<SEC-DOCUMENT>0001062993-22-022128.txt : 20221115
<SEC-HEADER>0001062993-22-022128.hdr.sgml : 20221115
<ACCEPTANCE-DATETIME>20221114195656
ACCESSION NUMBER:		0001062993-22-022128
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221115
DATE AS OF CHANGE:		20221114

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:		221388763

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

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

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

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

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

<body style="font-size:10pt;">
    <hr style="text-align: center;" width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b><font size="5">UNITED STATES </font><br></b><b><font size="5">SECURITIES AND EXCHANGE COMMISSION </font></b><br><b>Washington, D.C. 20549 </b></p>
    <p style="text-align: center;"><b><font size="5">FORM 6-K </font></b></p>
    <p style="text-align: center;"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </b></p>
    <p style="text-align: center;">For the month of <b><u>November 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">
    <!--$$/page=--><a name="page_2"></a>
    <p style="text-align: center;"><b><u>SUBMITTED HEREWITH</u></b></p>
    <p style="text-align: justify;"><b><u>Exhibits:</u></b></p>
    <table style="font-size: 10pt; width: 100%;" border="0" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 1px solid #000000; width: 8%;"><b>Exhibit</b></td>
            <td style="width: 5%;">&#160;</td>
            <td style="border-bottom: 1px solid #000000;"><b>Description</b></td>
        </tr>
        <tr>
            <td>&#160;</td>
            <td>&#160;</td>
            <td>&#160;</td>
        </tr>
        <tr style="background-color: #eeeeee;">
            <td><a href="exhibit99-1.htm">99.1</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-1.htm">Condensed Consolidated Interim Financial Statements for the period ended September 30, 2022</a></td>
        </tr>
        <tr>
            <td><a href="exhibit99-2.htm">99.2</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-2.htm">Management&#8217;s Discussion and Analysis for the period ended September 30, 2022</a></td>
        </tr>
        <tr>
            <td style="background-color: #eeeeee;"><a href="exhibit99-3.htm">99.3</a></td>
            <td style="background-color: #eeeeee;">&#160;</td>
            <td style="background-color: #eeeeee;"><a href="exhibit99-3.htm">Form 52-109F2 - Certification of Interim Filings - Full Certificate - CEO</a></td>
        </tr>
        <tr>
            <td><a href="exhibit99-4.htm">99.4</a></td>
            <td>&#160;</td>
            <td><a href="exhibit99-4.htm">Form 52-109F2 - Certification of Interim Filings - Full Certificate - CFO</a></td>
        </tr>
    </table>
    <br>
    <hr style="break-after: page; text-align: center;" width="100%" size="5" color="black" noshade="noshade">
    <!--$$/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: November 14, 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>
    <div>
        <p style="text-align: center;"><img src="exhibit99-1x001.jpg" style="width: 448px;" height="74"></p>
        <p style="text-align: center;">&#160;</p>
        <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION </b></p>
        <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS</b></p>
        <p style="margin-top: 0pt; text-align: center;"><b>(Expressed in Thousands of Canadian Dollars)</b></p>
        <p style="margin-top: 0pt; text-align: center;">&#160;</p>
        <p style="text-align: center;"><b>September 30, 2022</b></p>
        <p style="text-align: center;">&#160;</p>
        <div>
            <p style="text-align: center;">Page 1</p>
        </div>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_2"></a>
    <div>
        <p style="margin-bottom: 0pt; text-align: justify;"><b>EMX ROYALTY CORPORATION </b></p>
        <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION</p>
        <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)&#160; &#160;</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; 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; vertical-align: bottom; text-align: center; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap;"><b>&#160;</b></td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center; white-space: nowrap;"><b>&#160;</b></td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; text-align: center; 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>
            </tr>
            <tr>
                <td style="vertical-align: bottom;"><b>&#160;</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;"><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;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">14,297</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</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;">2,536</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">13,651</td>
                <td style="vertical-align: bottom; width: 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;">23,123</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">-</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;">53,607</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;">2,252</td>
                <td style="vertical-align: bottom; width: 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;">6,226</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">16,448</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">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;">80,315</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">75,655</td>
                <td style="vertical-align: bottom; width: 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;">1,576</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">518</td>
                <td style="vertical-align: bottom; width: 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>
                <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;">182,990</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: 15%; text-align: right;">236,597</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;">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;"><b>&#160;</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;">&#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>&#160;</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>
                <td style="vertical-align: bottom;"><b>Current</b></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;">Accounts payable and accrued liabilities&#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;">3,241</td>
                <td style="vertical-align: 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;">2,967</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;">3,392</td>
                <td style="vertical-align: bottom; width: 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>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Loans payable (Note 14)</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;">4,355</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>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total current 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;">10,988</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>
                <td style="vertical-align: bottom;"><b>Non-current</b></td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 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;">Loan payable (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;">50,606</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">Deferred income tax liability (Note 11)</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;">1,472</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total non-current 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;">52,078</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>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>TOTAL LIABILITIES</b></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;">63,066</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>
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            <tr>
                <td style="vertical-align: bottom;"><b>&#160;</b></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>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>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Capital stock (Note 15)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">213,582</td>
                <td style="vertical-align: bottom; width: 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;">48,820</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Deficit</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;">(88,871</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>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>TOTAL SHAREHOLDERS' EQUITY</b></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;">173,531</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>
            </tr>
            <tr>
                <td style="vertical-align: bottom;"><b>&#160;</b></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;">236,597</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>
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        <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
            <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 November 10, 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;">
                    <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;">
                    <p>Signed:&#160; &#160; &#160; &#160; <i>"Larry Okada"</i></p>
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                <td style="width: 9%; vertical-align: top;">
                    <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">Director</p>
                </td>
            </tr>
        </table>
        <div><br></div>
    </div>
    <div>
        <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
        <div>
            <p style="text-align: center;">Page 2</p>
        </div>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_3"></a>
    <div>
        <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">
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                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>&#160;</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1"><b>&#160;</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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;"><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: 14%; text-align: right; background-color: #e6efff;">9,338</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,504</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">20,505</td>
                <td style="vertical-align: 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: 14%; text-align: right; background-color: #e6efff;">7,057</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>&#160;</b></td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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;">General and administrative (Note 8)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,644</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,807</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">5,498</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">4,637</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">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: 14%; text-align: right; background-color: #e6efff;">2,652</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">2,090</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">9,298</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;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">7,066</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: 14%; text-align: right;">3,250</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: 14%; text-align: right;">759</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">4,823</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,285</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;">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: 14%; text-align: right; background-color: #e6efff;">481</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: 14%; text-align: right; background-color: #e6efff;">1,206</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: 14%; text-align: right; background-color: #e6efff;">2,717</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: 14%; text-align: right; background-color: #e6efff;">3,114</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">8,027</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: 14%; text-align: right;">5,862</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">22,336</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: 14%; text-align: right;">16,102</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right;">1,311</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(4,358</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: 14%; text-align: right;">(1,831</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: 14%; text-align: right;">(9,045</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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;">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: 14%; text-align: right;">(7,241</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: 14%; text-align: right;">(3,731</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: 14%; text-align: right;">(5,302</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: 14%; text-align: right;">(5,477</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: 14%; text-align: right; background-color: #e6efff;">(97</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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">(458</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: 14%; text-align: right; background-color: #e6efff;">440</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Equity income (loss) 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: 14%; text-align: right;">(389</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: 14%; text-align: right;">1,138</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">3,432</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,517</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <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: 14%; text-align: right; background-color: #e6efff;">(1,579</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: 14%; text-align: right; background-color: #e6efff;">(1,038</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: 14%; text-align: right; background-color: #e6efff;">(5,124</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: 14%; text-align: right; background-color: #e6efff;">(1,038</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(7,130</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: 14%; text-align: right;">(4,178</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: 14%; text-align: right;">(7,162</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: 14%; text-align: right;">(4,310</td>
                <td style="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: 14%; text-align: right; background-color: #e6efff;">(518</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: 14%; text-align: right; background-color: #e6efff;">1,301</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(3,539</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: 14%; text-align: right; background-color: #e6efff;">(1,055</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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>Income (loss) before income taxes</b></td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(15,643</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: 14%; text-align: right; background-color: #e6efff;">(10,866</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">8,870</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(18,968</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Deferred income tax recovery (expense) (Note 11)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(186</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: 14%; 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: 14%; text-align: right;">(5,277</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: 14%; 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; border-bottom: 0.75pt solid #000000;">Income tax recovery (expense) (Note 11)</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: 14%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(517</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">(517</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">100</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">(16,346</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(10,866</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">3,076</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(18,868</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">Basic earnings (loss) per share</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(0.15</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(0.13</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">0.03</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(0.22</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Diluted earnings (loss) per share</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(0.15</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(0.13</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">0.03</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: 14%; text-align: right;">(0.22</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right;">110,091,728</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">85,995,122</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">108,138,784</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">85,489,595</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;">Weighted average no. of shares outstanding - diluted (Note 12)</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: 14%; text-align: right; background-color: #e6efff;">110,091,728</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: 14%; text-align: right; background-color: #e6efff;">85,995,122</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: 14%; text-align: right; background-color: #e6efff;">109,832,734</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: 14%; text-align: right; background-color: #e6efff;">85,489,595</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: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
        <div>
            <p style="text-align: center;">Page 3</p>
        </div>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_4"></a>
    <div>
        <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>
        <p style="margin-top: 0pt; text-align: justify;">(Unaudited - Expressed in Thousands of Canadian Dollars)</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>&#160;</b></td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(10,866</td>
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                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">3,076</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right;">847</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">17,524</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">565</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">13,171</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: 14%; text-align: right; background-color: #e6efff;">(45</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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,178</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">16,247</td>
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        <p style="text-align: center;">The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
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    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_5"></a>
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                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
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                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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>
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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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            <tr>
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                <td style="vertical-align: bottom; width: 15%; text-align: right;">3,076</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">(1,849</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;">(576</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(48</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;">167</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: 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;">5,477</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,432</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;">(1,517</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,883</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,234</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;">13</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 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;">5,277</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">139</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">132</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(839</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="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <tr>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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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>
                <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;">&#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>
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                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</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;">1,557</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;">(49</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>
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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;">1,254</td>
                <td style="vertical-align: bottom; width: 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;">1,180</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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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: 15%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <p style="text-align: justify;">Supplemental disclosure with respect to cash flows (Note 19)</p>
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    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_6"></a>
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                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt 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; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">211,795</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">601</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">601</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: 7%; text-align: right; background-color: #e6efff;">3,812,121</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: 7%; text-align: right; background-color: #e6efff;">10,903</td>
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                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,677</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">12,580</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; text-align: right;">(49</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">(49</td>
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                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,045,000</td>
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                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,254</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: 7%; text-align: right; background-color: #e6efff;">-</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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">1,254</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: 7%; text-align: right;">489</td>
                <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: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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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: 7%; 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: 7%; text-align: right;">3,883</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; text-align: right;">3,883</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: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">13,171</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; text-align: right; background-color: #e6efff;">13,171</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">3,076</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: 7%; text-align: right;">3,076</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;"><b>110,592,190</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;"><b>23,208</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;"><b>(88,871</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"><b>)</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;"><b>173,531</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Number of common <br>shares</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; 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>
                <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: 7%; text-align: right; background-color: #e6efff;"><b>84,677,831</b></td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">450,730</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">1,557</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">1,557</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: 7%; text-align: right; background-color: #e6efff;">880,400</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,180</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">1,180</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">4,667</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">13</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">13</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: 7%; text-align: right; background-color: #e6efff;">225,750</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: 7%; text-align: right; background-color: #e6efff;">183</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(183</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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;">&#160; Reclass of reserves for exercise of options</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; text-align: right;">673</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">(673</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: 7%; 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: 7%; 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: 7%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Shares issued in property acquisitions</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">114,785</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">434</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">434</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;">&#160; Share-based payments</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; text-align: right;">4,234</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; text-align: right;">4,234</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">&#160; Reclass of AOCI on disposal of FVOCI investment</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">847</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(847</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: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;">&#160; Foreign currency translation adjustment</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right;">(45</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; 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: 7%; text-align: right;">(45</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; Loss for the period</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: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; text-align: right; background-color: #e6efff;">(18,868</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(18,868</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </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: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; 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: 7%; 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>Balance as at September 30, 2021</b></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: 7%; text-align: right; background-color: #e6efff;"><b>86,354,163</b></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;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><b>136,718</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><b>20,894</b></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;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><b>9,719</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><b>(81,066</b></td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><b>$</b></td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;"><b>86,265</b></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-bottom: 0pt; text-align: center;">&#160;The accompanying notes are an integral part of these condensed consolidated interim financial statements.</p>
        <p style="text-align: center;">Page 6</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_7"></a>
    <div id="header_page_7">
        <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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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 Madencilik AS, Eurasian Royalty Madencilik AS, EMX Chile SpA 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 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: center;">&#160;<font style="text-align: center; font-size: 10pt;">Page 7</font></p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
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    <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>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&#160;as the Company's most recent annual financial statements, except as described below, and should be read in conjunction with the annual audited consolidated financial statements of the Company for the year ended December 31, 2021.</p>
        <p style="text-align: justify;"><b>Critical Accounting Judgments and Significant Estimates and Uncertainties</b></p>
        <p style="text-align: justify;">The critical judgments and estimates applied in the preparation of the Company's unaudited condensed consolidated interim financial statements for the nine months ended September 30, 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 September 30, 2022, the Company classified $4,788 (December 31, 2021 - $4,084) as restricted cash. This amount is comprised of $197 (December 31, 2021 - $183) held as collateral for its corporate credit cards and $2,055 (December 31, 2021 - $1,905) comprised of a minimum cash balance required in connection with the Sprott Credit Facility (Note 14) and cash of $2,536 (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 property agreements. Partner advances expected to be used within the following twelve months are included with current assets.</p>
        <p style="text-align: justify;"><b>4. INVESTMENTS</b></p>
        <p style="text-align: justify;">At September 30, 2022 and December 31, 2021, the Company had the following investments:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="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>September 30, 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>
                <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; padding-left: 10pt;" colspan="1">Marketable securities</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">12,900</td>
                <td style="vertical-align: 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; padding-left: 10pt;">Warrants</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">5</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">180</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;">6,972</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;">11,124</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 15%; text-align: right;"><b>19,877</b></td>
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                <td style="vertical-align: bottom; width: 15%; text-align: right;"><b>20,530</b></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;">(13,651</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</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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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; padding-left: 10pt;" colspan="1">Non-current portion</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">6,226</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <p style="text-align: justify;">During the nine months ended September 30, 2022, the Company recognized $427 (2021 - $417) 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;">The Company also receives investments as proceeds related to various property deals and sells its holdings to the market where appropriate.&#160; During the nine months ended September 30, 2022 the Company realized $1,339 (2021 - $1,125) in proceeds from sales of investments.</p>
        <p style="text-align: center;">&#160;<font style="text-align: center; font-size: 10pt;">Page 8</font></p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_9"></a>
    <div id="header_page_9">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <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 and milestone payments, refundable taxes and VAT recoverable 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 September 30, 2022 and December 31, 2021, trade receivables and other assets were as follows:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><b>Category&#160;</b></td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 1.5pt 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: 1.5pt 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>
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            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Royalty revenue receivable</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,378</td>
                <td style="vertical-align: 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;">1,587</td>
                <td style="vertical-align: bottom; width: 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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            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Turkish VAT recoverable</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,939</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;" colspan="1">Recoverable royalty generation expenditures and advances</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,868</td>
                <td style="vertical-align: bottom; width: 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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            <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;">16,549</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;">14,109</td>
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            <tr>
                <td style="vertical-align: bottom;" colspan="1">Milestone payments receivable</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">9,618</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">902</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">1,060</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;">1,730</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;">783</td>
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            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1"><b>Total receivables and other assets</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;"><b>39,571</b></td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;"><b>26,498</b></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">Less: current portion</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">(23,123</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;">(9,446</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">16,448</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;">17,052</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;">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 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;">As at September 30, 2022, the Company has no material reclamation obligations.&#160; Once reclamation of the properties is complete, the bonds will be returned to the Company.</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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Currency&#160;</b></td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 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;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Canadian Dollars</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">847</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">1,715</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">US Dollars</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">31,348</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">16,961</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Swedish Krona</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">2,314</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">843</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Turkish Lira</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">5,006</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">6,979</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Other</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">56</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">-</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%;">$</td>
                <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%;">39,571</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%;">$</td>
                <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%;">26,498</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
        </table>
        <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 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.&#160; During the nine months ended September 30, 2022, the Company received $132 (2021 - $67) in interest income and the loan balance was repaid in full.&#160; As at September 30, 2022 the balance receivable was $Nil (December 31, 2021 - $2,539).</p>
        <div>
            <p style="text-align: center;">Page 9</p>
        </div>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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 Elemental Royalties Corp. (formerly Altus Strategies Plc) which is accounted for as a joint operation in accordance with IFRS 11 Joint Arrangements.&#160;</p>
        <p style="text-align: justify;">Tercero was used to purchase a 43% interest in Sociedad Legal Minera California Una de la Sierra Pena Negra ("SLM California") through a Share Purchase Agreement for US$68,200.&#160; Separately, the Company entered into a Credit Agreement with Sprott Private Resource Lending II (Collector), LP ("Sprott") (Note 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 an effective 0.418% royalty interest.&#160;</p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, the Company increased its effective NSR to 0.7335% by acquiring an additional 16.23% interest in SLM California for $32,852 (US$25,742) through its wholly-owned subsidiary EMX Chile SpA.&#160;</p>
        <p style="text-align: justify;">The Company through its Tercero and EMX Chile combined interests 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="font-size: 10pt; border-collapse: collapse; width: 100%; border-color: #000000;" cellspacing="0" cellpadding="0">
            <tr>
                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>September 30, 2022</b></td>
                <td style="vertical-align: bottom; white-space: nowrap; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; white-space: nowrap; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>December 31, 2021</b></td>
                <td style="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;" colspan="1">Opening Balance</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">S</td>
                <td style="vertical-align: bottom; width: 12%; 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: 12%; 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: 12%; text-align: right;">32,852</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; 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: 12%; text-align: right; background-color: #e6efff;">3,432</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">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: 12%; text-align: right;">7,742</td>
                <td style="vertical-align: bottom; width: 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;">(1,473</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;" colspan="1">Distributions</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">(6,105</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">)</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">(2,152</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;" colspan="1">Ending Balance</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">80,315</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">42,394</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">7,334</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">7,703</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">24,162</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">11,660</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;">Net income&#160; (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: 14%; text-align: right;">(1,029</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">6,572</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: 14%; text-align: right;">9,097</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: 14%; text-align: right;">5,205</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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 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">Current assets</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">13,532</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</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>
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            <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>
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            <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;">(6,234</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>
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            <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;">7,298</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;">37.7%</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">77,561</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>
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            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">80,315</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</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>
        <div>
            <p style="text-align: center;">Page 10</p>
        </div>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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").&#160; 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.&#160; Accordingly, the Company recognized an impairment charge of $10,014 on the value of its investment at December 31, 2021. As at September 30, 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>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="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>September 30, 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">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;">36,707</td>
                <td style="vertical-align: 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>
            </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;">23,973</td>
                <td style="vertical-align: bottom; width: 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>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Current 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;">(29,219</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;">(21,199</td>
                <td style="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">Non-current liabilities&#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;">(24,280</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;">(42,163</td>
                <td style="border-bottom: 0.75pt solid #000000; 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;">Net assets&#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;">7,181</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>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">The Company's ownership %</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <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>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <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>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" 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; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(2,734</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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            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">Carrying amount of investment in 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;">-</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 and nine months ended September 30, 2022 and 2021, the Company had the following sources of revenue and other income, and general and administrative expenses:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;" colspan="1" rowspan="2"><b>Revenue and other income</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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: 14%; text-align: right; background-color: #e6efff;">4,881</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">883</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">6,883</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,559</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">Interest and other income</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">344</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">368</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,849</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: 14%; text-align: right;">713</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: 14%; text-align: right; background-color: #e6efff;">4,113</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">253</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">11,773</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">4,706</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Dividend 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: 14%; 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: 14%; 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: 14%; 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: 14%; 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;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">20,505</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: 14%; text-align: right; background-color: #e6efff;">7,057</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: middle;" colspan="1" rowspan="2"><b>General and administrative expenses</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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">Salaries, consultants, and benefits</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">526</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: 14%; text-align: right; background-color: #e6efff;">774</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,906</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,936</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">Professional fees</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">527</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">523</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,542</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: 14%; text-align: right;">1,034</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">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: 14%; text-align: right; background-color: #e6efff;">260</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">193</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">808</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">502</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">Transfer agent and filing fees</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">15</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">39</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; text-align: right;">297</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Administrative and office</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">251</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">266</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">814</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">790</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">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: 14%; text-align: right;">65</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: 14%; text-align: right;">12</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">125</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: 14%; text-align: right;">78</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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,644</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,807</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">5,498</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">4,637</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
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        <p style="text-align: center;">Page 11</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_12"></a>
    <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 September 30, 2022</p>
                </td>
            </tr>
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    <div>
        <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS</b></p>
        <p style="text-align: justify;">As at and for the nine months ended September 30, 2022:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Country</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>December 31, 2021</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Net Additions&#160;</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Depletion</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Cumulative <br>translation <br>adjustments</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Impairment</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: center; vertical-align: bottom; border-bottom: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;"><b>Royalty Interests</b></td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <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;">&#160; &#160;Gediktepe</td>
                <td style="vertical-align: bottom; background-color: #e6efff;">Turkey</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">55,540</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(2,683</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">3,416</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(7,092</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">49,181</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom;">USA</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">8,144</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">(1,978</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">528</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">6,694</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; background-color: #e6efff;">Argentina</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">8,912</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">8,912</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">2,475</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">2,475</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; background-color: #e6efff;">Chile</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,684</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(87</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,597</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;">&#160; &#160;Tartan Lake</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">1,238</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">1,238</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160; &#160;Other*</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Various</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2,249</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">655</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">18</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2,922</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">80,242</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">655</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(4,661</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">3,875</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(7,092</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">73,019</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="2"><b>Other Property Interests</b></td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;">&#160; &#160;Perry Portfolio</td>
                <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: 8%; text-align: right;">1,678</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">(407</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">(70</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 8%; text-align: right;">1,201</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;">&#160; &#160;Other*</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Various</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,435</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,435</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">3,113</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(407</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(70</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">2,636</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;"><b>Total</b></td>
                <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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">83,355</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">248</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(4,661</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</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>
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                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
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                    <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: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">53,970</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,570</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">55,540</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">11,251</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">(3,029</td>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">(78</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">8,144</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;">Argentina</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">8,912</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">8,912</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: 8%; text-align: right;">2,475</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">2,475</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;">Chile</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,684</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,684</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">1,238</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">1,238</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; background-color: #e6efff;">Various</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,313</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: 8%; text-align: right; background-color: #e6efff;">936</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">2,249</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="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">14,248</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">67,531</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>
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                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">1,492</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">80,242</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                </tr>
                <tr>
                    <td style="vertical-align: bottom;">&#160; &#160;Perry Portfolio</td>
                    <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: 8%; text-align: right;">2,421</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">(587</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">(156</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 8%; text-align: right;">1,678</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;">&#160; &#160;Other*</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Various</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,827</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(260</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(132</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,435</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                </tr>
                <tr>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">4,248</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(847</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">(288</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right;">3,113</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;"><b>&#160; &#160;Total</b></td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">18,496</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">66,684</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(3,029</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">1,492</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">(288</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 8%; text-align: right; background-color: #e6efff;">83,355</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="margin-top: 0pt;">*Included in other are various royalty and other property interests held in Serbia, Finland, Sweden, Argentina, Chile, Mexico, Canada and the U.S.A.</p>
        </div>
    </div>
    <div>
        <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 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 $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>
        <p style="text-align: center;">Page 12</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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 operated 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. Upon achievement of the production of 10,000 gold-equivalent oxide ounces, a US$4,000 milestone payment was earned and became payable to the Company on the first anniversary of the milestone being reached.&#160; This amount has been accrued and included in revenue and other income for the nine months ended September 30, 2022.&#160; As at September 30, 2022 the Company has also recorded $4,000 in royalty revenues relating to the production beyond that of the initial 10,000 gold equivalent oxide ounces milestone.</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 September 30, 2022, the carrying value was $7,018 ($US5,108) (December 31, 2021 - $5,968).</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 September 30, 2022, the carrying value was $9,531 ($US6,937) (December 31, 2021 - $8,141).</p>
    </div>
    <div>
        <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.&#160; During the nine months ended September 30, 2022, the Company repaid the VTB Note in full.</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 nine months ended September 30, 2022, through its wholly-owned subsidiary, Bullion, 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).</p>
        <p style="text-align: center;">Page 13</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <div id="header_page_14">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, $2,251 (2021 - $1,559) 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 $113 (2021 - $66). Further, applied against the Leeville royalty was depletion of $1,978 (2021 - $1,186).</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.&#160; During the nine months ended September 30, 2022, $107 (2021 - $Nil) was received and included as royalty revenue from the Balya property.&#160;</p>
        <p style="text-align: justify;"><i><b>Pediment Gold Portfolio Interests</b></i></p>
        <p style="text-align: justify;">On September 2, 2022 the Company acquired from Pediment Gold LLC, a subsidiary of Nevada Gold Exploration Inc. ("NGE") a portfolio of royalties <font style="background-color: #ffffff;">for $655 (US$500). The portfolio consists of a 2% NSR royalty on NGE's Nevada gold exploration portfolio as well as certain other interests. In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive Advance Annual Royalties ("AAR's") of US$20 that escalate US$10 per year and are capped at US$50. NGE has the right to buy back half of EMX's 2% NSR by purchasing a 0.5% NSR interest for US$1,000 anytime prior to the 7<sup>th</sup> anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest anytime prior to production for US$1,500.</font></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 or conditional payments owed to the Company.&#160; During the nine months ended September 30, 2022, the Company received or accrued staged cash payments totaling $9,678 (2021 - $375) and total equity payments valued at $1,226 (2021 - $3,838) in connection with property deals from various partners which has been included in option and other property income within revenue and other income.&#160;</p>
        <div>
            <p style="text-align: center;">Page 14</p>
        </div>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <div id="header_page_15">
        <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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
        <p style="text-align: justify;">Certain transactions of note for the nine months ended September 30, 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">
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Gold Line Cash <br>Payments (USD)</b></td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>EMX Shares (USD)</b></td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Gold Line Shares <br>(USD)</b></td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">Upon signing of the agreement (paid and issued)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">750</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">First anniversary of the purchase agreement (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;">Second anniversary of the purchase agreement</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,750</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">625</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">625</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Third anniversary of the purchase agreement</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,000</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">7,000</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,500</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;">1,500</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
        </table>
        <p style="text-align: justify;">Pursuant to the agreement, payments to be received by EMX from GLR are as follows:</p>
        <div>
            <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
                <tr>
                    <td style="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>Cash Payments (USD)</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>Gold Line Shares <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>
                </tr>
                <tr>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                    <td style="vertical-align: bottom; background-color: #e6efff;">Upon signing of the agreement (received)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">375</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                </tr>
                <tr>
                    <td style="vertical-align: bottom;">First anniversary of the purchase agreement (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;">Second anniversary of the purchase agreement</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">313</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">313</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                </tr>
                <tr>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">563</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;">938</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                </tr>
            </table>
        </div>
    </div>
    <div>
        <p style="text-align: justify;">During the nine months ended September 30, 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 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="background-color: #ffffff; text-align: center;">Page 15</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <div id="header_page_16">
        <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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</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 received 75 Norwegian Krone 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: 13.36pt; text-align: justify; padding-left: 7.94pt; 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>
        <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 ("BCE"), 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>
    </div>
    <div>
        <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.&#160; 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.&#160; 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 BCE, 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 (received) upon transfer and registration ("Registration Date") of the Permit to Cactus 110 LLC.</p>
        <p style="text-align: center;">Page 16</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <div id="header_page_17">
        <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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <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, 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 commencement 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;">In September 2022, ASCU announced the occurrence of certain milestones being met and US$3,000 was accrued as of September 30, 2022 and received by the Company subsequently.</p>
        <p style="text-align: justify;"><i>Richmond Mountain</i></p>
        <p style="text-align: justify;">In May 2022, the Company through its wholly-owed subsidiary BCE, executed an exploration and option agreement for the Richmond Mountain project with Stallion Gold Corp. ("Stallion"). Pursuant to the agreement, Stallion can acquire a 100% interest in the project by making execution and staged option payments totaling US$500 over a five-year option (execution payment of US$25 received), and completing US$1,500 in exploration expenditures before the fifth anniversary of the agreement.</p>
        <p style="text-align: justify;">Upon Stallion's exercise of the option EMX will retain a 4% NSR royalty interest on the project.&#160; Stallion has a buyback option of up to one and one-half percent (1.5%) of the royalty by first completing an initial half-percent (0.5%) royalty buyback for a payment of US$750 to EMX before the third anniversary of the option exercise.&#160; If Stallion completes the first buyback, Stallion may purchase an additional half-percent (0.5%) for $1,000 and a third half-percent (0.5%) increment for $1,200 at any time prior to commercial production.&#160; EMX will receive AAR payments of $100 beginning on the first anniversary of the option exercise, as well as other staged payments pursuant to certain other milestones being met.</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 <font style="font-size: 10pt;">AUD$235 in cash or shares. Upon MPL's exercise of the option, EMX will retain a 2.5% NSR royalty interest.&#160; 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 nine months ended September 30, 2022, 1,175,000 common shares of MPL were issued to EMX as payment of the $215 (AUD$235) first option fee upon the successful listing of MPL on the Australian Stock Exchange.</font></p>
    </div>
    <div>
        <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 operator reserve and resource estimates, expected long term commodity prices to be realized, foreign exchange, interest rates and other relevant information received from the operators that indicate production from royalty interests may be significantly reduced in the future.&#160;</p>
        <p style="text-align: justify;">&#160;</p>
        <p style="text-align: center;">Page 17</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>9. ROYALTY AND OTHER PROPERTY INTERESTS </b>(Continued)</p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, the Company re-evaluated the carrying value of the Gediktepe royalty after review of oxide production to date and the potential for delays relating to sulfide production, combined with revisions to metals pricing and Turkish royalty rates.&#160; As a result of this review, the Company recorded an impairment charge of $7,092 (2021 - $Nil), which was determined using a discounted cash flow model estimating the fair value less costs of disposal over a 15 year mine life using long term gold and copper prices of US$1,648/oz and US$3.62/lb discounted at rates of 5% and 8% respectively.&#160; In isolation, a 10% change in the prices of gold and copper could result in a difference in the recoverable amount of $1,062.</p>
        <p style="text-align: justify;"><b>Royalty Generation Costs</b></p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, the Company incurred the following royalty generation costs, which were expensed as incurred:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 9pt; border-color: #000000;" border="0">
            <tr>
                <td style="vertical-align: bottom; border: 0.75pt solid #000000;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>Fennoscandia</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>USA</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>Turkey</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>Australia</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>Canada</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>South America <br>and other</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>General <br>Royalty <br>generation <br>costs</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; border-right: 0.75pt solid #000000; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: middle; text-align: center; white-space: nowrap;" rowspan="2"><b>Total</b></td>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; border-right: 0.75pt solid #000000;" rowspan="2">&#160;</td>
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            <tr></tr>
            <tr>
                <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Administration costs&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">142</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">319</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">66</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">6</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">74</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">40</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">647</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">1,597</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">4,872</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">176</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">277</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">155</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">304</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">382</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">7,763</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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            <tr>
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                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">636</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">2,375</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">403</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">24</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">50</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">204</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,042</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">4,734</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Professional costs</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">40</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">42</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">114</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">33</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">208</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">491</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">928</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            </tr>
            <tr>
                <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Property costs</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">505</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">2,499</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">24</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">64</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">2</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">3,094</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Share-based payments</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">236</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">334</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">38</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">29</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">9</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">93</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">427</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 7%; text-align: right;">1,166</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Travel&#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: 7%; text-align: right; background-color: #e6efff;">177</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">14</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">46</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">24</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">27</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">13</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">140</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">441</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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                <td style="border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Total Expenditures</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: 7%; text-align: right;">3,333</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">10,455</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">843</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">417</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">305</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">896</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,524</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">18,773</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Recoveries from 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: 7%; text-align: right; background-color: #e6efff;">(1,800</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(7,664</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(11</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(9,475</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Net Expenditures</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">1,533</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,791</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">843</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">406</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">305</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">896</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,524</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">9,298</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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        <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company incurred the following royalty generation costs, which were expensed as incurred:</p>
        <div>
            <table style="width: 100%; border-collapse: collapse; font-size: 9pt; border-color: #000000;" border="0">
                <tr>
                    <td style="text-align: center; vertical-align: bottom; border: 0.75pt solid #000000;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>Fennoscandia</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>USA</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>Turkey</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>Australia&#160;</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>Canada</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>General <br>Royalty <br>geneation <br>costs</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle; white-space: nowrap;"><b>Total</b></td>
                    <td style="text-align: center; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-right: 0.75pt solid #000000; white-space: nowrap;">&#160;</td>
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                <tr>
                    <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Administration costs&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">84</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">205</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">26</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">3</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">78</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">396</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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                <tr>
                    <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; vertical-align: bottom;">Drilling, technical, and support costs</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">2,217</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">1,657</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">107</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">94</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">65</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">77</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">4,217</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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                <tr>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">562</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,495</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">30</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">4</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">2</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">1,158</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">3,251</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">482</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#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: 7%; text-align: right; background-color: #e6efff;">756</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: 7%; text-align: right; background-color: #e6efff;">1,614</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: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">18</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">147</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">2,535</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">493</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">766</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">59</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">15</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">204</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="vertical-align: bottom; width: 7%; text-align: right;">1,537</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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                    <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Travel&#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: 7%; text-align: right; background-color: #e6efff;">176</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">6</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">11</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">84</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">277</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
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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: 7%; text-align: right;">4,656</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">5,751</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">304</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">261</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">85</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,230</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">13,287</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
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                <tr>
                    <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Recoveries from 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: 7%; text-align: right; background-color: #e6efff;">(3,454</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(2,767</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right; background-color: #e6efff;">(6,221</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000; background-color: #e6efff;">)</td>
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                <tr>
                    <td style="border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Net Expenditures</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">1,202</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,984</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">304</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">261</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">85</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">2,230</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 7%; text-align: right;">7,066</td>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; border-right: 0.75pt solid #000000;">&#160;</td>
                </tr>
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    <div>
        <p style="text-align: center;">Page 18</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>10. PROPERTY AND EQUIPMENT</b></p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, depreciation of $63 (2021 - $34) has been included in royalty generation costs.&#160;</p>
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                <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Field</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Building</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
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                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt 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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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Cost</b></td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">As at December 31, 2021&#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: 10%; text-align: right;">528</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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">53</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; 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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">419</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">1,723</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; &#160; &#160;Additions</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">762</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 10%; 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: 10%; text-align: right; background-color: #e6efff;">77</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 10%; 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: 10%; text-align: right; background-color: #e6efff;">839</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;">&#160; &#160; &#160;Disposals and derecognition</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">(83</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: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right;">(83</td>
                <td style="border-bottom: 0.75pt solid #000000; 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;">&#160;As at September 30, 2022&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">1,207</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; 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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">800</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">419</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">2,479</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: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right;">&#160;</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Accumulated depreciation</b></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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;As at December 31, 2021&#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: 10%; text-align: right;">189</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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">53</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">631</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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">873</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; &#160; &#160;Additions</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">88</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 10%; 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: 10%; 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>
                <td style="vertical-align: bottom; width: 10%; 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: 10%; text-align: right; background-color: #e6efff;">113</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;">&#160; &#160; &#160;Disposals and derecognition</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right;">(83</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: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right;">(83</td>
                <td style="border-bottom: 0.75pt solid #000000; 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;">&#160;As at September 30, 2022&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">194</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; 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;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">656</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 10%; 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: 10%; text-align: right; background-color: #e6efff;">903</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: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><b>Net book value</b></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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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: 10%; text-align: right; background-color: #e6efff;">&#160;</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;As at December 31, 2021&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right;">339</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right;">92</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right;">419</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 10%; text-align: right;">850</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;">&#160;As at September 30, 2022&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">1,013</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 10%; 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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">144</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">419</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">1,576</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>11. INCOME TAXES</b></p>
        <p style="text-align: justify;"><b>Deferred Income Tax Asset (Liability)</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>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 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;">&#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;">(1,560</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(1,923</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </tr>
            <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;">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: 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;">86</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>
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            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total asset (liability)</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;">(1,472</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>
            </tr>
        </table>
        <p style="text-align: justify;"><b>Income Tax Recovery (Expense)</b></p>
        <div>
            <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
                <tr>
                    <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                    <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                </tr>
                <tr>
                    <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                    <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                    <td style="vertical-align: bottom;">&#160;</td>
                </tr>
                <tr>
                    <td style="vertical-align: bottom; background-color: #e6efff;">Current tax recovery (expense)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(517</td>
                    <td style="vertical-align: bottom; width: 2%; background-color: #e6efff; text-align: left;">)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(517</td>
                    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                    <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">100</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 recovery (expense)</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: 14%; text-align: right;">(186</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: 14%; 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: 14%; text-align: right;">(5,277</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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">(703</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff; text-align: left;">)</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">-</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(5,794</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;">$</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">100</td>
                    <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                </tr>
            </table>
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    <div>
        <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: center;">Page 19</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
                <td style="vertical-align: bottom;">&#160;</td>
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            <tr>
                <td style="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: 14%; text-align: right; background-color: #e6efff;">(16,346</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(10,866</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">3,076</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: 14%; text-align: right; background-color: #e6efff;">(18,868</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
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            <tr>
                <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: 14%; text-align: right;">110,091,728</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">85,995,122</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">108,138,784</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">85,489,595</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">Dilutive effect of stock options and warrants&#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: 14%; 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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">1,693,950</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: 14%; 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: 14%; text-align: right;">110,091,728</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: 14%; text-align: right;">85,995,122</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: 14%; text-align: right;">109,832,734</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: 14%; text-align: right;">85,489,595</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: 14%; 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: 14%; 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: 14%; 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: 14%; 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: 14%; text-align: right;">(0.15</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(0.13</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">0.03</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">(0.22</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Diluted earnings (loss) per share</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(0.15</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">(0.13</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">0.03</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: 14%; 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;">)</td>
            </tr>
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        <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">
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>December 31, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; border-top: 1.5pt 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;">3,031</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,753</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">Sweden and Norway</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">361</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">670</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,392</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>
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        <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 September 30, 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 nine months ended September 30, 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 nine months ended September 30, 2022, the Company recognized an interest expense of $4,671 (2021 - $788) on the loan which was calculated using the revised annual effective interest rate and was included in finance expenses and other.</p>
    </div>
    <div>
        <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.&#160;</p>
        <p style="text-align: center;">Page 20</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>14. LOANS PAYABLE </b>(Continued)</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.&#160; During the nine months ended September 30, 2022, the Company repaid the VTB Note in full.</p>
        <p style="text-align: justify;">The following table summarizes the Company's loans payable as at September 30, 2022 and changes during the nine months then ended:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; 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: 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>
                <td style="text-align: center; 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: 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>
                <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>
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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;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">10,157</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">64,418</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">Gain on debt modification</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;">)</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>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Interest accretion</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">4,671</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">453</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">5,124</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Repayments</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">(3,042</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;">(10,774</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;">(13,816</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">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;">4,079</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;">164</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;">4,243</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Total</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">54,961</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;">54,961</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;">(4,355</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>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(4,355</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">50,606</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</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;">50,606</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;"><b>15. CAPITAL STOCK</b></p>
        <p style="text-align: justify;"><b>Authorized&#160; </b></p>
        <p style="text-align: justify;">As at September 30, 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 nine months ended September 30, 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>
            <li style="margin-left: 27.45pt; text-align: justify; padding-left: 8.25pt;">Issued 3,812,121 units pursuant to a private placement for gross proceeds of $12,580.&#160; Each unit consisted of one common share of the Company and one warrant which entitles the holder to purchase one common share of the Company for a period of five years at an exercise price of $4.45.&#160; Using the residual value method with respect to the measurement of shares and warrants issued as private placement units, $1,677 was allocated to the value of the warrant component.</li>
            <li style="margin-left: 27.45pt; text-align: justify; padding-left: 8.25pt;">Issued 1,045,000 common shares for gross proceeds of $1,254 pursuant to the exercise of stock options.</li>
            <li style="margin-left: 27.45pt; text-align: justify; padding-left: 8.25pt;">Issued 164,063 common shares with a value of $489 pursuant to a restricted share unit plan with executives and management of the Company.</li>
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        <p style="text-align: justify;">During the nine months ended September 30, 2021, the Company:</p>
        <ul style="padding-left: 0pt;" type="disc">
            <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 880,400 common shares for gross proceeds of $1,180 pursuant to the exercise of stock options.</li>
            <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 4,667 common shares valued at $13 as a bonus pursuant to an agreement with a consultant to the Company.</li>
            <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 225,750 common shares with a value of $183 pursuant to a restricted share unit plan with executives and management of the Company.</li>
            <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 114,785 common shares valued at $434 (US$375) related to the Olijarvi acquisition agreement (Note 9).</li>
            <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Issued 450,730 common shares for gross proceeds of $1,557 or $3.46 per share pursuant to a private placement as part of the Sprott loan facility (Note 14).</li>
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    </div>
    <div>
        <p style="text-align: justify;"><b>Stock Options</b></p>
        <p style="margin-bottom: 0pt; text-align: justify;">The Company adopted a stock option plan (the "Plan") pursuant to the policies of the TSX-V.&#160; The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time.&#160; The vesting terms are determined at the time of the grant, subject to the terms of the plan.</p>
        <p style="text-align: center;">Page 21</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>15. CAPITAL STOCK</b> (Continued)</p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, the change in stock options outstanding was as follows:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <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>Number</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>Weighted Average</b><br><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;">&#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;" colspan="1">Balance as at December 31, 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;">7,108,500</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;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2.33</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; padding-left: 10pt;">Granted</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,970,500</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;">2.55</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff; padding-left: 10pt;">Exercised</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">(1,045,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1.20</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; padding-left: 10pt;">Forfeited</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;">(17,500</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;">3.49</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;" colspan="1">Number of options outstanding as at September 30, 2022</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;">8,016,500</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2.53</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 following table summarizes information about the stock options which were outstanding and exercisable at September 30, 2022:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="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>Date Granted</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 Options</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>Exercisable</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>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; width: 18%; 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>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">July 10, 2018</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,289,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,289,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1.30</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">July 10, 2023</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">November 28, 2018</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">10,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">10,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1.57</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">November 28, 2023</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">December 14, 2018</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">1.42</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">December 14, 2023</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">June 6, 2019</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,375,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,375,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1.70</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">June 6, 2024</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">November 18, 2019</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">30,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">30,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1.80</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">November 18, 2024</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
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                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">60,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">60,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">2.22</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">January 21, 2025</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">April 22, 2020</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">2.50</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">April 22, 2025</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">June 10, 2020</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,444,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,444,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">2.62</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">June 10, 2025</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">October 5, 2020</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">24,000</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: 14%; text-align: right; background-color: #e6efff;">24,000</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: 14%; 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: 18%; text-align: right; background-color: #e6efff;">October 5, 2025</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">May 6, 2021</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">1,234,000</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: 14%; text-align: right;">1,234,000</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: 14%; text-align: right;">4.11</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: 18%; text-align: right;">May 6, 2026</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">May 12, 2021</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">15,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">15,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">4.28</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">May 12, 2026</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">June 21, 2021</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; text-align: right;">3.67</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">June 21, 2026</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">August 19, 2021</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">500,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">500,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">3.66</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">August 19, 2026</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">September 8, 2021</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">10,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">10,000</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">3.51</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">September 8, 2026</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">April 29, 2022*</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">1,854,500</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: 14%; text-align: right; background-color: #e6efff;">1,824,500</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: 14%; text-align: right; background-color: #e6efff;">2.56</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right; background-color: #e6efff;">April 29, 2027</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">July 5, 2022</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">100,000</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: 14%; text-align: right;">100,000</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: 14%; text-align: right;">2.45</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 18%; text-align: right;">July 5, 2027</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">July 20, 2022</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: 14%; text-align: right; background-color: #e6efff;">11,000</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">11,000</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">2.45</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: 18%; text-align: right; background-color: #e6efff;">July 20, 2027</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: 14%; 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: 14%; 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: 14%; 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: 18%; 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;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">8,016,500</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: 14%; text-align: right; background-color: #e6efff;">7,986,500</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: 14%; text-align: right; background-color: #e6efff;">&#160;</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: 18%; text-align: right; background-color: #e6efff;">&#160;</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; margin-top: 0pt;">* 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 2.89 years (December 31, 2021 - 2.73 years).</p>
        <p style="text-align: justify;"><b>Restricted share units</b></p>
        <p style="margin-bottom: 0pt; 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 RSUs are reserved for issuance under the plan and the number of shares&#160;issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date.</p>
        <div>
            <p style="text-align: center;">Page 22</p>
        </div>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>15. CAPITAL STOCK </b>(Continued)</p>
        <p style="text-align: justify;">The following table summarizes information about the RSUs which were outstanding at September 30, 2022:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Evaluation 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>
                <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>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Granted</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>Vested</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>
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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>September 30, 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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            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">December 31, 2021*</td>
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                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 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;">&#160;</td>
                <td style="vertical-align: bottom; width: 11%; 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: 11%; text-align: right; background-color: #e6efff;">(77,750</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: 11%; 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;" colspan="1">November 18, 2022</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 11%; 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: 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>
                <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;">7,000</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">December 31, 2022</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;">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: 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;">&#160;</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;">&#160;</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;">&#160;</td>
                <td style="vertical-align: bottom; width: 11%; 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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            <tr>
                <td style="vertical-align: bottom;" colspan="1">December 31, 2023</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 11%; text-align: right;">470,000</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: 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>
                <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;">470,000</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">December 31, 2024</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;">520,000</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#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;">520,000</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="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
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                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">1,219,500</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;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">520,000</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;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">(234,750</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">(77,750</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 11%; text-align: right;">1,427,000</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;">*Based on the achievement of performance as evaluated by the Compensation Committee, it was ascertained that 234,750 RSUs with an evaluation date of December 31, 2021 had vested based on preset performance criteria previously established on the grant date.</p>
        <p style="text-align: justify;"><b>Warrants</b></p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022, the change in warrants outstanding was as follows:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="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="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>Number</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>
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                <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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            <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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                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Balance as at December 31, 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;">3,399,280</td>
                <td style="vertical-align: 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;">3.98</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;">Issued</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;">3,812,121</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;">4.45</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; background-color: #e6efff;" colspan="1">Balance as at September 30, 2022</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;">7,211,401</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;">4.22</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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        <p style="text-align: justify;">The following table summarizes information about the warrants which were outstanding at September 30, 2022:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
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                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><b>Date Issued</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Number of Warrants</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Exercisable</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Exercise Price $</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Expiry Date</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; 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="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom;">&#160;</td>
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                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">148,082</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">148,082</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">3.50</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">November 7, 2022</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
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            <tr>
                <td style="vertical-align: bottom;" colspan="1">November 16, 2021</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">1,200</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">1,200</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">3.50</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">November 17, 2022</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">3,249,998</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">3,249,998</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">4.00</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">November 5, 2023</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">April 14, 2022</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%;">3,812,121</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%;">3,812,121</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%;">4.45</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%;">April 14, 2027</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;">Total</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">7,211,401</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">7,211,401</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
        </table>
        <p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">*Exercise price increases to $4.50 on November 5, 2022.</p>
        <p style="text-align: justify; margin-top: 0pt;">**Expired unexercised subsequent to September 30, 2022.</p>
        <p style="text-align: justify; margin-top: 0pt;"><b>Share-based Payments</b></p>
        <p style="text-align: justify;">During the nine months ended September 30, 2022 the Company recorded aggregate share-based payments of $3,884 (2021 - $4,651) as they relate to the fair value of stock options and RSU's vested, and RSU's settled in cash during the period. Share-based payments for the periods ended September 30, 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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Nine months ended September 30, 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>Royalty Generation <br>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;">1,242</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,034</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">2,276</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">RSU's vested</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,444</td>
                <td style="vertical-align: bottom; width: 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;">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;">1,576</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">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;">31</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;">31</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,717</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,166</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,883</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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Nine months ended September 30, 2021</b></td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#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>Royalty Generation <br>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;">1,753</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,510</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,263</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">RSUs vested</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,052</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,052</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">RSUs 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;">309</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">27</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">336</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,114</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,537</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;">4,651</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: center;">Page 23</p>
    </div>
    <hr style="page-break-after: always;" 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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>15. CAPITAL STOCK </b>(Continued)</p>
        <p style="text-align: justify;">The weighted average fair value of the stock options granted during the nine months ended September 30, 2022 was $1.16 (2021 - $1.81) per stock option.&#160; The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</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>September 30, 2021</b></td>
                <td style="text-align: right; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Risk free interest rate</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">2.76%</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">0.88%</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">Expected life (years)</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">5</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%;">5</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Expected volatility</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">48.7%</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
                <td style="text-align: right; vertical-align: bottom; width: 15%; background-color: #e6efff;">53.3%</td>
                <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">Dividend yield</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%;">0%</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%;">0%</td>
                <td style="text-align: left; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%;">&#160;</td>
            </tr>
        </table>
        <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">
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                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Nine months ended September 30, 2022</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Salary and fees</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>Total</b></td>
                <td style="border-top: 1.5pt solid #000000; text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
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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;">907</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">946</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,853</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;">604</td>
                <td style="vertical-align: bottom; width: 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;">873</td>
                <td style="vertical-align: bottom; width: 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;">1,477</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;">244</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;">244</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,755</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,819</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,574</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: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>Nine months ended September 30, 2021</b></td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%;">&#160;</td>
                <td style="text-align: right; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; white-space: nowrap;"><b>Salary and fees</b></td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; 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; width: 15%; white-space: nowrap;"><b>Share-based</b><br><b>Payments</b></td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; 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; width: 15%; white-space: nowrap;"><b>Total</b></td>
                <td style="text-align: left; border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; white-space: nowrap;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Management</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">858</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,141</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">1,999</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;" colspan="1">Outside directors&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">427</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">901</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">1,328</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;" colspan="1">Seabord Management Corp.*</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">156</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Total</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">1,441</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">2,042</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">3,483</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
        </table>
        <p style="text-align: justify; margin-top: 0pt;">*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 September 30, 2022 is $17 (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 September 30, 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;">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>ROYALTY AND OTHER PROPERTY INTERESTS</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>September 30, 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;">&#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;">49,181</td>
                <td style="vertical-align: 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;">8,763</td>
                <td style="vertical-align: bottom; width: 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;">3,313</td>
                <td style="vertical-align: bottom; width: 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;">1,781</td>
                <td style="vertical-align: bottom; width: 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>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">Sweden</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">438</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">438</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Finland</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">260</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">260</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">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;">75,655</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>
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        <p style="text-align: center;">&#160;<font style="text-align: center; font-size: 10pt;">Page 24</font></p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <div id="header_page_25">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>17. SEGMENTED INFORMATION</b> (Continued)</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
            <tr>
                <td style="border-top: 1.5pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: bottom;" colspan="1"><b>PROPERTY AND EQUIPMENT</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>September 30, 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;">&#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;">1,347</td>
                <td style="vertical-align: 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;">201</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">141</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;">Turkey</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">28</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;">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;">1,576</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">
            <tr>
                <td style="border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Three months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended</b></td>
                <td style="text-align: center; border-top: 1.5pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>ROYALTY REVENUE</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;">&#160;</td>
                <td style="text-align: center; border-bottom: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: center; 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;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">775</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">804</td>
                <td style="vertical-align: 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: 14%; text-align: right; background-color: #e6efff;">2,304</td>
                <td style="vertical-align: 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: 14%; text-align: right; background-color: #e6efff;">1,357</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Turkey</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">4,106</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; 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>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">4,395</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right;">79</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;">Sweden</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 14%; 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: 14%; 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: 14%; text-align: right; background-color: #e6efff;">184</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: 14%; text-align: right; background-color: #e6efff;">123</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: 14%; text-align: right;">4,881</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">883</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right;">6,883</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: 14%; text-align: right;">1,559</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; margin-top: 0pt;">The Company's depletion expense is related to properties located in the USA and in Turkey for the nine months ended September 30, 2022 and 2021.</p>
        <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 September 30, 2022, the Company had working capital of $42,619 (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 minerals, and foreign exchange rates on US dollar 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 nine months ended September 30, 2022, the Company re-negotiated the payment terms of the Sprott Credit Facility (Note 14).</p>
        <p style="text-align: justify;">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: 10.24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Level 3: inputs that are less observable, unobservable or where the observable data does not support the majority of the instruments' fair value.</p>
        <p style="text-align: justify;">As at September 30, 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">
            <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: 14%; text-align: right; background-color: #e6efff;">12,900</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">674</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 14%; 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: 14%; text-align: right; background-color: #e6efff;">13,574</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: 14%; 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: 14%; text-align: right;">5</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: 14%; 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: 14%; text-align: right;">5</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: 14%; text-align: right; background-color: #e6efff;">12,900</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;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; text-align: right; background-color: #e6efff;">679</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 14%; 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: 14%; text-align: right; background-color: #e6efff;">13,579</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="text-align: center;">&#160;Page 25</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <div id="header_page_26">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS </b>(Continued)</p>
        <div><br></div>
    </div>
    <div>
        <p style="text-align: justify;">The carrying value of cash and cash equivalents, restricted cash, current trade receivables and other assets, 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 trade receivables. This risk is minimized by holding a significant portion of the cash funds in Canadian banks. The Company's exposure with respect to its trade receivables is primarily related to royalty streams, recovery of royalty generation costs, and the sale of assets.</p>
        <p style="text-align: justify; background-color: #ffffff;"><b>Interest Rate Risk</b></p>
        <p style="text-align: justify; background-color: #ffffff;">The Company is exposed to interest rate risk because of fluctuating interest rates on cash and cash equivalents and restricted cash.&#160; Management believes the interest rate risk is low given the interest rate on the Sprott Credit Facility (Note 14) is fixed.</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 September 30, 2022 portfolio values, a 10% increase or decrease in effective market values would increase or decrease net shareholders' equity by approximately $1,358.</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 North America, Europe, Turkey, Latin America and Australia.&#160; The Company funds cash calls to its subsidiary companies outside of Canada in US dollars and a portion of its expenditures are also incurred in local currencies.</p>
        <p style="text-align: center;">&#160;<font style="text-align: center; font-size: 10pt;">Page 26</font></p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>18. RISK AND CAPITAL MANAGEMENT: FINANCIAL INSTRUMENTS</b> (Continued)</p>
        <p style="text-align: justify;">The exposure of the Company's cash and cash equivalents, restricted cash, trade receivables, accounts payable and accrued liabilities, advances from joint venture partners and loans payable to foreign exchange risk as at September 30, 2022 was as follows:</p>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
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                <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>
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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>
            </tr>
            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">Cash and cash equivalents</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">6,364</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Restricted cash</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">3,227</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;">Trade receivables</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">21,847</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Accounts payable and accrued liabilities</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 12%; text-align: right;">(416</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
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            <tr>
                <td style="vertical-align: bottom; background-color: #e6efff;">Advances from joint venture partners</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;">(2,206</td>
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            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Loans payable</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;">(40,033</td>
                <td style="border-bottom: 0.75pt solid #000000; 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;">Net exposure</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(11,217</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom;">Canadian dollar equivalent</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;">(15,411</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            </tr>
        </table>
        <p style="text-align: justify;">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 September 30, 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 $1,541 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>
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
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                <td style="border-top: 0.75pt solid #000000; vertical-align: bottom;">&#160;</td>
                <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">&#160;</td>
                <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;" colspan="4"><b>Nine months ended&#160;</b></td>
                <td style="text-align: center; border-top: 0.75pt solid #000000; vertical-align: bottom;" colspan="1">&#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>September 30, 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>September 30, 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="vertical-align: bottom; background-color: #e6efff;">Trade receivables and other 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;">(12,277</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">29</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="vertical-align: bottom;">Accounts payable and accrued liabilities</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right;">274</td>
                <td style="vertical-align: bottom; width: 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;">(1,486</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;">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;">(735</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;">(1,315</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;">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;">(12,738</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">(2,772</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">)</td>
            </tr>
        </table>
        <p style="text-align: justify;">During the nine months ended September 30, 2022 and 2021, the Company paid interest and income tax as follows:</p>
        <table style="border-collapse: collapse; font-size: 10pt; border-color: #000000; width: 100%;" border="0">
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000; white-space: nowrap;"><b>September 30, 2022</b></td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000; white-space: nowrap;">&#160;</td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000; white-space: nowrap;"><b>September 30, 2021</b></td>
                <td style="text-align: right; border-bottom: 0.75pt solid #000000; vertical-align: bottom; border-top: 1.5pt solid #000000;">&#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;">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;">3,495</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
                <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">-</td>
                <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom;">Income taxes paid</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 15%; text-align: right;">-</td>
                <td style="border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            </tr>
            <tr>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;">&#160;</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
                <td style="border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 15%; text-align: right; background-color: #e6efff;">3,495</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 significant non-cash investing and financing transactions during the nine months ended September 30, 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 $601 (2021 - $434) through share capital for the issuance of 211,795 (2021 - 114,785) 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: 10.24pt; text-indent: 0pt; display: inline-block;">&#160;</font>Reclass of $728 (2021 - $673) from reserves to share capital for options exercised;</p>
        <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">d)<font style="width: 9.71pt; text-indent: 0pt; display: inline-block;">&#160;</font>Recognized $1,677 (2021 - $Nil) for warrants issued in connection with a private placement;</p>
        <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify;">e)<font style="width: 9.99pt; text-indent: 0pt; display: inline-block;">&#160;</font>Issuance of $489 (2021 - $183) through share capital for the issuance of 164,063 (2021 - 225,750) common shares for settlement of previously vested RSUs; and</p>
        <p style="text-align: center;">Page 27</p>
    </div>
    <hr style="page-break-after: always;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0">
            <tr>
                <td style="width: 100%; border-bottom: 1.5pt solid #000000;">
                    <p><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 September 30, 2022</p>
                </td>
            </tr>
        </table>
    </div>
    <div>
        <p style="text-align: justify;"><b>19. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS </b>(Continued)</p>
        <p style="margin-left: 36pt; text-indent: -18pt; text-align: justify;">f)<font style="width: 11.42pt; text-indent: 0pt; display: inline-block;">&#160;</font>Adjusted non-current assets and liabilities for $13,171 (2021 - $45) related to cumulative translation adjustments ("CTA"), of which $3,875 (2021 - loss of $46) relates to CTA gain on royalty interest, $7,742 (2021 - $Nil) relates to CTA gain on investment in associates, $104 (2021 - $Nil) relates to a CTA loss on deferred tax liabilities, and $1,658 (2021 - $1) relates to CTA loss in the net assets of a subsidiary with a functional currency different from the presentation currency.</p>
    </div>
    <div>
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            <p style="text-align: center;">Page 28</p>
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    <title>EMX Royalty Corporation: Exhibit 99.2 - Filed by newsfilecorp.com</title>
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    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><img src="exhibit99-2x001.jpg" style="width: 441px;" height="73"></p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;">&#160;</p>
    <p style="margin-bottom: 0pt; text-align: center;"><b>EMX ROYALTY CORPORATION </b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></p>
    <p style="margin-top: 0pt; text-align: center;"><b>NINE MONTHS ENDED SEPTEMBER 30, 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 November 10, 2022. This MD&amp;A is intended to help the reader understand the consolidated financial statements and should be read in conjunction with the condensed consolidated interim financial statements of the Company for the nine months ended September 30, 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 265 properties in North America, Europe, Turkey, Latin America and Australia. The Company's portfolio is comprised of the following:</p>
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                <p style="margin-top: 0pt; margin-bottom: 0pt;"><b>Producing Royalties</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">5</p>
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                <p style="text-align: left; margin-top: 0pt; margin-bottom: 0pt;"><b>Advanced Royalties</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">9</p>
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                <p style="text-align: left;"><b>Exploration Royalties</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">152</p>
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                <p style="text-align: left;"><b>Royalty Generation Properties</b></p>
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                <p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">99</p>
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    <p style="text-align: left;">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 19-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 shareholders 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 September 30, 2022 ("Q3-2022")</b></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Revenue and other income for the three months ended September 30, 2022 was $9,338,000 which includes continuing royalty income from the Leeville, Gediktepe, and Balya royalty interests totaling $4,881,000. Other income of $4,113,000 relates to other property payments from partnered properties. Adjusted revenue and other income<a name="_ftnref1"></a><a style="text-decoration: none;" href="#_ftn1"><font style="color: #000000;"><sup>1</sup></font></a> was $12,105,000 which included $2,767,000 for the Company's share of royalty revenue from its 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;">After recovering $4,210,000 from partners, the Company's net royalty generation costs totaled $2,652,000.</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 $1,644,000. Impacting general and administrative costs, were higher investor relations costs for increased marketing and communications activities offset by a reduction in fees paid to consultants 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;">Share-based payments totaled $481,000 for the period compared to $1,206,000 in Q3-2021. The aggregate share-based payments relate mainly to the fair value of stock options and restricted share units ("RSUs") granted and 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 $1,579,000 associated with the Sprott Credit Facility.&#160; The Company had repaid in full the SSR VTB note (including interest) totaling $10,774,000 in the previous quarter.</li>
    </ul>
    <ul style="padding-left: 0pt; margin-bottom: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;">For the quarter, the Company had income from operations of $1,311,000 and a net loss of $16,346,000.</li>
    </ul>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">.</p>
    <ul style="padding-left: 0pt; margin-top: 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 September 30, 2022 included unrealized fair value losses on investments of $7,241,000, impairment charges of $7,130,000 primarily related to the Gediktepe royalty in Turkey, and foreign exchange adjustments of $518,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">As at September 30, 2022, the Company had unrestricted cash and cash equivalents of $14,297,000, investments and long-term investments valued at $19,877,000, and a loan payable of $54,961,000.</li>
    </ul>
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            <p style="text-align: justify; margin-top: 0px;"><a style="text-decoration: none;" href="#_ftnref1"><font style="color: #000000;"><sup>1</sup></font></a> 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 24 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>Appointment of Independent Director</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">In Q3-2022, EMX announced that Mr. Geoff Smith was appointed to the Board of Directors of the Company effective July 5, 2022. Mr. Smith brings to the board the benefit of 17 years of M&amp;A and corporate finance experience having advised on or financed many of the largest, most complex and innovative streaming transactions in the past 10 years.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Purchase of Royalty Portfolio from Nevada Exploration</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">In Q3-2022, EMX announced it had executed a purchase and sale agreement (the "Agreement") for a portfolio of royalties, with Pediment Gold LLC, a wholly owned subsidiary of Nevada Exploration Inc. ("NGE") (TSX-V: NGE) for US$500,000.&#160; The portfolio consists of a 2% net smelter return royalty ("NSR") on NGE's Nevada gold exploration portfolio covering &#126;62.5 square miles in Nevada and includes four district-scale land positions as well as certain other interests.&#160; In addition, if NGE options, farms out, or sells a project, beginning on the first anniversary of the third-party agreement, EMX will receive AARs of US$20,000 that escalate US$10,000 per year and are capped at US$50,000.&#160; NGE has the right to buy back half of EMX's 2% NSR by purchasing a 0.5% NSR interest for US$1,000,000 any time prior to the 7<sup>th</sup> anniversary of the Agreement and then, if the first NSR interest is purchased, purchasing the second 0.5% NSR interest any time prior to production for US$1,500,000.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Receipt of Initial Production Royalty Payments from Gediktepe</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">In Q3-2022, EMX announced the receipt of initial royalty production payments from its Gediktepe royalty property in western Turkey. EMX holds a 10% NSR on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S. ("Polimetal"), a private Turkish company. EMX has received payments for production from the months of June and July totaling US$1,842,452, inclusive of US$281,052 in Value Added Tax ("VAT") for which EMX has credits to recover. These represent the first royalty production payments received from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June.</p>
    <p style="text-align: justify;">The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July. The payment for June was pro-rated for the portion of the month's sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8th.</p>
    <p style="text-align: justify;">The Company has also taken an impairment in Q3-2022 against the carrying value of Gediktepe. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000. Please refer to the Company&#8217;s interim financial statements for the nine months ended September 30, 2022 for additional information.</p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Receipt of Initial Production Royalty Payments from Balya North</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">In Q3-2022, EMX announced the receipt of initial royalty production payments from its Balya North royalty property in western Turkey. EMX holds an uncapped 4% NSR royalty on metals production from Balya North, a newly commissioned lead-zinc-silver mine operated by Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;. ("Esan"), a private Turkish company.</p>
    <p style="text-align: justify;">In the first half of 2022, Esan's advancement of the Balya North asset consisted of mine development and opening of production headings and faces for exploitation in Q3 and Q4 of 2022. Production and processing of materials from Balya North in the first half of 2022 largely consisted of material stockpiled during the construction process. EMX received payments from the processing of this material totaling US$98,787, inclusive of US$15,069 in VAT. These royalty payments are from 30,223 tonnes of processed material averaging 1.68% lead, 1.34% zinc, and 39.9 g/t silver.</p>
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    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Receipt of Milestone Payment for the Parks-Salyer Royalty Property</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">Subsequent to Q3-2022, EMX received a US$3,000,000 milestone payment from Arizona Sonoran Copper Company, Inc. (TSX: ASCU) ("ASCU") for the Parks-Salyer royalty property (the "Royalty Property") in Arizona. The Royalty Property was held under a lease arrangement by EMX's wholly owned subsidiary Bronco Creek Exploration Inc. and was transferred to ASCU via Assignment and Royalty Agreements (the "Agreements") executed earlier this year. EMX's Royalty Property covers 158 acres of ASCU's Parks-Salyer copper project. The milestone payment results from ASCU's maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX's Royalty Property footprint. The Company also retains a 1.5% NSR covering the Royalty Property.</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 and Royalty Generation Updates</b></p>
    <p style="text-align: justify;">During Q3-2022, the Company's royalty generation business was active in North America, South America, Europe, Turkey, and Australia. The Company spent $6,862,000 and recovered $4,210,000 from partners. During the quarter the Company completed two new property agreements in Northern Europe and one new partnership in the US, and continued to grow the portfolio with new mineral property acquisitions.</p>
    <p style="text-align: justify;"><i><b>Highlights from Q3 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 one new royalty agreement on a copper project in Arizona, the advancement of ten partner-funded work programs, including five drill projects, the acquisition of four large royalty positions from Nevada Exploration covering key land positions in Nevada, and new generative work leading to the acquisition of a large (i.e., greater than 1950 hectares), prospective land position in the Silver Valley district in Idaho.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">US highlights also include Arizona Sonoran Copper Company's ("ASCU") announcement of a maiden resource at the Parks-Salyer deposit (see ASCU news release dated September 28, 2022) and key drill intercepts within the EMX royalty footprint which include 162 meters at 1.10% copper in drill hole ECP-084 and 68.3 meters at 2.24% copper in drill hole ECP-086 (true widths unknown) (see ASCU news release dated September 7, 2022). As noted earlier, subsequent to Q3-2022, EMX received a US$3,000,000 Milestone Payment from ASCU resulting from the announced resource exceeding 200 million pounds of contained copper within the royalty footprint (see EMX new release dated October 4, 2022).</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Canada, EMX continued its summer work programs to advance and delineate targets on available properties in the portfolio as partners conducted multiple field programs, including drill programs on optioned and EMX royalty properties. EMX received $63,000 in cash payments and $4,000 in share equity payments during the quarter.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">EMX's Latin American royalty portfolio advanced through field programs at Morros Blancos and Morros Colorado by Austral Gold Limited, Block 4 by Pampa Metals Corporation, and drill programs conducted by AbraSilver Resource Corp., Aftermath Silver Ltd, and GR Silver Mining Ltd.&#160; Q3 drill programs at San Marcial, as well as Diablillos and Berenguela continue to produce significant results that expand known resources and add new discoveries at nearby targets.&#160; Highlights at San Marcial include the discovery of a new silver zone by GR Silver with a 250 meter step out drill hole intersecting 101.6 meters at 308 g/t silver with multiple higher grade sub-intervals (true width unknown) (see GR Silver news release dated August 8, 2022).&#160; An updated resource estimation for San Marcial is scheduled for Q1-2023.</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;">As a subsequent event, AbraSilver announced an updated, open pit constrained mineral resource estimate for the Diablillos project's Oculto deposit reported as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au), as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone discovery.&#160;</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In Northern Europe the Company continued to expand its portfolio of projects, acquiring a gold-copper project in Sweden and a gold-cobalt project in Finland totaling nearly 20,000 hectares. Two Norwegian polymetallic projects were sold to Minco Silver in Q3 and eight partner funded projects advanced EMX royalty assets, including three drill programs. Overall, approximately US$2.3 million was spent by partners on EMX royalty properties in Northern Europe in Q3.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Drill results were announced at the Tomtebo Project in Sweden by District Metals in Q3. Highlights included 25.5 meters averaging 2.4% zinc, 2.05% lead and 65 ppm silver in drill hole TOM22-38 starting at 249 meters (true width unknown) (see District Metals news release dated August 17, 2022)<a name="_ftnref2"></a><a style="text-decoration: none;" href="#_ftn2"><font style="color: #000000;"><sup>1</sup></font></a>.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Drill programs were also completed in Norway at Playfair Mining's RKV project and at Norden Crown Metals's Burfjord project. Nineteen diamond drill holes totaling 1,107 meters were drilled at Playfair's RKV Project and 18 diamond drill holes totaling 3,500 meters were drilled at Burfjord.</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 advance its understanding of the newly discovered cobalt enriched manganese mineralization at its 100% owned Yarrol Project in Australia. Soil sampling grids continued to expand the footprint of cobalt-rich mineralization and preparations for an upcoming drill program commenced in Q3.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Work also proceeded in the Balkans and in Morocco, where multiple exploration license applications have been filed by the Company, and new areas are being assessed for further acquisitions.</li>
    </ul>
    <p style="text-align: justify;"><b>Financing Updates</b></p>
    <p style="margin-bottom: 0pt; text-align: justify;"><i><b>Exercise of Stock Options granted by EMX</b></i></p>
    <p style="margin-top: 0pt; text-align: justify;">Ending Q3-2022, 1,045,000 stock options were exercised at $1.20 per share pursuant to the Company's Stock Option Plan, which generated proceeds of $1,254,000 to EMX.</p>
    <p style="text-align: justify;"><b>Investment Updates</b></p>
    <p style="text-align: justify;">As at September 30, 2022, the Company had investments totaling $19,877,000 which included $13,651,000 in various public and private entities, and $6,226,000 in non-current investments. The Company will continue to generate cash flow by selling certain of its investments when appropriate.</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;">Between 2020 and 2022, EMX acquired 5,412,702 shares of Premium Nickel Resources Corporation, a private company with nickel-copper-cobalt assets in Botswana. On April 26, 2022, PNR announced the execution of a definitive agreement for a reverse takeover transaction ("RTO") with North American Nickel Inc. (TSX:"NAN") to create a new reporting entity, Premium Nickel Resources Ltd ("PNRL"). PNRL began trading on the TSX Venture Exchange in Q3, having completed the RTO process with NAN. As a result of the RTO transaction, EMX's interests were converted to 5,704,987 shares of PNRL, which represents roughly 5% of the issued and outstanding shares of PNRL.</p>
    <p style="margin-bottom: 0pt; text-align: justify;">Subsequent to the listing transaction, PNRL announced initial results from its ongoing diamond drilling program at its 100% owned Selebi nickel-copper-cobalt project in Botswana (see PNRL news release dated August 17, 2022). Highlights included an intercept of 25.65 meters of 0.95% nickel, 2.03% copper and 0.04 % cobalt in drill hole SMD-22-001 starting at 1,374.5 meters (true width estimated to be 70-80% of drilled interval). This was the first hole drilled in the 2022 program, and on September 13, 2022, PNRL announced further intercepts from a wedge drilled off hole SMD-22-001 (hole SMD-22-001-W1) of 4.35 meters averaging 0.98% nickel, 1.61% copper and 0.02% cobalt starting at 1,363 meters and 12.55 meters of 0.39% nickel, 1.99% copper and 0.02% cobalt starting at 1,385.65 meters (true thicknesses estimated to be 70-80% of the drilled interval) (see PNRL news release dated September 13, 2022). Assay results from other holes are pending<a name="_ftnref3"></a><a style="text-decoration: none;" href="#_ftn3"><font style="color: #000000;"><sup>2</sup></font></a>.</p>
    <div id="ftn_page_6">
        <hr style="width: 33%; height: 1px; background-color: #000000; text-align: left; margin-left: 0px;">
        <div id="_ftn2">
            <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px;"><a style="text-decoration: none;" href="#_ftnref2"><font style="color: #000000;"><sup>1</sup></font></a> EMX has not done independent and sufficient to work verify the drill results as published by District Metals, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.</p>
        </div>
        <div id="_ftn3">
            <p style="text-align: justify; margin-top: 0px;"><a style="text-decoration: none;" href="#_ftnref3"><font style="color: #000000;"><sup>2</sup></font></a> EMX has not done independent and sufficient to work verify the drill results as published by Premium Nickel Resources Ltd, and these results should not be relied upon until they are confirmed. However, EMX believes these results to be reliable and relevant.</p>
        </div>
    </div>
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    <p style="text-align: justify;"><b>OUTLOOK</b></p>
    <p style="text-align: justify;">This year will see an increase in revenue and other income coming from our cash flowing royalties, including Leeville in Nevada, Gediktepe and Balya in Turkey, potentially Timok in Serbia (pending conclusion of the royalty rate discussions with Zijin), and our effective royalty interest on Caserones in Chile. 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 portfolio. As a royalty holder, the Company has limited, if any, access to information on properties for which it holds royalties. Accordingly, the Company has not, and does not anticipate that it will have the ability to, provide guidance or outlook as to future production.</p>
    <p style="text-align: justify;">So far in 2022, EMX has acquired an additional (effective) 0.3155% royalty interest on Caserones, completed a $12,580,000 (US $10,000,000) private placement with Franco-Nevada, made a strategic investment in PNR, and repaid in full the vendor take back note issued to SSR Mining Inc.</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 its 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 and pursue 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 265 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 that cover 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 flow.</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>
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    <p style="text-align: justify;"><b>Producing Royalties</b></p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; white-space: nowrap;"><b>Asset</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; white-space: nowrap;"><b>Location</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Operator</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Commodity</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"><b>Stage</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; white-space: nowrap;"><b>Royalty Interest</b></td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Caserones</td>
            <td style="width: 7%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Chile</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">JX Nippon Mining &amp; Metals</td>
            <td style="width: 14%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Copper (Molybdenum)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Producing</td>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Effective 0.7335% NSR</td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Timok</td>
            <td style="width: 7%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Serbia</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Zijin Mining Group Co, Ltd.</td>
            <td style="width: 14%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Producing</td>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">0.5% NSR</td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Leeville</td>
            <td style="width: 7%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">USA</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Nevada Gold Mines LLC</td>
            <td style="width: 14%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Producing</td>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">1.0% GSR</td>
        </tr>
        <tr>
            <td style="width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Gediktepe</td>
            <td style="width: 7%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Turkey</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Lidya Madencilik Anayi ve Ticaret A.S.</td>
            <td style="width: 14%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border: 0.75pt solid #000000; text-align: justify;">Gold, Polymetallic</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; vertical-align: middle;">Producing - Oxide phase</td>
            <td style="border-left: 0.75pt solid #000000; width: 20%; vertical-align: middle; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">10% NSR on oxide zone and 2% NSR on sulfide zone</td>
        </tr>
        <tr>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #000000; border-right: 0.75pt solid #000000; text-align: justify;">Balya</td>
            <td style="width: 7%; vertical-align: middle; border-left: 0.75pt solid #000000; padding-right: 4pt; border-right: 0.75pt solid #000000; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Turkey</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; vertical-align: middle;">Esan Eczaciba&#351;i End&#252;striyel Hammaddeler San. ve Tic. A.&#350;.</td>
            <td style="width: 14%; vertical-align: middle; border-left: 0.75pt solid #000000; padding-right: 4pt; border-right: 0.75pt solid #000000; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: justify;">Zinc-Lead-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; vertical-align: middle;">Development - initial production</td>
            <td style="width: 20%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: justify;">4.0% NSR</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 ("MLCC"), which is 100% indirectly owned by JX Nippon Mining &amp; Metals Corporation ("JX Nippon"), who is listed on the Tokyo Stock Exchange. 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 2021 the mine produced 94,846 tonnes of fine copper in concentrate, 2,287 tonnes of fine molybdenum in concentrate, and 14,829 tonnes of fine copper in cathodes (see MLCC's 2021 Annual Report, dated May 30, 2022).&#160; EMX holds an effective 0.7335 % NSR royalty covering the Caserones open pit mine as well as other nearby exploration targets.&#160;</p>
    <p style="text-align: justify;">In Q3-2022, EMX received a dividend payment of approximately US$1,868,000. This effective royalty payment was based upon second quarter (i.e., April-June, 2022) copper and molybdenum production.</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 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 Q3-2022 as both companies have agreed to work toward an updated royalty agreement document, which is anticipated to be completed in Q4.</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, 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>
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    <p style="text-align: justify;">Leeville royalty provisional payments to EMX totaled approximately US$611,400 during Q3-2022. Royalty production totaled 358 troy ounces of gold that were principally sourced from Four Corners (45%), West Leeville (32%), Monarch (11%), Carlin East (12%), and other operations (&lt; 1%).</p>
    <p style="text-align: justify;"><i><b>Gediktepe, Turkey</b></i> - The Gediktepe VMS deposit is located in western Turkey. 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 Q3-2022, and EMX received an initial production royalty payment of US$1,842,452 inclusive of US$281,052 in VAT. This payment was for production covering the months of June and July, 2022. EMX anticipates receiving regular production royalty payments from Gediktepe on an ongoing basis.</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 production continued to ramp up in Q3-2022 as mine construction was completed and regular production shipments are now being made. EMX received its initial production royalty payment from the Balya North Mine in Q3, which covered the limited production that took place during mine development. EMX expects to now receive quarterly production royalty payments on an ongoing basis.</p>
    <p style="text-align: justify;"><b>Advanced Royalty Projects</b></p>
    <table style="border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 14%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Asset</b></td>
            <td style="border-left: 0.75pt solid #000000; width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap;"><b>Location</b></td>
            <td style="border-left: 0.75pt solid #000000; width: 18%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap;"><b>Operator</b></td>
            <td style="border-left: 0.75pt solid #000000; width: 11%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap;"><b>Commodity</b></td>
            <td style="border-left: 0.75pt solid #000000; width: 26%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap;"><b>Stage</b></td>
            <td style="width: 16%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>Royalty Interest</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold Bar South</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Nevada</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">McEwen Mining Inc.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Diablillos</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Argentina</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">AbraSilver Resource Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">PEA</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Berenguela</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Peru</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Aftermath Silver Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Copper-Silver-Manganese-Zinc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Resource - Advancing PFS</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1% -1.25% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Challacollo</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Chile</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Aftermath Silver Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Resource Development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">2% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Yenipazar</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Turkey</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Virtus Madencilik</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Feasibility</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">6% -10% NPI</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Akarca</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Turkey</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">&#199;iftay &#304;n&#351;aat Taahh&#252;t ve Ticaret A.&#350;.</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Resource Development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1%-3% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Sisorta</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Turkey</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Bahar Madencilik Sinayi ve Ticaret Ltd Sti</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Feasibility</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">3.5%-5% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Viscaria</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Sweden</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Copperstone Resources AB</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Copper-Iron</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Resource Development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.5% to 1% NSR</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">Kaukua</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">Finland</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">Palladium One Mining Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">PGE-Nickel-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">Resource Development</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; vertical-align: middle; padding-left: 4pt; padding-right: 4pt;">2% NSR</td>
        </tr>
    </table>
    <br>
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        <p style="text-align: center;">Page <b>9</b> of <b>24</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_10"></a>
    <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 stated "the Gold Bar Mine progressed the development of the Gold Bar South deposit which is expected to contribute to lower cost production later this year and through 2023" (See McEwen news release dated August 11, 2022).</p>
    <p style="text-align: justify;"><i><b>Diablillos, Argentina - </b></i>EMX's Diablillos 1% NSR royalty was acquired as part of the SSR royalty portfolio transaction in 2021. 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 deposit advanced to the PEA stage of assessment.</p>
    <p style="text-align: justify;">During the quarter AbraSilver reported drill results from the Phase II program and ongoing phase III drill program that included several of the highest grade and thickest intercepts recorded to date. These results include 26 meters at 2,358 g/t Ag and 0.36 g/t Au starting at 131.5 m in DDH 22-015, 155 meters at 185 g/t silver and 1.48 g/t gold starting at 71 meters in DDH-22-037, and 127 meters at 506 g/t silver and 1.99 g/t gold starting at 122 meters in DDH-22-045 (true widths estimated as approximately 80% of the interval lengths) (see AbraSilver news releases dated July 25, August 22, and September 29, 2022).&#160; In addition, AbraSilver reported the discovery of the Southwest Zone, a new, near surface zone of mineralization that included an intercept from drill hole DDH-22-019 of 87 meters at 346 g/t silver and 0.15 g/t gold from 89 meters that expands the know mineralized footprint approximately 500 meters to the southwest of the known resource area (true width estimated as approximately 80% of the interval length) (see AbraSilver news release dated August 3, 2022).&#160;</p>
    <p style="text-align: justify;">As a subsequent event, AbraSilver announced an updated, open pit constrained<a name="_ftnref4"></a><a style="text-decoration: none;" href="#_ftn4"><font style="color: #000000;"><sup>1</sup></font></a> mineral resource estimate for the Diablillos project's Oculto deposit reported at a 35 g/t silver equivalent<a name="_ftnref5"></a><a style="text-decoration: none;" href="#_ftn5"><font style="color: #000000;"><sup>2</sup></font></a> cutoff as measured and indicated of 51.3 Mtonnes averaging 66 g/t silver (109 Moz contained Ag) and 0.79 g/t gold (1.3 Moz contained Au)<a name="_ftnref6"></a><a style="text-decoration: none;" href="#_ftn6"><font style="color: #000000;"><sup>3</sup></font></a>, as well as inferred of 2.2 Mtonnes averaging 30 g/t silver (2.1 Moz contained Ag) and 0.51 g/t gold (37 Koz contained Au) (see AbraSilver news release dated November 3, 2022). The updated resource was based upon drilling through Phase II, and included oxide and transition material. The ongoing Phase III drill program is focused on the near surface, high-grade Southwest Zone, which according to AbraSilver, "has the potential for substantial growth in silver resources, as the new zone displays potential for district-scale, high-grade, near-surface, silver mineralization". AbraSilver expects a maiden mineral resource estimate for the Southwest Zone in the first half of 2023.</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 final assay results from its 6,168 meter, 63 drill hole program which included highlights of 72 meters at 1.2% copper and 65 g/t silver from 19.2 meters in drill hole AFD-060 and 23.3 meters at 0.56% copper and 247 g/t silver from 57.6 meters in drill hole AFD-063 (intercepts are approximate true widths) (see Aftermath news release dated August 31, 2022).&#160; The completed program extends mineralization to approximately 1,300 meters along strike with a varying width of 200 to 400 meters.&#160; Release of an update NI-43-101 mineral resource estimate is planned for Q4, 2022.</p>
    <div id="ftn_page_10">
        <hr style="width: 33%; height: 1px; background-color: #000000; text-align: left; margin-left: 0px;">
        <div id="_ftn4">
            <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px;"><a style="text-decoration: none;" href="#_ftnref4"><font style="color: #000000;"><sup>1</sup></font></a> The constraining open pit optimization parameters used were $3.00/t mining cost, $24.45/t processing cost, $2.90/t G&amp;A cost, and average 54-degree open pit slopes. Metal prices and recoveries used are as described below.</p>
        </div>
        <div id="_ftn5">
            <p style="text-align: justify; margin-top: 0px; margin-bottom: 0px;"><a style="text-decoration: none;" href="#_ftnref5"><font style="color: #000000;"><sup>2</sup></font></a> AgEq calculated using a) metal prices (in USD) of 25/oz Ag and $1750/oz Au, and b) recoveries of 73.5% for Ag and 86% for Au.</p>
        </div>
        <div id="_ftn6">
            <p style="text-align: justify; margin-top: 0px;"><a style="text-decoration: none;" href="#_ftnref6"><font style="color: #000000;"><sup>3</sup></font></a> Measured resources of 19.3 Mtonnes @ 98 g/t Ag and 0.88 g/t Au and Indicated resources of 32.0 Mtonnes @ 47 g/t Ag and 0.73 g/t Au.</p>
        </div>
    </div>
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        <p style="text-align: center;">Page <b>10</b> of <b>24</b></p>
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    <p style="text-align: justify;"><i><b>Challacollo, Chile</b></i> - Challacollo is a resource stage low-sulphidation epithermal deposit located in Chile's northernmost Region I. The project operator, Aftermath, has earned 100% project interest per a binding agreement with Mandalay Resources Corporation (TSX: MND). EMX's interest in the Challacollo project was acquired in 2021 as part of the SSR royalty portfolio transaction. 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. The project hosts historical open pit and underground constrained silver-gold resources. During the quarter, Aftermath announced it had completed the acquisition of the project from Mandalay Resources through cash and equity payments (see Aftermath news release dated August 11, 2022 and September 22, 2022).</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 a 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. Since acquiring the royalty, EMX has maintained contact with Virtus and received updates on the status of 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.</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"). 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>
    <p style="text-align: justify;">Copperstone filed an environmental permit application for its planned mining operation in March 2022 (see Copperstone news release dated March 29, 2022), and has since submitted supplemental information to the Land and Environmental Court. Copperstone also hired a new CEO and group president in Q3 as they await the decision on their environmental permit application.</p>
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    <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 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 with multiple centers of drill defined mineralization. EMX's royalty covers the Kaukua and newly defined Murtolampi PGE-Ni-Cu deposits. Earlier in 2022 Palladium One announced an updated NI43-101 Mineral Resource Estimate ("MRE") for the Kaukua and Murtolampi deposits (see Palladium One news release dated April 25, 2022). There were no new announcements regarding Kaukua and Murtolampi in Q3:</p>
    <table style="width: 100%; border-collapse: collapse; border: 0.75pt solid #000000; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; white-space: nowrap; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #bfbfbf;">&#160;</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Tonnes (Mt)</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Pd g/t</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Pt g/t</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Au g/t</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Cu %</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Ni %</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; white-space: nowrap; border-bottom: 0.75pt solid #bfbfbf;">Co g/t</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #bfbfbf; background-color: #e6efff;"><b>Indicated</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #bfbfbf;">Kaukua Area</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">38.2</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">0.61</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">0.22</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">0.07</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">0.13</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">0.11</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border-bottom: 0.75pt solid #bfbfbf;">64.56</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #bfbfbf; background-color: #e6efff;"><b>Inferred</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-top: 0.75pt solid #bfbfbf; border-bottom: 0.75pt solid #bfbfbf; text-align: center; background-color: #e6efff;"><b>&#160;</b></td>
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            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; background-color: #e6efff;">&#160;</td>
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            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center;">&#160;</td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center;">&#160;</td>
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    <p style="text-align: justify;"><i>MRE Notes:</i></p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;"><i>CIM (2014) definitions were followed for Mineral Resources.</i></li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;"><i>The Mineral Resources have been reported above a preliminary open pit constraining surface using a Net Smelter Return (NSR) pit discard cut-off of US$12.5/t (which for comparison purposes equates to an approximately 0.65 g/t Palladium Equivalent in-situ cut-off, based on metal prices only).</i></li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;"><i>The NSR used for reporting is based on the following:</i>
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                <li style="margin-left: 13.1pt; padding-left: 7.6pt; text-align: justify;"><i>Long term metal prices of US$ 1,700/oz Pd, US$ 1,100/oz Pt, US$ 1,800/oz Au, US$ 4.25/lb Cu, US$ 8.50/lb Ni and US$ 25/lb Co.</i></li>
                <li style="margin-left: 13.1pt; padding-left: 7.6pt; text-align: justify;"><i>Variable metallurgical recoveries for each metal were used at Kaukua and Murtolampi.</i></li>
                <li style="margin-left: 13.1pt; padding-left: 7.6pt; text-align: justify;"><i>Commercial terms for a Cu and Ni concentrate based on indicative quotations from smelters.</i></li>
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        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;"><i>Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.</i></li>
        <li style="margin-left: 27.14pt; text-align: justify; padding-left: 8.86pt;"><i>The MRE was prepared for Palladium One under the supervision of Mr. Sean Horan, P.Geo., Technical Manager of Geology at SLR Consulting Ltd. Mr. Horan is an Independent Qualified Person as defined by NI 43-101.The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.</i></li>
    </ul>
    <p style="text-align: justify;"><b>Exploration Royalty &amp; Royalty Generation Projects</b></p>
    <p style="text-align: justify;">The Company has 152 exploration stage royalties and 99 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.</p>
    <div id="footer_page_12">
        <p style="text-align: center;">Page <b>12</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_13"></a>
    <p style="text-align: justify;">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;">&#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: 10%; text-align: right; background-color: #e6efff;">26</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">12</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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>
            <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">13</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: 10%; text-align: right;">44</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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: 10%; text-align: right;">17</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; text-align: right;">18</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>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; 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>
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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: 10%; 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: 10%; 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: 10%; text-align: right; background-color: #e6efff;">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: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right;">7</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; text-align: right;">12</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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: 10%; 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: 10%; text-align: right; background-color: #e6efff;">1</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: 10%; 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: 10%; 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: 10%; 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;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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: 10%; 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: 10%; 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: 10%; 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: 10%; text-align: right; background-color: #e6efff;">8</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">10</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 10%; 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: 10%; text-align: right; background-color: #e6efff;">7</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
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            <td style="vertical-align: bottom; width: 10%; text-align: right; background-color: #e6efff;">-</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="text-align: right; vertical-align: bottom; width: 10%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">45</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>
    <p style="text-align: justify;"><b>RESULTS OF OPERATIONS</b></p>
    <p style="text-align: justify;"><u>Three Months ended September 30, 2022</u></p>
    <p style="text-align: justify;">The net loss for the three month period ended September 30, 2022 (&#8220;Q3-2022&#8221;) was $16,346,000 compared to a net loss of $10,866,000 for the comparative period (&#8220;Q3-2021").&#160; The net loss for Q3-2022 was made up of revenues and other income of $9,338,000 (Q3-2021 - $1,504,000), costs and expenses totaling $8,027,000 (Q3-2021 - $5,862,000) and losses from other items including tax adjustments totaling $17,657,000 (Q3-2021 &#8211; $6,508,000). Significant components of other items include a loss on revaluation of investments of $7,241,000 (Q3-2021 &#8211; $3,731,000), equity loss from the Company's investments in associated entities of $389,000 (Q3-2021 &#8211; income of $1,138,000), loss on sale of marketable securities of $97,000 (Q3-2021 &#8211; $Nil), finance expenses and other totaling $1,579,000 (Q3-2021 &#8211; $1,038,000), impairment charges of $7,130,000 (2021 - $4,178), and foreign exchange adjustments of $518,000 (Q3-2021 - $1,301,000).</p>
    <p style="text-align: justify;"><i><b>Revenues and other income</b></i></p>
    <p style="text-align: justify;">The Company earns various sources of revenue and other income including royalty revenue, option revenue earned from mineral property agreements including operator fees on managed projects, gains related to the sale of mineral properties, sale of marketable securities, interest, and dividend income.&#160;</p>
    <div id="footer_page_13">
        <p style="text-align: center;">Page <b>13</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_14"></a>
    <p style="text-align: justify;">During the three months ended September 30, 2022 and 2021, the Company had the following sources of revenues and other income:</p>
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        <tr>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">4,881</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">344</td>
            <td style="vertical-align: bottom; width: 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;">368</td>
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            <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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">4,113</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">253</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">9,338</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">1,504</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">12,105</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">3,160</td>
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    <p style="text-align: justify;">In Q3-2022, the Company earned $4,881,000 (Q3-2021 - $883,000) of royalty revenue. Royalty revenue for the three months ended September 30, 2022 included a) $993,000 (Q3-2021 - $804,000) earned from gold production from the Leeville royalty interest b) $4,000,149 (Q3-2021 - $Nil) earned from gold and silver production from the Gediktepe royalty interest c) $107,366 (Q3-2021 - $Nil) earned from zinc-lead-silver production from the Balya royalty interest, and d) other pre-production amounts received including AMRs on various properties.&#160; The Q3-2022 increase compared to the three months ended September 30, 2021 was mainly the result of the new sources of royalty payments from Gediktepe and Balya. Royalty revenue was offset by depletion of $3,198,000 (Q3-2021 - $883,000) and included in costs and expenses. The increase in depletion was mainly due to royalty revenue being earned from the Gediktepe royalty starting in Q3-2022.</p>
    <p style="text-align: justify;">Adjusted revenue and other income<sup>1</sup> brings into revenues and other income, $2,767,000 (Q3-2021 - $1,656,000) from the Company's share of revenue from its effective royalty interest in the Caserones mine.</p>
    <p style="text-align: justify;">Net royalty income from the Leeville, Gediktepe, Balya, and Caserones royalties will fluctuate as result of a combination of changes in production activities, 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. 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&#8217;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 are included in option and other property income. For the three months ended September 30, 2022, included in option and other property income was $149,000 (Q3-2021 - $Nil) related to the fair value of share equity payments received, as well as staged cash payments received or accrued of $3,964,000 (Q3-2021 - $219,000) which included the US$3,000,000 milestone payment earned on the Parks Salyer option agreement.</p>
    <p style="text-align: justify;"><i><b>Cost and Expenses</b></i></p>
    <p style="text-align: justify;">Costs and expenses are comprised of expenditures incurred by the Company to carry out the royalty generation operations and the advancement of projects, as well as marketing and communications.</p>
    <p style="text-align: justify; margin-bottom: 0pt;">___________________________</p>
    <p style="text-align: justify; margin-top: 0pt;"><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 24 of this MD&amp;A for more information on each non-IFRS financial measure.</p>
    <div id="footer_page_14">
        <p style="text-align: center;">Page <b>14</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_15"></a>
    <p style="text-align: justify;">Included in these costs is general and administrative costs for the three months ended September 30, 2022 and 2021 comprised of the following:&#160;</p>
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            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right;"><b>Three months ended</b></td>
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            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>&#160;</b></td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">526</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;">774</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">527</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">260</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">193</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">Transfer agent and filing fees</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">15</td>
            <td style="vertical-align: bottom; width: 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;">39</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;" colspan="1">Administrative and office</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">251</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #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;">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;">Travel</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">65</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">12</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">1,644</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">1,807</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
    </table>
    <p style="text-align: justify;">General and administrative expenses ("G&amp;A") of $1,644,000 were incurred for the three months ended September 30, 2022 compared to $1,807,000 in Q3-2021. General and administrative expenditures will fluctuate from period to period depending on the level of activity and deal flow. Some of the changes in Q3-2022 compared to Q3-2021 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, consultants and benefits decreased in Q3-2022 by $248,000 as a result of reduced operating activities and consulting due diligence work compared to Q3-2021.</li>
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">Investor relations increased by $67,000 in Q3-2022 compared to Q3-2021 due to increased 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 company-wide 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 over the prior year's comparative period, going from $2,090,000 in Q3-2021 to $2,652,000 in Q3-2022. This was the result of an increase in expenditures of $2,980,000 in Q3-2022 compared to Q3-2021, offset by an increase in recoveries from partners by $2,418,000 in Q3-2022 compared to Q3-2021. The increase in expenditures and recoveries was predominately attributable to drilling activities incurred by the Company's wholly owned subsidiary Scout Drilling on partnered projects. As such, recoveries were expected to increase consistent with the increased drilling costs. Royalty generation costs and recoveries from partners vary from period to period depending on the level of activity incurred and comparison between periods does not accurately reflect the activity with the Company. See the highlights, royalty and project review sections for current activities.</p>
    <p style="text-align: justify;"><i><b>Share-based Payments</b></i></p>
    <p style="text-align: justify;">In Q3-2022 the Company recorded a total of $481,000 in share-based payments compared to $1,206,000 in Q2-2022. The aggregate share-based payments relate mainly to the fair value of restricted share units and stock options vesting 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 September 30, 2022, the Company had an unrealized loss of $7,241,000 (Q3-2021 - $3,731,000) related to the fair value adjustments of investments, and a realized loss of $97,000 (Q3-2021 - $Nil) for the sale of certain marketable securities held by the Company. The unrealized loss in the current period is attributed primarily to unrealized losses on the Company's investment in Premium Nickel Resources Ltd.</li>
    </ul>
    <div id="footer_page_15">
        <p style="text-align: center;">Page <b>15</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_16"></a>
    <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 September 30, 2022, the Company recognized an equity loss from investments in associates of $389,000 (Q3-2022 - income of $1,138,000). This related to the share of the Company's net loss derived in SLM California which holds the Caserones effective royalty interest. The loss in the current three month period was attributable to increased depletion.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">During Q3-2022, the Company recognized impairment charges of $7,130,000 (2021 - $4,178,000) which primarily related to Gediktepe royalty in Turkey. While assessing whether any indications of impairment exist, consideration is given to external and internal sources of information. While the operation has only been in production for less than year, review of the oxide operation to date, potential for delay of the sulfide circuit along with revisions to metal pricing and Turkish royalty rates, the Company has reduced the value of Gediktepe by $7,092,000.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">During Q3-2022, the Company recognized finance and other expenses of $1,579,000 (Q3-2021 - $1,038,000) which consisted of interest accrued on the Sprott Credit Facility.</li>
    </ul>
    <p style="text-align: justify;"><i><b>Taxes</b></i></p>
    <p style="text-align: justify;">During the three months ended September 30, 2022, the Company recorded a deferred income tax expense of $186,000 (Q3-2021 - $Nil) and a current income tax expense of $517,000 (Q3-2021 - $Nil).</p>
    <p style="text-align: justify;"><u>Nine months ended September 30, 2022</u></p>
    <p style="text-align: justify;">The net income for the nine months ended September 30, 2022 was $3,076,000 compared to a loss of $18,868,000 for the prior year's comparative period. The income for the current period was made up of revenues and other income of $20,505,000 (2021 - $7,057,000), costs and expenses totaling $22,336,000 (2021 - $16,102,000), and income from other items and tax of $4,907,000 (2021 - losses of $9,823,000).&#160;</p>
    <p style="text-align: justify;">Some significant items to note for the current period compared to the prior period not already discussed for the three month period above are as follows:</p>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In the current period, royalty income from Leeville was earned for 871 (2021 &#8211; 718) ounces of gold totaling $2,521,000 (2021 - $1,312,000) offset by gold tax and depletion of $2,091,000 (2021 - $1,251,000). Additionally, royalty income of $4,000,000 (2021 - $Nil) was earned from Gediktepe, offset by depletion of $2,683,000 (2021 - $Nil), and $107,000 (2021 - $Nil) from Balya.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">In the current period, the Company granted 1,970,500 stock options and 520,000 restricted shares units ("RSU"), as well as settled 234,750 RSUs from the 2018 RSU grant for aggregate share-based payments of $3,883,000 (2021 - $4,651,000) related to the fair value of stock options and RSUs vested during the period, the fair value of incentive stock grants, and the fair value of share-based compensation settled in cash.</li>
    </ul>
    <ul style="padding-left: 0pt;" type="disc">
        <li style="margin-left: 27.6pt; text-align: justify; padding-left: 8.4pt;">For the nine months ended September 30, 2022, the Company incurred a foreign exchange loss of $3,539,000 compared to a foreign exchange loss of $1,055,000 during the same period in 2021. This was primarily related to depreciation of the Turkish Lira against the value of the USD, combined with foreign exchange adjustments on the Company&#8217;s $US debt held in Canada.</li>
    </ul>
    <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>
    <div id="footer_page_16">
        <p style="text-align: center;">Page <b>16</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_17"></a>
    <p style="text-align: justify;">As at September 30, 2022, the Company had a working capital of $42,619,000 (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 minerals, 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>
    <p style="text-align: justify;"><b>Operating Activities</b></p>
    <p style="text-align: justify;">Cash provided by operating activities for the nine months ended September 30, 2022 was $16,512,000 (2021 &#8211; cash used of $11,408,000), and adjusted cash provided by operating activities<sup>1</sup> for the period was $22,617,000 (2021 &#8211; adjusted cash used of $10,199,000) and represents expenditures primarily on royalty generation and general and administrative expenses for both periods, offset by royalty income received in the period. Adjusted cash provided by operating activities is adjusted for $6,105,000 (2021 - $1,209,000) in royalty distributions 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 Monarch.</p>
    <p style="text-align: justify;"><b>Investing Activities</b></p>
    <p style="text-align: justify;">The total cash used in investing activities during the nine months ended September 30, 2022 was $27,378,000 compared to $49,389,000 for the period ended September 30, 2021. The cash used in the current period related primarily to the purchase of additional equity investments of $32,852,000 (2021 - $46,983,000) as well as net purchases of other fair value through profit and loss investments of $2,467,000 (2021 - $1,129,000), partially offset by dividends and distributions received of $6,105,000 (2021 - $1,140,000) and proceeds from repayment of loans receivable of $2,590,000 (2021 - $550,000).</p>
    <p style="text-align: justify;"><b>Financing Activities </b></p>
    <p style="text-align: justify;">The total cash used in financing activities for the nine months ended September 30, 2022 was $103,000 compared to cash provided by financing activities of $55,281,000 for the period ended September 30, 2021.&#160; The cash used in the current period primarily consisted of $13,816,000 in loan repayments (2021 - $Nil), offset by proceeds received from a private placement of $12,580,000 (2021 - $1,557,000), and the exercise of stock options for $1,254,000 (2021 - $1,180,000).</p>
    <p style="text-align: justify;"><b>OFF-BALANCE SHEET ARRANGEMENTS</b></p>
    <p style="text-align: justify;">As of the date of this MD&amp;A, the Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the results of operations or financial condition of the Company, including, and without limitation, such considerations as liquidity and capital resources.</p>
    <p style="text-align: justify; margin-bottom: 0pt;">___________________________</p>
    <p style="text-align: justify; margin-top: 0pt;"><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 24 of this MD&amp;A for more information on each non-IFRS financial measure.</p>
    <div id="footer_page_17">
        <p style="text-align: center;">Page <b>17</b> of <b>24</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_18"></a>
    <p style="text-align: justify;"><b>QUARTERLY INFORMATION</b></p>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;" colspan="12">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Fiscal quarter ended</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>September 30, 2022</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>June 30, 2022</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>March 31, 2022</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>December 31, 2021</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">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: 12%; text-align: right; background-color: #e6efff;">9,338</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">8,952</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,215</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,377</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Project and royalty generation costs</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(6,862</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(6,514</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(5,397</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(4,868</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">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: 12%; text-align: right; background-color: #e6efff;">4,210</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,570</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,695</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,440</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Share-based payments</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">481</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,610</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">626</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">565</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(16,346</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(4,125</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">23,547</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(10,881</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
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        <tr>
            <td style="vertical-align: bottom;">Basic earnings (loss) per share</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">(0.15</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.04</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">0.22</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.11</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Diluted earnings (loss) per share</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: 12%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.15</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.04</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">0.22</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.11</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
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    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;" colspan="12">In Thousands of Dollars, Except Per Share Amounts</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>Fiscal quarter ended&#160;</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>September 30, 2021</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>June 30, 2021</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>March 31, 2021</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><b>December 31, 2020</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,504</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">4,255</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,298</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">$</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,837</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Project and royalty generation costs</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(3,882</td>
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            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(5,378</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(4,027</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(3,672</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Recoveries from partners</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,792</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">1,689</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,740</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">2,350</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Share-based payments</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,206</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">1,366</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">542</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">454</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">Net income (loss) for the period</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(10,866</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(3,578</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(4,424</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; background-color: #e6efff;">(3,933</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom;">Basic earnings (loss) per share</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.13</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.04</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.05</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%;">(0.00</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Diluted earnings (loss) per share</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.13</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.04</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.05</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
            <td style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="text-align: right; vertical-align: bottom; width: 12%; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(0.00</td>
            <td style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 1.5pt solid #000000; 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>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;" border="0">
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">In Thousands of dollars</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;" colspan="1"><b>Nine months ended September 30, 2022</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;"><b>Salary and fees</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;"><b>Share-based</b><br><b>Payments</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; text-align: right; border-bottom: 0.75pt solid #000000;"><b>Total</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#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: 12%; text-align: right; background-color: #e6efff;">907</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">946</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,853</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
        </tr>
        <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: 12%; text-align: right;">604</td>
            <td style="vertical-align: bottom; width: 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;">873</td>
            <td style="vertical-align: bottom; width: 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;">1,477</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;" colspan="1">Seabord Management Corp.*</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">244</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">244</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Total</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">1,755</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">1,819</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">3,574</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">In Thousnds of dollars</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;" colspan="1"><b>Nine months ended September 30, 2021</b></td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">858</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">1,141</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;">1,999</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">427</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">901</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right;">1,328</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;" colspan="1">Seabord Management Corp.</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">156</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">-</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: 12%; text-align: right; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">156</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000; background-color: #e6efff;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;">Total</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">1,441</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">2,042</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000;">3,483</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#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 September 30, 2022 is $17,000 (December 31, 2021 - $3,000) 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 interim financial statements for the nine months ended September 30, 2022 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
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    <p style="text-align: justify;"><b>Accounting pronouncements not yet effective</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 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 interim financial statements for the nine months ended September 30, 2022 on <font style="color: #000000;"><u>www.sedar.com</u></font>.</p>
    <p style="text-align: justify;"><b>CRITICAL ACCOUNTING JUDGEMENTS AND SIGNIFICANT ESTIMATES AND UNCERTAINTIES</b></p>
    <p style="text-align: justify;">Please refer to the unaudited condensed consolidated interim financial statements for the nine months ended September 30, 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 year ended December 31, 2021: 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>
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    <p style="text-align: justify;"><b>CONTROLS AND PROCEDURES </b></p>
    <p style="text-align: justify;"><i>Disclosure Controls and Procedures</i></p>
    <p style="text-align: justify;">At the end of the period covered by this MD&amp;A, the Company carried out an evaluation, under the supervision of the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act).&#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>
    <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's internal control over financial reporting as of September 30, 2022, based on the criteria set forth in <i>Internal Control - Integrated Framework (2013)</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has concluded that EMX's internal control over financial reporting was effective as at September 30, 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>
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    <p style="text-align: justify;"><b>OUTSTANDING SHARE DATA</b></p>
    <p style="text-align: justify;">At November 10, 2022, the Company had 110,597,190 common shares issued and outstanding. There were also 7,981,500 stock options outstanding with expiry dates ranging from July 10, 2023 to July 20, 2027 and 7,063,319 warrants outstanding with expiry dates ranging from November 17, 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.&#160; These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, operating costs, cash flow estimates, production estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, completion of transactions, market prices for metals or other statements that are not statements of fact.&#160; These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.&#160; Statements concerning mineral resource estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered if the property is developed.</p>
    <p style="text-align: justify;">Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.</p>
    <p style="text-align: justify;">Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>the Company's ability to achieve production at any of its mineral properties;</p>
    <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>
    <p style="text-align: justify;">Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation:</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; text-indent: -18pt; text-align: justify; margin-bottom: 0pt;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>uncertainty of estimates of capital costs, operating costs, production and economic returns;</p>
    <p style="margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; margin-top: 0pt;">&#8226;<font style="width: 14.4pt; 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: 14.4pt; 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: 14.4pt; 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; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; 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>
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    <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>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: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>credit, liquidity, interest rate and currency risks;</p>
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    <p style="margin-top: 0pt; margin-left: 36pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;">&#8226;<font style="width: 14.4pt; text-indent: 0pt; display: inline-block;">&#160;</font>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: 14.4pt; 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>
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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>
    <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>
    <div id="footer_page_22">
        <p style="text-align: center;">Page <b>22</b> of <b>24</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: 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.&#160; U.S. investors are further cautioned not to assume that any part or all of a mineral resource in the Measured and Indicated categories will ever be converted into reserves.</p>
    <div id="footer_page_23">
        <p style="text-align: center;">Page <b>23</b> of <b>24</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_24"></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 Income (loss) for the period and cash flows from operations respectively.</p>
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    <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>
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        <tr>
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            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">&#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>
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            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000;">&#160;</td>
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            <td style="vertical-align: bottom;">&#160;</td>
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            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>September 30, 2022</b></td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;">&#160;</td>
            <td style="vertical-align: bottom; white-space: nowrap; border-bottom: 0.75pt solid #000000; text-align: right;"><b>September 30, 2021</b></td>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">&#160;</td>
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        <tr>
            <td style="vertical-align: bottom; background-color: #e6efff;">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;">16,512</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;">(11,408</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;">)</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;">Caserones royalty distributions</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">6,105</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 0.75pt solid #000000;">1,209</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 0.75pt solid #000000;">&#160;</td>
        </tr>
        <tr>
            <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">Adjusted</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">22,617</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">&#160;</td>
            <td style="vertical-align: bottom; width: 1%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">$</td>
            <td style="vertical-align: bottom; width: 12%; text-align: right; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">(10,199</td>
            <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 1.5pt solid #000000; background-color: #e6efff;">)</td>
        </tr>
    </table>
    <br>
    <div id="footer_page_24">
        <p style="text-align: center;">Page <b>24</b> of <b>24</b></p>
    </div>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_25"></a>
    <div id="header_page_25">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>PROPERTY</b></td>
            <td style="width: 15%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>OPERATOR</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="2"><b>Argentina</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Diablillos</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">AbraSilver Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>M18/Aguas Perdidas</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">AbraSilver Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Australia, New<br>South Wales</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Koonenberry</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; AAR payments (NQM)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">KNB &amp; Rockwell</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Australia, Queensland</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Queensland Gold</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Many Peaks Gold Pty Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="3"><b>Canada, British Columbia</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>E&amp;L Nickel Mountain</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Garibaldi Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Hunter 1-12</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Cassair Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Pyramid</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Norra Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Canada, Manitoba</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Tartan Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Satori Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; border-bottom: 0.75pt solid #000000;" rowspan="21"><b>Canada, Ontario</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Birch/Uchi multiple groups</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Angel Wing Metals Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Bruce Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Portofino</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Bruce Lake - Pakwash North</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Goldon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Cameron Lake East</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold Hunter Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Cameron Lake West</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">NorthBound Capital</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Dash Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Shafer Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Dixie Halo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.75% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">BTU Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Dixie 17-18-19 - Eastern Vision</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Ears Falls</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Confederation South - Dixie Lake2 </b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Confederation South - Dixie Lake 3</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Dent Jackson Manion</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Fairchild Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Fairchild Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Gerry Lake - Eastern Vision</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Jackson Manion</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Angel Wing Metals Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Kwai</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Golden Goliath</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Lang Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Cabin Bay North - Leo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Longlegged Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Silver Dollar Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Lucky 7</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Manitou Project</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_26"></a>
    <div id="header_page_26">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>PROPERTY</b></td>
            <td style="width: 15%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>OPERATOR</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center;" rowspan="18">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Maskootch</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>McDonough East</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Musk Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>McDonough</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Goldon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Pipestone</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Goldon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>McVicar Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Nabish Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">3.0% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Heritage Mining</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>North Pakwash</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Trillium Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Pakwash Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Silver Dollar Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Red Lake Gold 1</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">2.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Red Lake Gold - Gullrock Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.25% to 2.25% &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Red Lake Gold - Duchess</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.25% to 2.25% &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Red Lake Gold - Red Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.25% to 2.25% &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Red Lake Gold - Tilly</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">0.25% to 2.25% &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Sandy Pines/Fly Lake/Joy</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pistol Bay</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Shabu - Cross River</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Cross River Ventures</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Shabu - Mastadon - Taura Gold</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Mastadon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>South of Otter</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Portofino</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;"><b>Swain Lake</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Pacton Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 0.75pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-color: #000000; text-align: center;" rowspan="2"><b>Canada, Quebec</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Fernet</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1.0% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">QCX Gold Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Portage River</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Frontline Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-right: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="9"><b>Chile</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Arrieros</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Block 2</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Block 3</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Block 4</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Caserones</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.7335% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">JX Nippon</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;"><b>Producing Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Cerro Blanco</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Cerro Buenos Aires</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum-Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Challacollo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Aftermath Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Juncal and La Flora</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Austral Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_27"></a>
    <div id="header_page_27">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>PROPERTY</b></td>
            <td style="width: 15%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>OPERATOR</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="12">&#160;</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Kolla Kananchiari - Bronce Weste</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1% NSR precious metals, 0.5% NSR base metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Masglas America Corporation</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Las Animas</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Atacama Copper Exploration Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Limbo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Austral Gold Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Magallanes</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Austral Gold Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Morros Blancos</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Redono-Veronica</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Reprado</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Austral Gold Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>San Guillermo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Austral Gold Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>San Valentino</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Atacama Copper Exploration Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>T4</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Atacama Copper Exploration Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Victoria Norte</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver / Copper-Molybdenum</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Hochschild Mining PLC</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Victoria Sur</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Pampa Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="2"><b>Finland</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Kaukua</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">PGE-Nickel-Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Palladium One</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Oijarvi</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">1%/3% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="7"><b>Haiti</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Grand Bois</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Sono Global Holdings</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Grand Bois &amp; Surrounding Properties</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>La Miel</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>La Mine</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>North Central</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Northeast</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>Northwest</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Newmont Ventures Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Mexico, Durango</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>El Mogote</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Industrias Pe&#241;oles</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Mexico, Durango</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>San Agustin Sulfides</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Argonaut Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>Mexico, Sinaloa</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;"><b>San Marcial</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">0.75% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">Silver-Gold-Zinc-Lead</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt;">GR Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-left: 4pt; padding-right: 4pt; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_28"></a>
    <div id="header_page_28">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>PROPERTY</b></td>
            <td style="width: 15%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>COMMODITY</b></td>
            <td style="width: 12%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>OPERATOR</b></td>
            <td style="width: 12%; padding-right: 4pt; padding-left: 4pt; text-align: center; white-space: nowrap; border: 0.75pt solid #000000;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; border-bottom: 0.75pt solid #000000;" rowspan="15"><b>Norway</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Bamble</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt-PGE</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Martin Laboratories EMG Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Bleikvassli</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zinc-Lead-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Norra Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Burfjord</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Norden Crown Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Espedalen</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Kendric Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Flat</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt-PGE</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Martin Laboratories EMG Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Hosanger</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Kendric Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Kjoli</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Zinc-Lead</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Capella Minerals Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Lokken</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Zinc-Lead</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Capella Minerals Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Meraker</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Zinc-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Norra Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Mofjell - Mo-i-Rana</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR, AAR's &amp; equity interest</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Lead-Zinc-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Mahive Minerals AB</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Rostvangen</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Playfair Mining Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Sagvoll</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Minco Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Sigdal</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Kendric Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Sulitjelma</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zinc-Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Minco Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Vakkerlien</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Playfair Mining Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border: 0.75pt solid #000000;"><b>Peru</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Berenguela</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% - 1.25% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Silver-Manganese-Zinc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Aftermath Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="3"><b>Serbia</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Jasikovo East - Durlan Potok</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5% NSR<sup>S1</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zijin Mining</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Timok - (Brestovac West license</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.0% NSR on Au and Ag, 1% NSR other metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zijin Mining</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Timok - Cukaru Peki</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5% NSR<sup>S1</sup></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zijin Mining</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Producing Royalty</b></td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_29"></a>
    <div id="header_page_29">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>PROPERTY</b></td>
            <td style="width: 15%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>OPERATOR</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="19"><b>Sweden</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Blabarliden</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Faboliden Norra</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Capella Minerals Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Fiskeltrask</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Ni-Cu-Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bayrock Resources Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Gumsberg</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zinc-Lead-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Norden Crown Metals Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Kankberg Norra</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Kattisavan</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Klippen</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Kukasjarvi</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Ni-Cu-Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bayrock Resources Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Mjovattnet</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt-PGE</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Martin Laboratories EMG Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Njuggtraskliden</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Nickel-Copper-Cobalt-PGE</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Martin Laboratories EMG Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Nottrask</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Ni-Cu-Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bayrock Resources Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Paubacken</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Skogstrask</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Ni-Cu-Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bayrock Resources Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Solvik</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Storjuktan</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold Line Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Svardsjo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Zinc-Lead-Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">District Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Tomtebo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Zinc-Lead-Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">District Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Viscaria</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper (Iron)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copperstone Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Vuostok</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Ni-Cu-Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bayrock Resources Ltd</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="6"><b>Turkey</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Akarca</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">1-3% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">&#199;iftay</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Alankoy</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">2.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Copper-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Kar Mineral Madencilik</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Balya</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">4% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Zinc-Lead-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Esan</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Producing Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Gediktepe Oxide / Sulfide</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">10.0% NSR Oxide / 2.0% NSR Sulfide</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold-Silver / Copper-Zinc-Gold-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Lidya Madencilik</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Producing Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Sisorta</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">3.5-5%&#160; NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold (Copper)</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Bahar Madencilik</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>Yenipazar</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">6.0% - 10.0% NPI</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold-Silver-Zinc-Copper-Lead</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Virtus Mining/Trafigura</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="9"><b>USA, Alaska</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - West Pogo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - South Pogo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - Shaw</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - Eagle</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - LMS</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - Last Chance</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - East Pogo</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - Divide</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;"><b>64 North - Goodpaster - Chisna</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">0.5 - 1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;">Millrock Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-left: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
    </table>
    <br>
    <hr style="page-break-after: always; text-align: center;" width="100%" size="5" color="black" noshade="noshade"><a name="page_30"></a>
    <div id="header_page_30">
        <p style="text-align: center;"><b>Appendix A<br></b><b>List of Royalty Assets</b></p>
    </div>
    <br>
    <table style="width: 100%; border-collapse: collapse; font-size: 10pt;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="width: 13%; border-style: solid; border-width: 1pt 0.75pt 0.75pt 1pt; padding-right: 4pt; padding-left: 4pt; border-color: #000000; text-align: center; white-space: nowrap;"><b>LOCATION</b></td>
            <td style="width: 11%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>PROPERTY</b></td>
            <td style="width: 15%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>ROYALTY/PAYMENTS</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY<br>GROUP</b></td>
            <td style="width: 9%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>COMMODITY</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>OPERATOR</b></td>
            <td style="width: 12%; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; border-top: 0.75pt solid #000000; text-align: center; white-space: nowrap;"><b>STATUS</b></td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="9"><b>USA, Arizona</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Copper King</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.0% NSR, AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Kennecott Exploration Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Copper Springs</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% production and other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">South32</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Hardshell Skarn</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.0% NSR &amp; AMR Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper-Lead-Zinc-Silver</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">South32</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Jasper Canyon</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% production and other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">South32</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Malone</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% production and other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">South32</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Mesa Well</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% production and other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Intrepid Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Parks Salyer - Sacaton</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1.5% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Arizona Sonoran Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Red Top</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.5% NSR/AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Zacapa Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Superior West</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR, AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Kennecott Exploration Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; border-right: 0.75pt solid #000000; border-left: 0.75pt solid #000000; text-align: center; border-bottom: 0.75pt solid #000000;" rowspan="2"><b>&#160;</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Miller Mountain</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">3.5% NSR/AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Zacapa Resources</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Robber Gulch</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">3.25% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Ridgeline Exploration Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="width: 13%; padding-right: 4pt; padding-left: 4pt; vertical-align: middle; text-align: center; border: 0.75pt solid #000000;" rowspan="18"><b>USA, Nevada</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Awakening</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Exploration Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Bottle Creek</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Exploration Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Brooks</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">4% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Gold Mines</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Cathedral Well</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Ely Gold Royalties</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Gold Bar South - Afgan</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">McEwen Mining Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Advanced Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Grass Valley</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Exploration Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Kelly Creek</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Exploration Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Leeville</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1% GSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Gold Mines</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;"><b>Producing Royalty</b></td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Maggie Creek</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR on precious metals; 1% NSR on other metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Renaissance Gold Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Maggie Creek South</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">3% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Gold Mines</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>NP Placers</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">&gt; Of 50 cents/yd3 or 4% NSR &amp; AAR Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">New Gold Recovery</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Richmond Mountain</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">4% NSR, AAR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Stallion Gold Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Selena</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">3.25% production, AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Ridgeline Minerals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Silver Peak</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Silver-Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Millennium Silver Corp</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>South Grass Valley</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Nevada Exploration Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Speed Goat</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">4% NSR &amp; other payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Hochschild Mining PLC</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Swift</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">3.25% production, AMR &amp; Milestone Payments</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Ridgeline Minerals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Yerington West-Roulette</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">20% carried to feasibility or 2.5% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Hudbay Minerals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;"><b>USA, Oregon</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Golden Ibex</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">1% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Precious Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Gold</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Golden Ibex</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 13%; vertical-align: middle; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 4pt; padding-left: 4pt; text-align: center;" rowspan="2"><b>USA, Utah</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Copper Warrior</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Warrior Metals Inc</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</td>
        </tr>
        <tr>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;"><b>Ophir</b></td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">2.0% NSR</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Base Metals</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Copper</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000;">Kennecott Exploration Co</td>
            <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 4pt; padding-right: 4pt; border-bottom: 0.75pt solid #000000; border-left: 0.75pt solid #000000; border-right: 0.75pt solid #000000;">Exploration</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.</p>
    <hr width="100%" size="5" color="black" noshade="noshade">
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<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>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, David M. Cole, Chief Executive Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended <b>September 30, 2022.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2. <font style="width: 25pt; 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: 24.9pt; 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: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
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    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>July 1, 2022 and ended on September 30, 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: November 14, 2022<br><br></b></p>
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        </tr>
        <tr>
            <td style="width: 30%;">David M. Cole</td>
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        <tr>
            <td style="width: 30%;">President and Chief Executive Officer</td>
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    <br>
    <div id="footer_page_1">
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<DOCUMENT>
<TYPE>EX-99.4
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<html>

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

<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="margin-bottom: 0pt; text-align: center;"><b>Form 52-109F2</b></p>
    <p style="margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><b>Certification of Interim Filings</b></i></p>
    <p style="margin-top: 0pt; text-align: center;"><i><b>Full Certificate</b></i></p>
    <p style="text-align: justify;">I, Douglas Reed, Chief Financial Officer<i> </i>of EMX Royalty Corporation, certify the following:</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">1.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Review:</b></i><b> </b>I have reviewed the interim financial report and interim MD&amp;A (together, the "interim filings") of EMX Royalty Corporation (the "issuer") for the interim period ended <b>September 30, 2022.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">2.<font style="width: 28.5pt; 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: 24.9pt; 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: 24.34pt; text-indent: 0pt; display: inline-block;">&#160;</font>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.1<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Control framework:</b></i>&#160; The control framework the issuer's other certifying officer(s) and I used to design the issuer's ICFR is Internal Control Integrated Framework published by the Committee of Sponsoring Organizations of the Treadway Commission.<i><b> </b></i></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.2<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>ICFR - material weakness relating to design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">5.3<font style="width: 23.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Limitation on scope of design:</b></i> N/A</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;">6.<font style="width: 28.5pt; text-indent: 0pt; display: inline-block;">&#160;</font><i><b>Reporting changes in ICFR:</b></i><b> </b>The issuer has disclosed in its interim MD&amp;A any change in the issuer's ICFR that occurred during the period beginning on <b>July 1, 2022</b><i><b> </b></i><b>and ended on September 30, 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: November 14, 2022<br><br></b></p>
    <table style="font-size: 10pt; border-collapse: collapse; width: 30%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="border-bottom: 0.75pt solid #000000;"><i>/s/ Douglas Reed</i></td>
        </tr>
        <tr>
            <td>Douglas Reed</td>
        </tr>
        <tr>
            <td>Chief Financial Officer</td>
        </tr>
    </table>
    <br>
    <div id="footer_page_1">
        <p style="text-align: right;">1</p>
    </div>
    <hr width="100%" size="5" color="black" noshade="noshade">
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
