minerals Inc. ("Aldridge") disclosed an historical feasibility study on the project in 2013, which was updated in 2014 and filed on SEDAR. This remains the most recent public disclosure of technical information and historical mining reserves and resources on the project. Virtus recently updated the feasibility study (this in-house report remains unpublished as of yet) and is currently seeking project financing for development of the project. Since acquiring the royalty, EMX has maintained contact with Virtus and has received updates on the status of the project.</p>
    <p style="text-align: justify;"><i><b>Akarca, Turkey - </b></i>The Akarca epithermal gold-silver deposit in western Turkey was discovered by EMX in 2006 during a regional exploration program. The project was later sold to current owner &#199;iftay &#304;n&#351;aat Taahh&#252;t ve Ticaret A.&#350;. ("&#199;iftay"), a private Turkish company. &#199;iftay is responsible for making a series of pre-production gold bullion payments to EMX, and EMX retains a 1% NSR royalty on the initial 100,000 ounces of gold production from the project, a 2% NSR royalty on production on the next 400,000 ounces of gold produced, and a 3% NSR royalty on any production of gold after 500,000 ounces of gold are produced. The NSR royalties are uncapped and cannot be bought down.</p>
    <p style="text-align: justify;">To date, over 350 exploration drill holes and 17 kilometers of trenching have been completed along with collection of over 6,500 rock and 3,500 soil samples and preparation of in-house (non-public) resource models for the gold-silver mineralization. &#199;iftay is current determining strategies for continued exploration and development of the project.</p>
    <p style="text-align: justify;">In 2020 &#199;iftay made the decision to halt further field work while awaiting permits and a court decision regarding land use designations in the area. EMX has maintained active discussions with &#199;iftay since that time, and &#199;iftay has informed EMX that it expects the permitting and land use designation issues to be resolved in 2022, which will allow &#199;iftay to resume its exploration programs at Akarca.</p>
    <p style="text-align: justify;"><i><b>Sisorta, Turkey - </b></i>The Sisorta project consists of an oxide gold deposit with underlying copper and gold porphyry potential. EMX sold the project in 2016 to Bahar Madencilik Sinayi ve Ticaret Ltd Sti ("Bahar"), a privately owned Turkish company, retaining a royalty interest and advance royalty payment streams. The EMX royalties consist of a 3.5% NSR on any materials mined and processed on site at Sisorta, and a 5% NSR royalty on any materials shipped offsite for processing. Bahar, which operates the nearby Altintepe gold mine, is reviewing development options for the Sisorta project.</p>
    <p style="text-align: justify;"><i><b>Viscaria, Sweden</b></i> - EMX holds an effective 0.5% to 1.0% NSR royalty interest on the Viscaria copper project located in the Kiruna mining district of Sweden which is operated by Stockholm listed Copperstone Resources AB ("Copperstone"). In 2021 Copperstone continued to drill and explore the Viscaria deposit while also advancing engineering and environmental studies. Copperstone announced in September 2021 that the project had entered the feasibility study phase and expects to significantly expand the mineral resources and planned production rates (see Copperstone news release dated September 20, 2021). Copperstone also filed an environmental permit application its planned mining operation in March 2022 (see Copperstone news release dated March 29, 2022).</p>
    <p style="text-align: justify;">The Viscaria deposit contains elements of both VMS and iron oxide-copper-gold ("IOCG") styles of mineralization and was mined from 1983-1996 by a partnership between LKAB and Outokumpu OYJ. Significant JORC and PERC mineral resources remain in the mining area.</p>
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    <p style="text-align: justify;">In Q1, 2022, Copperstone raised over 200 million Swedish Kronor for advancement of the Viscaria project and announced that it has submitted an application for an environmental permit to the Land and Environment Court in Sweden. This is a critical step towards permitting of a mine in Sweden, and the Copperstone permit application contains detailed descriptions of mining and engineering plans and environmental impact assessments.</p>
    <p style="text-align: justify;"><i><b>Kaukua, Finland</b></i> - EMX holds a 2% NSR royalty on various exploration licenses covering the Kaukua PGE-Ni-Cu deposit in northern Finland (the "Kaukua Royalty"). The Kaukua deposit is being advanced by Palladium One Mining Inc. (TSX-V: PDM) ("Palladium One"), as part of its flagship 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.</p>
    <p style="text-align: justify;">PDM's LK project is a PGE rich magmatic Ni-Cu sulfide system. In 2021 Palladium One continued to aggressively drill and explore the LK project, announcing an expansion of its planned drill programs in March 2021 (see Palladium One news release dated March 3, 2021). Palladium One continued to publish favorable assay results from the 2021 drill programs throughout Q1, 2022, with final results announced in February, 2022 (see Palladium One news release dated February 7, 2022). Drill defined zones of PGE-Ni-Cu mineralization are now shown to extend for 4.5 kilometers along strike at LK, and geophysical surveys indicate additional potential for expansion.</p>
    <p style="text-align: justify;"><b>Exploration Royalty &amp; Royalty Generation Projects</b></p>
    <p style="text-align: justify;">The Company has 155 exploration stage royalties and 103 royalty generation properties being advanced, and available for partnership (note, these totals do not include producing royalty or advance royalty projects). A complete listing of the exploration stage royalties is included in Appendix A to this MD&amp;A. The following provides an overview of exploration royalties and royalty generation properties by country and commodity.</p>
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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;">24</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">11</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;">25</td>
            <td style="vertical-align: bottom; width: 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;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; 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;">2</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;">1</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: 12%; text-align: right;">-</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">5</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">2</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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>
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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;">8</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;">11</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>
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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;">1</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; 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: 12%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">9</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">11</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">2</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">10</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;">Finland</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">1</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">2</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;">-</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>
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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;">2</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">5</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;">1</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;">1</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>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
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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;">-</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;">1</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;">2</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;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="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: 2%; text-align: left;">&#160;</td>
            <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: 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: 12%; 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;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">1</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">101</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">54</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">53</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;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">50</td>
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    <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 and Latin America. Eric P. Jensen, CPG, a Qualified Person as defined by NI 43-101 and employee of the Company, has reviewed, verified, and approved the above technical disclosure on Europe, Turkey, Australia, and Strategic Investments.</p>
    <div id="footer_page_10">
        <p style="text-align: center;">Page <b>10 of 25</b></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_11"></a>
    <p style="text-align: justify;"><b>RESULTS OF OPERATIONS</b></p>
    <p style="text-align: justify;"><u>Three Months ended March 31, 2022</u></p>
    <p style="text-align: justify;">The net income for the period ended March 31, 2022 ("Q1-2022") was $23,547,000 compared to a net loss of $4,424,000 for the comparative period ("Q1-2021").&#160; The net income for Q1-2022 was made up of revenues and other income of $2,215,000 (Q1-2021 - $1,298,000), costs and expenses totaling $6,642,000 (Q1-2021 - $3,946,000) and income from other items totaling $33,313,000 (Q1-2021 - loss of $1,776,000). Significant components of other income include a gain on revaluation of investments of $6,329,000 (Q1-2021 - loss $1,321,000), equity income from the Company's investments in associated entities of $1,154,000 (Q1-2021 - $221,000), loss on sale of marketable securities of $199,000 (Q1-2021 - gain of $441,000), finance expenses and other totaling $1,787,000 (Q1-2021 - $Nil), gain on debt modification of $5,008,000 (Q1-2021 - $Nil), settlement gain of $23,846,000 (Q1-2021 - $Nil), foreign exchange adjustments of $1,038,000 (Q1-2021 - $1,117,000), and a deferred income tax expense of $5,339,000 (Q1-2021 - $Nil).&#160;</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 and other income 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 March 31, 2022 and 2021, the Company had the following sources of revenues and other income:</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>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;"><b>Three months ended</b></td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom;"><b>Three months ended</b></td>
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            <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;"><b>March 31, 2022</b></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;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>March 31, 2021</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;">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;">796</td>
            <td style="vertical-align: 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;">392</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;">629</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;">175</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;">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;">652</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;">79</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;">2,215</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;">$</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,298</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Non-IFRS Measures</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff; padding-left: 5pt;" colspan="1">Adjusted revenue and other income<sup>1</sup></td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,369</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;">1,298</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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    <p style="text-align: justify;">In Q1-2022, the Company earned $796,000 (Q1-2021 - $392,000) of royalty revenue. This included royalty revenue earned from 259 (Q1-2021 - 120) ounces of gold from the Leeville royalty interest and other pre-production amounts received including AMRs on various properties.&#160; The increase compared to the three months ended March 31, 2021, was mainly the result of an increase in production ounces received in the current period as well as the increase of the average realized gold price on ounces received from the Leeville royalty in the current period.&#160; In Q1-2022, the average realized gold price for the Leeville royalty was US$1,874 (Q1-2021 - US$1,795) per ounce. Royalty revenue was offset by gold tax and depletion of $611,000 (Q1-2021 - $255,000) for net royalty income of $185,000 (Q1-2021 - $137,000).</p>
    <p style="text-align: justify;">Adjusted revenue and other income<sup>1</sup> brings into revenues and other income, $1,154,000 (Q1-2021 - $Nil) from the Company's effective royalty interest in the Caserones mine.</p>
    <p style="text-align: justify;">Net royalty income from the Leeville and Caserones royalty will fluctuate as result of a combination of ounces received, average price per ounce, and foreign exchange as a result of the royalties being paid in United States dollars ("USD"). Timing of additional AMR's related to other projects and included in royalty revenue can also fluctuate.</p>
    <p style="text-align: justify;">_________________________________<br><sup>1</sup> Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-IFRS financial measures" section on page 20 of this MD&amp;A for more information on each non-IFRS financial measure.</p>
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        <p style="text-align: center;">Page <b>11 of 25</b></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_12"></a>
    <p style="text-align: justify;">Interest income was earned on the cash balances the Company holds, a note receivable, interest accretion on the Company's Ensero investment, and interest accretion on deferred compensation payments from Aftermath and AbraSilver.</p>
    <p style="text-align: justify;">Option and other property income will fluctuate depending upon the Company's deal flow and structure of property agreements relating to execution payments, staged option payments and operator and management fees. Execution payments can include the fair value of equity interests obtained in the respective partner and cash proceeds. Further, anti-dilution provisions in property agreements provided for additional equity received and are included in option and other property income. For the period ended March 31, 2022, included in option and other property income was $373,000 (Q1-2021 - $398,000) related to the fair value of share equity payments received, as well as cash payments of $70,000 (Q1-2021 - $95,000).</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. Included in these costs is general and administrative costs for the period end March 31, 2022 and 2021 comprised of the following:</p>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">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: right; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>Three months ended</b></td>
            <td style="text-align: right; vertical-align: bottom;">&#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; text-align: right; vertical-align: bottom;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2022</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>March 31, 2021</b></td>
            <td style="border-bottom: 0.75pt solid #000000; text-align: right; 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;">1,146</td>
            <td style="vertical-align: 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;">985</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;">776</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;">213</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;">254</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">172</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;">208</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;">187</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#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;">294</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">274</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;">10</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;">20</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;">&#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;">2,688</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;">1,851</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;">General and administrative expenses ("G&amp;A") of $2,688,000 were incurred for the three months ended March 31, 2022 compared to $1,851,000 in Q1-2021. General and administrative expenditures will fluctuate from period to period depending on the level of activity and deal flow. Some of the changes in Q1-2022 compared to Q1-2021 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 Q1-2022 by $161,000 compared to Q1-2021 primarily resulting from the timing of short-term incentive plan bonuses and compensation adjustments which were accrued during the current period, as well as increased director compensation as compared to Q1-2021.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Professional fees increased in Q1-2022 by $563,000 compared to Q1-2021 primarily resulting from legal costs associated with the Barrick settlement with Bullion as well as acquisition due diligence. Professional fees incurred relating to acquisition due diligence and other matters requiring legal and tax advice are expected to fluctuate between periods. The legal fees included in costs and expenses did not include the contingent legal fees paid on the Barrick settlement which was included in the net gain.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Investor relations increased by $82,000 in Q1-2022 compared to Q1-2021. The Company increased in Q1-2022 the marketing and communications activities, including the attendance of trade shows, and other activities involving travel.&#160;</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 the Company's 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 increased from $1,287,000 in Q1-2021 to $2,702,000 in Q1-2022. This is a result of an increase in expenditures of $1,370,000 in Q1-2022 compared to Q1-2021 including $1,844,000 (Q1-2021 - $1,098,000) of personnel cost, offset with a decrease in recoveries from partners by $45,000 in Q1-2022 compared to Q1-2021.&#160; Royalty generation costs and recoveries from partners vary from period to period depending on the level of activity incurred and comparison between periods does not accurately reflect the activity with the Company. See the highlights, royalty and project review sections for current activities.</p>
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    <p style="text-align: justify;"><i><b>Share-based Payments</b></i></p>
    <p style="text-align: justify;">In Q1-2022 the Company recorded a total of $626,000 in share-based payments compared to $555,000 in Q1-2021. The aggregate share-based payments relate mainly to the fair value of restricted share units vested during the period.</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 month period ended March 31, 2022, the Company had an unrealized gain of $6,329,000 (Q1-2021 - loss $1,321,000) related to the fair value adjustments of investments, and a realized loss of $199,000 (Q1-2021 - gain $441,000) for the sale of certain marketable securities held by the Company. The unrealized gain in the current period is attributed to re-pricing of certain private investments based on recent financings closed as well as stronger market performance of other investments in Q1-2022 compared to the Q1-2021.</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;">During the period ended March 31, 2022, the Company recognized equity income from investments in associates of $1,154,000 (Q1-2021 - $221,000).&#160; This primarily related to the share of the Company's net income derived in SLM California which holds the Caserones effective royalty interest.</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;">During Q1-2022, the Company recognized finance and other expenses of $1,787,000 (Q1-2021 - $Nil) which consisted primarily of interest accrued on the Sprott Credit Facility and VTB Note.</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;">During Q1-2022, the Company recorded a settlement gain of $23,846,000 (Q1-2021 - $Nil) which related to the settlement with Barrick with respect to Bullion's claim of non-payment of royalties by the Barrick Entities to Bullion on production from properties in the Carlin trend, Nevada. Barrick paid Bullion US$25,000,000 under the settlement, with EMX paying US$6,175,000 as a fee to Bullion's lawyers.</li>
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    <p style="text-align: justify;"><i><b>Taxes</b></i></p>
    <p style="text-align: justify;">During the three months ended March 31, 2022, the Company recorded a deferred income tax expense of $5,339,000 (Q1-2021 - $Nil) which was directly related to the Barrick settlement.</p>
    <p style="text-align: justify;"><b>LIQUIDITY AND CAPITAL RESOURCES</b></p>
    <p style="text-align: justify;">The Company considers items included in shareholders' equity as capital.&#160; The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders.</p>
    <p style="text-align: justify;">As at March 31, 2022, the Company had a working capital of $60,506,000 (December 31, 2021 - deficit of $14,313,000). The Company has continuing royalty income that will vary depending on royalty ounces received, the price of gold, and foreign exchange rates on US royalty payments. The Company also receives additional cash inflows from the recovery of expenditures from project partners, and investment income including dividends from investments in associated entities. 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, renegotiate terms of debt, or return capital to shareholders.&#160;</p>
    <p style="text-align: justify;">The Company is not subject to externally imposed capital requirements other than as disclosed for the Sprott Credit Facility.</p>
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    <p style="text-align: justify;"><b>Operating Activities</b></p>
    <p style="text-align: justify;">Cash provided by (used in) operating activities for the three months ended March 31, 2022 was $19,786,000 (2021 - ($1,592,000)), and adjusted cash provided by (used in) operating activities<sup>1</sup> for the period was $20,928,000<b> </b>(2021 - ($1,592,000)) and represents expenditures primarily on royalty generation and general and administrative expenses for both periods, offset by royalty income received in the year. Adjusted cash provided by operating activities is adjusted for $1,142,000 (2021 - $Nil) in royalties received from the Company's effective royalty interest at Caserones. A significant component of cash provided by operations in the current period is the net settlement gain of $23,846,000 resulting from the Barrick settlement with Bullion.</p>
    <p style="text-align: justify;"><b>Financing Activities </b></p>
    <p style="text-align: justify;">The total cash provided by (used in) financings during the three months ended March 31, 2022 was ($989,000) (2021 - $433,000). The cash used in the current period related primarily to $987,000 (2021 - $Nil) from repayments of the Sprott Credit Facility.</p>
    <p style="text-align: justify;"><b>Investing Activities</b></p>
    <p style="text-align: justify;">Cash provided by (used in) investing activities for the three months ended March 31, 2022 was $806,000 compared to ($1,479,000) for the period ended March 31, 2021.</p>
    <p style="text-align: justify;">Some of the significant cash investment activities during the period ended March 31, 2022 included:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The proceeds from the sale of investments of $662,000 (Q1-2021 - $838,000), offset with purchases of $1,292,000 (Q1-2021 - $505,000);</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Receipt of anniversary and option payments totalling $89,000 (Q1-2021 - $143,000) primarily related to the Perry English portfolio in Canada; and</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">The Company also received approximately $111,000 (Q1-2021 - $37,000) in interest income earned on cash and loan balances, and $1,142,000 (Q1-2021 - $69,000) in dividends and other distributions.</li>
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    <p style="text-align: justify;"><b>OFF-BALANCE SHEET ARRANGEMENTS</b></p>
    <p style="margin-bottom: 0pt; 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="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&#160;</p>
    <p style="margin-top: 0pt; 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>
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            <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>
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            <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>
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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>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 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>
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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>
            <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>
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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>
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            <td style="vertical-align: bottom; background-color: #e6efff;" 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;">2,215</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,377</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,504</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" 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;">(5,397</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;">(4,868</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;">(3,882</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>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" 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;">2,695</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">2,440</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;">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>
        </tr>
        <tr>
            <td style="vertical-align: bottom;" colspan="1">Share-based payments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">626</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;">565</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;">1,206</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;">1,366</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#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;">23,547</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">(10,881</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;">(10,866</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(3,578</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <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;">0.22</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.11</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.13</td>
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            <td style="vertical-align: bottom; width: 15%; text-align: right;">(0.04</td>
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            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Diluted earnings (loss) per share</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">0.22</td>
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    <p style="margin-top: 0pt; text-align: justify;">&#160;</p>
    <p style="text-align: justify;">_________________________________<br><sup>1</sup> Adjusted revenue and other income, and adjusted cash provided by (used in) operating activities are non-IFRS financial measures with no standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Refer to the "Non-IFRS financial measures" section on page 20 of this MD&amp;A for more information on each non-IFRS financial measure.</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>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
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            <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;"><b>Fiscal quarter ended&#160;</b></td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><b>December 31, 2020</b></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
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            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;">&#160;</td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: right;"><b>June 30, 2020</b></td>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom;">&#160;</td>
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        <tr>
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            <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;">2,837</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,261</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</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>
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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;">(3,672</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;">(5,838</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;">(4,765</td>
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        </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;">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;">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;">&#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>
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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;">542</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;">454</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;">14</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;">1,448</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#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;">(4,424</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;">(3,933</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;">(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;">(3,281</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <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;">(0.05</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;">(0.00</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;">(0.01</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;">(0.04</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
        </tr>
        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Diluted earnings (loss) per share</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.05</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.00</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.01</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(0.04</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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    <p style="text-align: justify;"><b>RELATED PARTY TRANSACTIONS</b></p>
    <p style="text-align: justify;">The aggregate value of transactions and outstanding balances relating to key management personnel and directors were as follows:</p>
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        <tr>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">In Thousands of dollars</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            <td style="text-align: right; 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;">Three months ended March 31, 2022</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>Salary and fees</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>Share-based</b><br><b>Payments</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>Total</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;">Management</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">436</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">234</td>
            <td style="vertical-align: 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;">670</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;">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;">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;">101</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;">361</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;">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;">65</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;">65</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: 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;">761</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">335</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,096</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0" cellspacing="0">
        <tr>
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            <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;" colspan="1">Three months ended March 31, 2021</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;"><b>Salary and fees</b></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;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Share-based</b><br><b>Payments</b></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;">&#160;</td>
            <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Total</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;">Management</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">434</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">230</td>
            <td style="vertical-align: 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;">664</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;">&#160;</td>
            <td style="vertical-align: bottom; width: 15%; text-align: right;">189</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;">41</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;">230</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;">65</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;">65</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;">688</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">271</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">959</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;">*Seabord Management Corp. ("Seabord") is a management services company partially owned by the CFO and 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 March 31, 2022 is $369 (December 31, 2021 - $3) owed to key management personnel and other related parties and includes accruals for short term incentive bonuses and compensation adjustments.</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 three months ended March 31, 2022 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 three months ended March 31, 2022 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated financial statements for the three months ended March 31, 2022 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
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    <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 three months ended March 31, 2022 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 period ended March 31, 2022: 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, 2021 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>CONTROLS AND PROCEDURES </b></p>
    <p style="text-align: justify;"><i>Disclosure Controls and Procedures</i></p>
    <p style="text-align: justify;">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).&#160; 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>
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    <p style="text-align: justify;"><i>Management's Report on Internal Control over Financial Reporting</i></p>
    <p style="text-align: justify;">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act. A company's internal control over financial reporting is a process designed by, or under the supervision of, the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.</p>
    <p style="text-align: justify;">A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. It should be noted that a control system, no matter how well conceived or operated, can only provide reasonable assurance, not absolute assurance, that the objectives of the control system are met. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.</p>
    <p style="text-align: justify;">Management, including the CEO and CFO, assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of March 31, 2022, based on the criteria set forth in <i>Internal Control &#8211; Integrated Framework (2013)</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that EMX&#8217;s internal control over financial reporting was effective as at March 31, 2022.</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 made 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 the Company's internal controls.&#160; That consultant will continue to work with us to identify any weakness and further enhance our internal 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 May 12, 2022, the Company had 109,383,127 common shares issued and outstanding. There were also 8,968,000 stock options outstanding with expiry dates ranging from August 28, 2022 to April 29, 2027 and 7,211,401 warrants outstanding with expiry dates ranging from November 7, 2022 to April 14, 2027.</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. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, completion of transactions, market prices for metals or other statements that are not statements of fact. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.&#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>
    <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 capital costs, operating costs, production and economic returns;</p>
    <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>
    <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>the Company's expected ability to develop adequate infrastructure at a reasonable cost;</p>
    <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>assumptions that all necessary permits and governmental approvals will be obtained;</p>
    <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>assumptions made in the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;</p>
    <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>the Company's expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and</p>
    <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>
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    <p style="text-align: justify;">Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty of whether there will ever be production at the Company's mineral exploration and development properties;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty of estimates of capital costs, operating costs, production and economic returns;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainties relating to the assumptions underlying the Company's resource and reserve estimates, such as metal pricing, metallurgy, mineability, marketability and operating and capital costs;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the Company's ability to commence production and generate material revenues or obtain adequate financing for its planned exploration and development activities;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the Company's ability to finance the development of its mineral properties through external financing, joint ventures or other strategic alliances, the sale of property interests or otherwise;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the third parties on which the Company depends for its exploration and development activities;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>dependence on cooperation of joint venture partners in exploration and development of properties;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>credit, liquidity, interest rate and currency risks;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to market events and general economic conditions;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty related to inferred mineral resources;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to lack of adequate infrastructure;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>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>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>the risk that permits and governmental approvals necessary to develop and operate mines on the Company's properties will not be available on a timely basis or at all;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>commodity price fluctuations;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to governmental regulation and permits, including environmental regulation;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the need for reclamation activities on the Company's properties and uncertainty of cost estimates related thereto;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty related to title to the Company's mineral properties;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the outcome of potential litigation;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to increases in demand for equipment, skilled labor and services needed for exploration and development of mineral properties, and related cost increases;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>increased competition in the mining industry;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company's need to attract and retain qualified management and technical personnel;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to hedging arrangements or the lack thereof;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's ability to acquire additional commercially mineable mineral rights;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to the integration of potential new acquisitions into the Company's existing operations;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to unknown liabilities in connection with acquisitions;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to conflicts of interest of some of the directors of the Company;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to global climate change;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>risks related to adverse publicity from non-governmental organizations;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's passive foreign investment company ("PFIC") status;</p>
    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 13.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty as to the Company's status as a "foreign private issuer" and "emerging growth company" in future years;</p>
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    <p style="text-align: justify;">This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.</p>
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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;">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. 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;">Investors are cautioned that Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Geological evidence is sufficient to imply, but not verify, geological and grade continuity of Inferred mineral resources. It is reasonably expected that the majority of Inferred resources could be upgraded to Indicated resources with continued exploration. Under Canadian rules, estimates of Inferred mineral resources may not be converted to a mineral reserve, or form the basis of economic analysis, production schedule, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred mineral resources can only be used in economic studies as provided under NI 43-101. U.S. investors are cautioned not to assume that part or all of an Inferred resource exists, or is economically or legally mineable. U.S. investors are further cautioned not to assume that any part or all of a mineral resource in the Measured and Indicated categories will ever be converted into reserves.</p>
    <div id="footer_page_19">
        <p style="text-align: center;">Page <b>19 of 25</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_20"></a>
    <p style="text-align: justify;"><b>NON-IFRS FINANCIAL MEASURES</b></p>
    <p style="text-align: justify;"><b>Adjusted Revenue and Other Income and Adjusted Cash Flows from Operating Activities</b></p>
    <p style="text-align: justify;">Adjusted revenue and other income, and adjusted cash flows from operating activities are non-IFRS financial measures, which are defined by EMX by including the following items from Loss for the year and cash flows from operations respectively.</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Equity income from associated entities holding royalty interests and the related cash flows related to the Company's effective royalty on Caserones.</li>
    </ul>
    <p style="text-align: justify;">Management uses adjusted revenue and other income, and adjusted cash flows from operating activities to evaluate the underlying operating performance of EMX for the reporting periods presented, to assist with the planning and forecasting of future operating results, and to supplement information in its financial statements. Management believes that in addition to measures prepared in accordance with IFRS such as revenue and other income, and cash flows from operations, our investors may use adjusted revenue and other income, and adjusted cash flows from operating activities to evaluate the results of the underlying business of EMX, particularly since the included items may not typically be included in operating results. While the adjustments to revenue and other income, and cash flows from operations in these measures may include items that are both recurring and non-recurring, management believes that adjusted revenue and other income, and adjusted cash flows from operating activities are useful measures of EMX's performance because they adjust for items which management believes reflect our core operating results from period to period. Adjusted revenue and other income, and adjusted cash flows from operating activities are intended to provide additional information to investors and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. They do not have any standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers.</p>
    <p style="text-align: justify;"><b>Reconciliation of Adjusted Revenue and Other Income, and Adjusted Cash Flows from Operating Activities</b></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>
            <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="text-align: center; border-bottom: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>&#160;</b></td>
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        <tr>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
            <td style="text-align: right; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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            <td style="text-align: right; vertical-align: bottom;">&#160;</td>
        </tr>
        <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; white-space: nowrap;"><b>&#160;</b></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>operating activities</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>
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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>operating activities</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;" colspan="1">Per financial statements</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">2,215</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">19,786</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,298</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: 12%; text-align: right; background-color: #e6efff;">(1,592</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;" colspan="1">Equity income from associated entity</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; padding-left: 5pt;" colspan="1">holding an effective royalty interest in</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
        </tr>
        <tr>
            <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; padding-left: 5pt;" colspan="1">Caserones and related cash flow</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: 12%; text-align: right;">1,154</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: 12%; text-align: right;">1,142</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: 12%; 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: 12%; 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: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Adjusted</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: 12%; text-align: right; background-color: #e6efff;">3,369</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;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">20,928</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,298</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: 12%; text-align: right; background-color: #e6efff;">(1,592</td>
            <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
    </table>
    <p style="text-align: justify;">&#160;</p>
    <div id="footer_page_20">
        <p style="text-align: center;">Page <b>20 of 25</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_21"></a><br>
    <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>LOCATION</b></p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>PROPERTY</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>ROYALTY/PAYMENTS</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY<br>GROUP</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>OPERATOR</b></p>
            </td>
            <td style="width: 12%; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>STATUS</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="2">
                <p><b>Argentina</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Diablillos</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>AbraSilver Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>M18/Aguas Perdidas</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>AbraSilver Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Australia, New South Wales</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Koonenberry</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; AAR payments (NQM)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>KNB &amp; Rockwell</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Australia, Queensland</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Queensland Gold</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Many Peaks Gold Pty Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="3">
                <p><b>Canada, British Columbia</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>E&amp;L Nickel Mountain</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Garibaldi Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Hunter 1-12</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cassair Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Pyramid</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Norra Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Canada, Manitoba</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Tartan Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Satori Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="37">
                <p><b>Canada, Ontario</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Birch/Uchi multiple groups</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Huntington Exploration</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Bruce Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Portofino</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Bruce Lake - Pakwash North</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Goldon</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Cameron Lake East</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Hunter Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Cameron Lake West</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>NorthBound Capital</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Camping Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Prime Meridian Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Confederation Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Trillium Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Dash Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Shafer Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Dent-Jackson</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Dixie Halo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.75% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>BTU Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Ears Falls</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Confederation North - Northern Vision</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Infinite Ore Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Confederation South - Dixie Lake2 </b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Infinite Ore Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Confederation South - Dixie Lake 3</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Infinite Ore Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Fairchild Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Fairchild Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Jackson Manion</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Huntington Exploration Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kwai</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Golden Goliath</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Lang Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Leo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Trillium Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Longlegged Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver Dollar Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Manitou Project</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Maskootch</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Maybrun Mine</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>NorthBound Capital</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>McDonough East</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Musk Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>McDonough/Pipestone</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Goldon</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>McVicar Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mt. Jamie North Gold - Todd</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Stone Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Nabish Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.0% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Heritage Mining</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>North Pakwash</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Trillium Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Pakwash Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver Dollar Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Lake Gold 1</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Lake Gold - Gullrock Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.25% to 2.25% &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Lake Gold - Duchess</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.25% to 2.25% &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Lake Gold - Red Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.25% to 2.25% &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Lake Gold - Tilly</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.25% to 2.25% &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Sandy Pines/Fly Lake/Joy</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-bottom: 0pt;">
                <p>Precious Metals</p>
                <p>&#160;</p>
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pistol Bay</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Shabu - Cross River</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Cross River Ventures</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
    </table>
    <br>
    <div id="footer_page_21">
        <p style="text-align: center;">Page <b>21 of 25</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_22"></a><br>
    <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>LOCATION</b></p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>PROPERTY</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>ROYALTY/PAYMENTS</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY<br>GROUP</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>OPERATOR</b></p>
            </td>
            <td style="width: 12%; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>STATUS</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="4">
                <p><b>Canada, Ontario</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Shabu - Mastadon - Taura Gold</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Mastadon</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>South of Otter</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Portofino</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Swain Lake</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pacton Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>West Madsen (B)</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Great Bear</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="2">
                <p><b>Canada, Quebec</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Fernet</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>QCX Gold Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Portage River</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Frontline Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="21">
                <p><b>Chile</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Arrieros</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Block 2</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Block 3</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Block 4</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Caserones</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.7335% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>JX Nippon</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Producing Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Cerro Blanco</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Cerro Buenos Aires</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum-Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Challacollo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Aftermath Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Juncal and La Flora</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Austral Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kolla Kananchiari - Bronce Weste</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR precious metals, 0.5% NSR base metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Masglas America Corporation</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Las Animas</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Atacama Copper Exploration Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Limbo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Austral Gold Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Magallanes</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Austral Gold Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Morros Blancos</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Redono-Veronica</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Reprado</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Austral Gold Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>San Guillermo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Austral Gold Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>San Valentino</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Atacama Copper Exploration Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>T4</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Atacama Copper Exploration Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Victoria Norte</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver / Copper-Molybdenum</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hochschild Mining PLC</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Victoria Sur</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Pampa Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="3">
                <p><b>Finland</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kaukua</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>PGE-Nickel-Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Palladium One</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kuusamo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>PGE-Nickel-Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sienna Resources Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Oijarvi</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1%/3% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="7">
                <p><b>Haiti</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Grand Bois</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sono Global Holdings</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Grand Bois &amp; Surrounding Properties</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>La Miel</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>La Mine</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>North Central</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Northeast</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Northwest</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Newmont Ventures Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mexico, Durango</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>El Mogote</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Industrias Pe&#241;oles</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mexico, Durango</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>San Agustin Sulfides</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Argonaut Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
    </table>
    <p>&#160;</p>
    <div id="footer_page_22">
        <p style="text-align: center;">Page <b>22 of 25</b></p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_23"></a>
    <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>LOCATION</b></p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>PROPERTY</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>ROYALTY/PAYMENTS</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY<br>GROUP</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>OPERATOR</b></p>
            </td>
            <td style="width: 12%; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>STATUS</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mexico, Sinaloa</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>San Marcial</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.75% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold-Zinc-Lead</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>GR Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="16">
                <p><b>Norway</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Bamble</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt-PGE</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Martin Laboratories EMG Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Bleikvassli</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zinc-Lead-Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Norra Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Bleka</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sienna Resources Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Brattasen</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt-PGE</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Martin Laboratories EMG Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Burfjord</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Norden Crown Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Espedalen</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kendric Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Flat</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt-PGE</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Martin Laboratories EMG Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Hosanger</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kendric Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kjoli</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Lead</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Capella Minerals Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Lokken</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Lead</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Capella Minerals Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Meraker</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Norra Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mo-i-Rana</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR, AAR's &amp; equity interest</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Lead-Zinc-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Mahive Minerals AB</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Rostvangen</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Playfair Mining Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Sigdal</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kendric Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Vakkerlien</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Playfair Mining Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Vekselmyr</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Sienna Resources Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Peru</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Berenguela</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% - 1.25% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Silver-Manganese-Zinc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Aftermath Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="3">
                <p><b>Serbia</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Jasikovo East - Durlan Potok</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR<sup>S1</sup></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zijin Mining</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Timok - (Brestovac West license)</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR on Au and Ag, 1% NSR other metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zijin Mining</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Timok - Cukaru Peki</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5% NSR<sup>S1</sup></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zijin Mining</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Producing Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="17">
                <p><b>Sweden</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Blabarliden</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Faboliden Norra</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Capella Minerals Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Fiskeltrask</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ni-Cu-Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bayrock Resources Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Gumsberg</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zinc-Lead-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Norden Crown Metals Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kankberg Norra</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kattisavan</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Klippen</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Kukasjarvi</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ni-Cu-Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bayrock Resources Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Mjovattnet</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt-PGE</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Martin Laboratories EMG Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Njuggtraskliden</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nickel-Copper-Cobalt-PGE</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Martin Laboratories EMG Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Nottrask</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ni-Cu-Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bayrock Resources Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Paubacken</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Rotjarnen</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Capella Minerals Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Skogstrask</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ni-Cu-Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bayrock Resources Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Solvik</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Storjuktan</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold Line Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Svardsjo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Lead-Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>District Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
    </table>
    <br>
    <div id="footer_page_23">
        <p style="text-align: center;">Page <b>23 of 25</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_24"></a><br>
    <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>LOCATION</b></p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>PROPERTY</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>ROYALTY/PAYMENTS</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY<br>GROUP</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>OPERATOR</b></p>
            </td>
            <td style="width: 12%; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>STATUS</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="4">
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Tomtebo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Lead-Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>District Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Trollberget</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Zinc-Lead-Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>District Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Viscaria</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper (Iron)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copperstone Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Vuostok</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ni-Cu-Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bayrock Resources Ltd</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="6">
                <p><b>Turkey</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Akarca</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1-3% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&#199;iftay</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Alankoy</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kar Mineral Madencilik</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Balya</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zinc-Lead-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Esan</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Producing Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Gediktepe Oxide / Sulfide</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>10.0% NSR Oxide / 2.0% NSR Sulfide</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver / Copper-Zinc-Gold-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Lidya Madencilik</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Producing Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Sisorta</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.5-5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold (Copper)</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Bahar Madencilik</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Yenipazar</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>6.0% - 10.0% NPI</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold-Silver-Zinc-Copper-Lead</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Virtus Mining/Trafigura</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="9">
                <p><b>USA, Alaska</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - West Pogo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - South Pogo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - Shaw</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - Eagle</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - LMS</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - Last Chance</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - East Pogo</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - Divide</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>64 North - Goodpaster - Chisna</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>0.5 - 1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millrock Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="8">
                <p><b>USA, Arizona</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Copper King</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR, AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kennecott Exploration Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Copper Springs</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% production and other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>South32</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Hardshell Skarn</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR &amp; AMR Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper-Lead-Zinc-Silver</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>South32</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Jasper Canyon</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% production and other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>South32</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Malone</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% production and other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>South32</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Parks Salyer - Sacaton</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Arizona Sonoran Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Red Top</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR/AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zacapa Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Superior West</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% NSR, AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kennecott Exploration Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="5">
                <p><b>USA, Idaho</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Lehman Butte</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hochschild Mining PLC</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Miller Mountain</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.5% NSR/AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Zacapa Resources</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Robber Gulch</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.25% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ridgeline Exploration Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Timber Butte</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR &amp; other payments</p>
            </td>
            <td style="margin-bottom: 0pt;">
                <p>Precious Metals</p>
                <p>&#160;</p>
                <p>&#160;</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hochschild Mining PLC</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Valve House</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hochschild Mining PLC</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
    </table>
    <p>&#160;</p>
    <div id="footer_page_24">
        <p style="text-align: center;">Page <b>24 of 25</b></p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="1" cellspacing="0" cellpadding="3">
        <tr>
            <td style="width: 7%; padding-right: 5.03pt; padding-left: 4.9pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>LOCATION</b></p>
            </td>
            <td style="width: 13%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>PROPERTY</b></p>
            </td>
            <td style="width: 16%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>ROYALTY/PAYMENTS</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY<br>GROUP</b></p>
            </td>
            <td style="width: 9%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>COMMODITY</b></p>
            </td>
            <td style="width: 15%; padding-right: 5.03pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>OPERATOR</b></p>
            </td>
            <td style="width: 12%; padding-right: 4.9pt; padding-left: 5.4pt; white-space: nowrap;">
                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"><b>STATUS</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="12">
                <p><b>USA, Nevada</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Brooks</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nevada Gold Mines</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Cathedral Well</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ely Gold Royalties</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Gold Bar South - Afgan</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>McEwen Mining Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Advanced Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Leeville</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% GSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nevada Gold Mines</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Producing Royalty</b></p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Maggie Creek</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2% NSR on precious metals; 1% NSR on other metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Renaissance Gold Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Maggie Creek South</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Nevada Gold Mines</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>NP Placers</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>&gt; Of 50 cents/yd3 or 4% NSR &amp; AAR Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>New Gold Recovery</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Selena</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.25% production, AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ridgeline Minerals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Silver Peak</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Silver-Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Millennium Silver Corp</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Speed Goat</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>4% NSR &amp; other payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hochschild Mining PLC</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Swift</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>3.25% production, AMR &amp; Milestone Payments</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Ridgeline Minerals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Yerington West-Roulette</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>20% carried to feasibility or 2.5% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Hudbay Minerals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>USA, Oregon</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Golden Ibex</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>1% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Precious Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Gold</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Golden Ibex</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;" rowspan="2">
                <p><b>USA, Utah</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Copper Warrior</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Warrior Metals Inc</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p><b>Ophir</b></p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>2.0% NSR</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Base Metals</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Copper</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Kennecott Exploration Co</p>
            </td>
            <td style="margin-top: 0pt; margin-bottom: 0pt;">
                <p>Exploration</p>
            </td>
        </tr>
    </table>
    <p style="margin-bottom: 0pt; text-align: justify;"><b>Qualified Person</b></p>
    <p style="margin-top: 0pt; 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 list of EMX royalty assets.<font style="text-align: center; font-size: 10pt;">&#160;</font></p>
    <div id="footer_page_25">
        <p style="text-align: center;">Page <b>25 of 25</b></p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<html>

<head>
    <title>EMX Royalty Corporation: Exhibit 99.3 - Filed by newsfilecorp.com</title>
</head>

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade">
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, David M. Cole, Chief Executive Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended <b>March 31, 2022.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2. <font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>No misrepresentations:</b></i><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Fair presentation:</b></i><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Responsibility: </b></i>The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers' Annual and Interim Filings,</i> for the issuer.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Design:</b></i>&#160; Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a) <font style="width: 22.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b) <font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.1<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Control framework:</b></i>&#160; The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.<i><b> </b></i></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.3<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Limitation on scope of design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>January 1, 2022 and ended on March 31, 2022</b> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p>
    <p style="text-align: justify;"><b>Date: May 16, 2022</b></p>
    <table style="width: 50%; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 0.75pt solid #000000;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><i>/s/ David M. Cole</i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">David M. Cole</p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">President and Chief Executive Officer</p>
            </td>
        </tr>
    </table>
    <br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<html>

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

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade">
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, Douglas Reed, Chief Financial Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended <b>March 31, 2022.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2. <font style="width: 26pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>No misrepresentations:</b></i><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">3.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Fair presentation:</b></i><b> </b>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">4.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Responsibility: </b></i>The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <i>Certification of Disclosure in Issuers' Annual and Interim Filings,</i> for the issuer.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Design:</b></i>&#160; Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer(s) and I have, as at the end of the period covered by the interim filings</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(a) <font style="width: 22.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(i)<font style="width: 26.56pt; text-indent: 0pt; display: inline-block;">&#160;</font>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and</p>
    <p style="margin-left: 108pt; text-indent: -36pt; text-align: justify;">(ii)<font style="width: 23.78pt; text-indent: 0pt; display: inline-block;">&#160;</font>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</p>
    <p style="margin-left: 72pt; text-indent: -36pt; text-align: justify;">(b) <font style="width: 21.84pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.1<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Control framework:</b></i>&#160; The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.<i><b> </b></i></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.3<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Limitation on scope of design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>January 1, 2022</b><i><b> </b></i><b>and ended on March 31, 2022</b> that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.</p>
    <p style="text-align: justify;"><b>Date: May 16, 2022</b></p>
    <table style="width: 50%; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 100%; vertical-align: top; border-bottom: 0.75pt solid #000000;">
                <p style="margin-right: 70.6pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><i>/s/ Douglas Reed</i></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Douglas Reed</p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; vertical-align: top;">
                <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Chief Financial Officer</p>
            </td>
        </tr>
    </table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
