<SEC-DOCUMENT>0001104659-23-118258.txt : 20231114
<SEC-HEADER>0001104659-23-118258.hdr.sgml : 20231114
<ACCEPTANCE-DATETIME>20231114172944
ACCESSION NUMBER:		0001104659-23-118258
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		14
FILED AS OF DATE:		20231114
DATE AS OF CHANGE:		20231114
EFFECTIVENESS DATE:		20231114

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:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275554
		FILM NUMBER:		231408135

	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>S-8
<SEQUENCE>1
<FILENAME>tm2330306d1_s8.htm
<DESCRIPTION>S-8
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As Filed with the Securities and Exchange Commission
on November&nbsp;14, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549<BR></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMX ROYALTY CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B>(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>British Columbia</B></TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Not Applicable</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Suite&nbsp;501 &ndash; 543 Granville Street</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vancouver, British Columbia V6C 1XB</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Canada</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EMX Royalty Corporation Restricted Share Unit
Plan</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>C T Corporation System</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>28 Liberty Street</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10005</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(215) 590-9070</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>with a copy to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>John J. Koenigsknecht</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>David S. Stone</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Neal, Gerber&nbsp;&amp; Eisenberg LLP</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Two North LaSalle Street</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Suite&nbsp;1700</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chicago,&nbsp;Illinois 60602</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(312) 269-8000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%">Large accelerated filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 48%">Accelerated
                                            filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>Non-accelerated filer <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT> (do not check if a smaller reporting company)</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Smaller reporting
                                            company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>Emerging growth company <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration Statement
(the &ldquo;Registration Statement&rdquo;) on Form&nbsp;S-8 is being filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
for the purpose of registering the offer and issuance of common shares, no par value (the &ldquo;Common Shares&rdquo;) of EMX Royalty
Corporation (&ldquo;EMX,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo;, the &ldquo;Registrant,&rdquo; the &ldquo;Corporation&rdquo;
or the &ldquo;Company&rdquo;) to certain employees of the Company and/or its subsidiaries under the Company&rsquo;s Restricted Share Unit
Plan (as it may be amended from time to time, the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Part&nbsp;I of
Form&nbsp;S-8, the information specified under Item 1 and Item 2 of Part&nbsp;I of Form&nbsp;S-8 is omitted from this Registration Statement
in accordance with the provisions of Rule&nbsp;428&nbsp;under the&nbsp;Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
and the introductory note to Part&nbsp;I of Form&nbsp;S-8. The documents containing the information specified in Part&nbsp;I of Form&nbsp;S-8
will be delivered to participants in the respective Plans covered by this Registration Statement as specified by Rule&nbsp;428(b)(1)&nbsp;under
the&nbsp;Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3
of Part&nbsp;II of this Form&nbsp;S-8, when taken together, constitute a prospectus that meets the requirements of Section&nbsp;10(a)&nbsp;of
the Securities Act. Such documents are not required to be, and are not, filed with the Commission either as part of this Registration
Statement or as a prospectus or prospectus supplement pursuant to Rule&nbsp;424&nbsp;under the&nbsp;Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents, which
have been filed by the Company with the Commission pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
are incorporated in this Registration Statement by reference and are made a part hereof:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1285786/000106299323007897/form40f.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Annual Report on Form&nbsp;40-F for the fiscal year ended December&nbsp;31, 2022,
filed with the Commission on March&nbsp;28, 2023;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323011141/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Consolidated Financial Statements for the three months ended March&nbsp;31, 2023 (incorporated by reference
to Exhibit&nbsp;99.1 of the Company's Report on Form&nbsp;6-K, as furnished to the Commission on May&nbsp;15, 2023, and deemed filed herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323011141/exhibit99-2.htm" STYLE="-sec-extract: exhibit">Management's Discussion and Analysis of the Company for the three months ended March&nbsp;31, 2023 (incorporated
by reference to Exhibit&nbsp;99.2 of the Company's Report on Form&nbsp;6-K, as furnished to the Commission on May&nbsp;15, 2023, and deemed
filed herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323011863/exhibit99-4.htm" STYLE="-sec-extract: exhibit">Notice of Meeting and Management Information Circular of the Company dated May&nbsp;13, 2023 (incorporated
by reference to Exhibit&nbsp;99.4 of the Company&rsquo;s Report on Form&nbsp;6-K, as furnished to the Commission on May&nbsp;19, 2023,
and deemed filed herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323016319/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Consolidated Financial Statements for the six months ended June&nbsp;30, 2023 (incorporated by reference
to Exhibit&nbsp;99.1 of the Company's Report on Form&nbsp;6-K, as furnished to the Commission on August&nbsp;14, 2023, and deemed filed
herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323016319/exhibit99-2.htm" STYLE="-sec-extract: exhibit">Management's Discussion and Analysis of the Company for the six months ended June&nbsp;30, 2023 (incorporated
by reference to Exhibit&nbsp;99.2 of the Company's Report on Form&nbsp;6-K, as furnished to the Commission on August&nbsp;14, 2023, and
deemed filed herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(g)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000128578623000005/emx-2023x09x30xexx991xfs.htm" STYLE="-sec-extract: exhibit">Consolidated Financial Statements for the nine months ended September 30, 2023 (incorporated by reference to Exhibit 99.1 of the Company's Report on Form 6-K, as furnished to the Commission on November 13, 2023, and deemed filed herein)&#894;</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(h)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000128578623000005/emx-2023x09x30xexx992xmda.htm" STYLE="-sec-extract: exhibit">Management's Discussion and Analysis of the Company for the nine months ended September 30, 2023 (incorporated by reference to Exhibit 99.2 of the Company's Report on Form 6-K, as furnished to the Commission on November 13, 2023, and deemed filed herein)&#894;</A></TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299323018220/exhibit99-1.htm" STYLE="-sec-extract: exhibit">Material Change Reports of the Company dated September&nbsp;6, 2023 and September&nbsp;18, 2023 (incorporated
by reference to Exhibits 99.1 of the Company&rsquo;s Reports on Form&nbsp;6-K furnished to the Commission on September&nbsp;6, 2023 and
September&nbsp;18, 2023, and deemed filed herein);</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD STYLE="text-align: justify">All other reports filed by the Registrant under Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Exchange
Act since January&nbsp;1, 2023; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1285786/000106299312000251/exhibit99-5.htm" STYLE="-sec-extract: exhibit">The description of the Shares contained in the Company&rsquo;s Annual Information Form&nbsp;filed as Exhibit&nbsp;99.5
to, and incorporated by reference in, the Company&rsquo;s Registration Statement on Form&nbsp;40-F filed with the Commission on January&nbsp;24,
2012, including any amendment or description filed for the purpose of updating such descriptions.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All documents filed by the
Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d)&nbsp;of the&nbsp;Exchange Act&nbsp;after the date hereof and prior to the filing
of a post-effective amendment that indicates that all securities offered have been sold or which deregisters all securities then remaining
unsold, including any Reports of Foreign Private Issuers on Form&nbsp;6-K submitted during such period (or portion thereof) that is identified
in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference herein
and to be a part hereof from the date of filing of such documents. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent
that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eric Jensen and Michael P.
Sheehan are experts named in this Registration Statement who are employees of the Company.&nbsp; Current employee experts may participate
in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;160 of the <I>Business
Corporations Act</I> (British Columbia) (&ldquo;BCBCA&rdquo;) provides that a company may do one or both of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">indemnify an eligible party (as defined below) against all eligible penalties (as defined below) to which the eligible party is or may be liable; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">after the final disposition of an eligible proceeding (as defined below), pay the expenses (which includes costs, charges and expenses (including legal and other fees) but excludes judgments, penalties, fines or amounts paid in settlement of a proceeding) actually and reasonably incurred by an eligible party in respect of that proceeding. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">However, after the final disposition
of an eligible proceeding, a company must pay the expenses actually and reasonably incurred by an eligible party in respect of that proceeding
if the eligible party:&nbsp;(i)&nbsp;has not been reimbursed for those expenses:&nbsp;and (ii)&nbsp;is wholly successful, on the merits
or otherwise, or is substantially successful on the merits, in the outcome of the proceeding. The BCBCA also provides that a company may
pay the expenses, actually and reasonably incurred by an eligible party, as they are incurred in advance of the final disposition of an
eligible proceeding if the company first receives from the eligible party a written undertaking that, if it is ultimately determined that
the payment of expenses is prohibited under the BCBCA, the eligible party will repay the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of the applicable
division of the BCBCA, an &ldquo;eligible party&rdquo;, in relation to a company, means an individual who:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">is or was a director or officer of the company; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">is or was a director or officer of another corporation at a time when the corporation is or was an affiliate of the company, or at the request of the company; or </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(c)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">at the request of the company, is or was, or holds or held a position equivalent to that of, a director or officer of a partnership, trust, joint venture or other unincorporated entity, </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">and includes, with some exceptions, the heirs
and personal or other legal representatives of that individual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">An &ldquo;eligible penalty&rdquo;
under the BCBCA means a judgment, penalty or fine awarded or imposed in, or an amount paid in settlement of, an eligible proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">An &ldquo;eligible proceeding&rdquo;
under the BCBCA is a proceeding in which an eligible party or any of the heirs and personal or other legal representatives of the eligible
party, by reason of the eligible party being or having been a director or officer of, or holding or having held a position equivalent
to that of a director or officer of, the company or an associated corporation, is or may be joined as a party, or is or may be liable
for or in respect of a judgment, penalty or fine in, or expenses related to, the proceeding. A &ldquo;proceeding&rdquo; includes any legal
proceeding or investigative action, whether current, threatened, pending or completed. &ldquo;Expenses&rdquo; include costs, charges and
expenses, including legal and other fees, but does not include judgments, penalties, fines or amounts paid in settlement of a proceeding.
An &ldquo;associated corporation&rdquo; means a corporation or entity referred to in paragraph (b)&nbsp;or (c)&nbsp;of the definition
of &ldquo;eligible party&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Notwithstanding the foregoing,
the BCBCA prohibits a company from indemnifying an eligible party or paying the expenses of an eligible party if any of the following
circumstances apply:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">if the indemnity or payment is made under an earlier
    agreement to indemnify or pay expenses and, at the time such agreement was made, the company was prohibited from giving the indemnity
    or paying the expenses by its memorandum or articles;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">if the indemnity or payment is made otherwise than under an earlier agreement to indemnify or pay expenses and, at the time that the indemnity or payment is made, the company is prohibited from giving the indemnity or paying the expenses by its memorandum or articles; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(c)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">if, in relation to the subject matter of the eligible proceeding, the eligible party did not act honestly and in good faith with a view to the best interest of the company or the associated corporation, as the case may be; or </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(d)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">in the case of an eligible proceeding other than a civil proceeding, if the eligible party did not have reasonable grounds for believing that the eligible party&rsquo;s conduct in respect of which the proceeding was brought was lawful. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Additionally, if an eligible
proceeding is brought against an eligible party by or on behalf of the company or an associated corporation, the company must not indemnify
the eligible party or pay or advance the expenses of the eligible party in respect of the proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Whether or not payment of
expenses or indemnification has been sought, authorized or declined under the BCBCA, section 164 of the BCBCA provides that, on the application
of a company or an eligible party, the Supreme Court of British Columbia may do one or more of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(a)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">order a company to indemnify an eligible party against any liabilities incurred by the eligible party in respect of an eligible proceeding; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(b)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">order a company to pay some or all of the expenses incurred by an eligible party in respect of an eligible proceeding; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(c)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">order the enforcement of, or any payment under, an agreement of indemnification entered into by a company; </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(d)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">order a company to pay some or all of the expenses actually and reasonably incurred by any person in obtaining an order under section 164; or </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 8%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; text-align: justify">(e)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">make any other order the court considers appropriate. </TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The BCBCA provides that a
company may purchase and maintain insurance for the benefit of an eligible party or the heirs and personal or other legal representatives
of the eligible party against any liability that may be incurred by reason of the eligible party being or having been a director or officer
of, or holding or having held a position equivalent to that of a director or officer of, the company or an associated corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The Registrant&rsquo;s articles
(the British Columbia equivalent of by-laws) provide that the Registrant must indemnify a director, officer, former director or officer
or alternate director of the Registrant and their heirs and legal personal representatives, as set out in the&nbsp; BCBCA, against all
eligible penalties to which such person is or may be liable, and the Registrant must, after the final disposition of an eligible proceeding,
pay the expenses actually and reasonably incurred by such person in respect of that proceeding. Each director, officer, former director
and officer and alternate director is deemed to have contracted with the Registrant on the terms of the indemnity contained in Registrant&rsquo;s
articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The Registrant&rsquo;s articles
defined &ldquo;eligible penalty&rdquo; to mean judgments, penalties or fines awarded or imposed in, or an amount paid in settlement of,
an eligible proceeding. &ldquo;Eligible proceeding&rdquo; under the Registrant&rsquo;s articles means a legal proceeding or investigative
action, whether current, threatened, pending or completed, in which a director, former director or alternate director of the Registrant
(an &ldquo;eligible party&rdquo;) or any of the heirs and legal personal representatives of the eligible party, by reason of the eligible
party being or having been a director or alternate director of the Registrant (a)&nbsp;is or may be joined as a party; or (b)&nbsp;is
or may be liable for or in respect of a judgment, penalty or fine in, or costs, charges and expenses, related to, the proceeding. &ldquo;Expenses&rdquo;
in the Registrant&rsquo;s articles has the meaning set out in the BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The Registrant&rsquo;s articles
also provide that the Registrant must pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses
actually and reasonably incurred by an eligible party in respect of that proceeding but the Registrant must first receive from the eligible
party a written undertaking that, if it is ultimately determined that the payment of expenses is prohibited by the BCBCA, the eligible
party will repay the amounts advanced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The Registrant&rsquo;s articles
further provide that the Registrant may indemnify any other person in accordance with the BCBCA, and that the failure of a director, alternate
director or officer of the Registrant to comply with the BCBCA or the Registrant&rsquo;s articles does not invalidate any indemnity to
which they are entitled under the Registrant&rsquo;s articles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The Registrant is authorized
by its articles to purchase and maintain insurance for the benefit of any person (or his or her heirs or legal personal representatives)
who:&nbsp;(i)&nbsp;is or was a director, alternate director, officer, employee or agent of the Registrant; (ii)&nbsp;is or was a director,
alternate director, officer, employee or agent of a corporation at a time when the corporation is or was an affiliate of the Registrant;
(iii)&nbsp;at the request of the Registrant, is or was a director, alternate director, officer, employee or agent of a corporation or
of a partnership, trust, joint venture or other unincorporated entity; or (iv)&nbsp;at the request of the Registrant, holds or held a
position equivalent to that of a director, alternate director or officer of a partnership, trust, joint venture or other unincorporated
entity; against any liability incurred by them as such director, alternate director, officer, employee or agent or person who holds or
held such equivalent position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">The enforcement by shareholders
of civil liabilities under United States federal securities laws may be affected adversely by the fact that the Registrant is incorporated
under the BCBCA, some of its directors and its executive officers are residents of Canada and a substantial portion of its assets and
the assets of such persons are located outside of the United States. Shareholders may not be able to sue a foreign company or its officers
or directors in a foreign court for violations of United States federal securities laws. It may be difficult to compel a foreign company
and its officers and directors to subject themselves to a judgment by a United States court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7in">Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant
to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 7. Exemption From Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 7%; text-align: justify"><A HREF="tm2330306d1_ex4-1.htm">4.1</A></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 92%; text-align: justify"><A HREF="tm2330306d1_ex4-1.htm">EMX Royalty Corporation Restricted Share Unit Plan</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Cassels Brock&nbsp;&amp; Blackwell LLP</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-1.htm" STYLE="-sec-extract: exhibit">23.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-1.htm" STYLE="-sec-extract: exhibit">Consent of Auditors &ndash; Davidson&nbsp;&amp; Company LLP</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-2.htm">23.2</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-2.htm">Consent of Eric Jensen</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-3.htm">23.3</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-3.htm">Consent of Michael P. Sheehan</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-4.htm">23.4</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-4.htm">Consent of Mustafa Atalay</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-5.htm">23.5</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-5.htm">Consent of Metin Alemdar</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-6.htm">23.6</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-6.htm">Consent of Selim Yilmaz</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-7.htm">23.7</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex23-7.htm">Consent of Arif Umutcan Gelisen</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex5-1.htm" STYLE="-sec-extract: exhibit">23.8</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Cassels Brock&nbsp;&amp; Blackwell LLP. (included in Exhibit&nbsp;5.1)</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="#poa_001">24.1</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="#poa_001">Powers of Attorney (included on the signature pages&nbsp;of this Registration Statement).</A></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: justify"><A HREF="tm2330306d1_exfilingfees.htm">107</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><A HREF="tm2330306d1_exfilingfees.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.98in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.98in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.98in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.98in; text-align: justify"><I>provided, however</I>, that paragraphs
(a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by those paragraphs
is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Exchange Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s
annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of
an employee benefit plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference
in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa_001"></A><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&nbsp;S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the city of Vancouver, British Columbia, country of Canada, on November&nbsp;<FONT>14</FONT>, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">EMX ROYALTY CORPORATION</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 3%">By:</TD>
                                        <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 47%"><I>/s/ David
    M. Cole</I></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">David M. Cole</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">President&nbsp;&amp; Chief Executive Officer</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>POWERS OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE
PRESENTS, that each person whose signature appears below constitutes and appoints David M. Cole or Rocio Echegaray, and each of them,
any of whom may act without the joinder of the other, the true and lawful attorney-in-fact and agent with full power of substitution and
resubstitution, for and in the name, place and stead of the undersigned, in any and all capacities, to sign one or more Registration Statements
on Form&nbsp;S-8 and any or all amendments or supplements to the above Registration Statements, including post-effective amendments; and
to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, each acting alone, full power and authority to do and perform to all intents and purposes
as he or she might or could do in person, ratifying and confirming all that said attorneys-in-fact and agents, each acting alone, or the
substitutes for such attorney-in-fact and agent, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, this Registration Statement and powers of attorney have been signed by the following persons in the capacities
and on the dates indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Signature</B></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Title</B></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">
    <P STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date</B></P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ David
    M. Cole</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">David M. Cole</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">President, Chief
    Executive Officer and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">(principal executive
    officer)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;<FONT>14</FONT>, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Douglas
    L. Reed</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Douglas L. Reed</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">Chief Financial Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10pt; text-align: justify; text-indent: -10pt">(principal financial
    and accounting officer)</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November<FONT>&nbsp;14</FONT>,
2023</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Michael
    D. Winn</I></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Chairman of the Board, Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;<FONT>14</FONT>, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael D. Winn</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Sunny
    S. C. Lowe<B>&nbsp;</B></I></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;<FONT>14</FONT>, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sunny S. C. Lowe<B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Henrik
    K. B. Lundin<B>&nbsp;</B></I></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;<FONT>14</FONT>, 2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henrik K. B. Lundin<B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 35%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Larry
    M. Okada</I></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 43%; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 20%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;14,
2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry M. Okada</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: black 0.75pt solid"><I>/s/ Geoff
    Smith</I></P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-align: justify; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;14,
2023</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geoff Smith</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of Section&nbsp;6(a)&nbsp;of the Securities Act, the undersigned has signed this Registration Statement, solely in the capacity of the
duly authorized representative of EMX Royalty Corporation in the United States on November&nbsp;14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">By:</TD>
                                                    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify"><I>/s/ David
    M. Cole</I></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 50%">&nbsp;</TD><TD STYLE="text-align: justify; width: 3%">&nbsp;</TD>
                                        <TD STYLE="text-align: justify; width: 5%">Name:</TD>
                                        <TD STYLE="text-align: justify; width: 42%">David M. Cole</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                                        <TD STYLE="text-align: justify">Title:</TD>
                                        <TD STYLE="text-align: justify">President and Chief Executive Officer</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>tm2330306d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2330306d1_ex4-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RESTRICTED SHARE UNIT PLAN</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Article&nbsp;1 <FONT STYLE="text-transform: uppercase">&ndash;
Defined Terms</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.1</TD><TD STYLE="text-align: justify">In this Plan, the following words and phrases shall have the following meanings, namely:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Account</B>&rdquo; means the
account maintained by the Company for each Participant in connection with the operation of this Plan to which any RSUs in respect of a
Participant will be granted under this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Administrator</B>&rdquo; has
the meaning ascribed thereto in Section&nbsp;10.3;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Applicable Withholding Taxes</B>&rdquo;
has the meaning ascribed thereto in Section&nbsp;12.3;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Beneficiary</B>&rdquo; means
an individual who is a dependent or legal relation of a Participant and, as of the date of the Participant's death, has been designated
as the Participant's beneficiary in accordance with Section&nbsp;9.2 and the laws applying to this Plan, or, where no one has been validly
designated or the individual designated does not survive the Participant, the Participant's legal representative;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Blackout Period</B>&rdquo;
means a period during which there is a prohibition on trading in the Company&rsquo;s securities imposed by the Company on Insiders, Employees
and non-arm&rsquo;s length Consultants;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Board</B>&rdquo; means the
board of Directors of the Company or, if the Board so elects, a committee of Directors (which may consist of only one Director) appointed
by the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Business Day</B>&rdquo; means
a day on which there is trading on the Exchange (or, if the Shares are not then listed and posted for trading on the Exchange, such other
stock exchange on which the Shares are then listed and posted for trading) and, if none, a day that is not a Saturday or Sunday or a statutory
holiday in British Columbia;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Change of Control</B>&rdquo;
means, in respect of the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">if, as a result of or in connection with the election of Directors, the people who were Directors (or
who were entitled under a contractual arrangement to be Directors) before the election cease to constitute a majority of the Board, unless
the Directors have been nominated by management or approved of by a majority of the previously serving Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">any transaction at any time and by whatever means pursuant to which any person or any group of two or
more persons acting jointly or in concert as a single control group or any affiliate (other than a wholly owned Subsidiary or in connection
with a reorganization of the Company) or any one or more directors thereof &ldquo;beneficially owns&rdquo; (as defined in the <I>Business
Corporations Act</I> (British Columbia)), directly or indirectly, or acquires the right to exercise control or direction over, voting
securities of the Company representing 50% or more of the then issued and outstanding voting securities of the Company, as the case may
be, in any manner whatsoever;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">the sale, assignment, lease or other transfer or disposition of all or substantially all of the assets
of the Company to a person or any group of two or more persons acting jointly or in concert (other than a wholly owned Subsidiary or in
connection with a reorganization of the Company); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the occurrence of a transaction requiring approval of any of the Company&rsquo;s securityholders whereby
the Company is acquired through consolidation, merger, exchange of securities involving all of the Company&rsquo;s voting securities,
purchase of assets, amalgamation, statutory arrangement or otherwise by any person or any group of two or more persons acting jointly
or in concert (other than a short-form amalgamation of the Company or an exchange of securities with a wholly owned Subsidiary or a reorganization
of the Company). For purposes of this definition of &ldquo;Change of Control&rdquo;, the terms jointly or in concert, beneficial ownership
and voting securities will have the respective meanings given to those terms in National Instrument 62-104 &ndash; Take-Over Bids and
Issuer Bids (&ldquo;<B>NI 62-104</B>&rdquo;), and the number of securities outstanding will be determined in accordance with NI 62-104,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><I>provided that</I>, notwithstanding
any other provision of this Plan, for U.S. Taxpayers, &ldquo;Change of Control&rdquo; as defined herein shall be ascribed the meaning
of a &ldquo;change in control event&rdquo; as defined in Treas. Reg. &sect;1.409A-3(i)(5)(i);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Company</B>&rdquo; means EMX
Royalty Corporation and includes any successor corporation thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Constructive Dismissal</B>&rdquo;
means constructive dismissal as determined by the common law and, without restricting or expanding on the foregoing, generally means or
involves a material change, as determined on a case by case basis after the occurrence of a Change of Control&nbsp;and having regard for,
among other things, the duties and&nbsp;responsibilities of, and compensation&nbsp;payable to, the Participant both prior and subsequent
to the Change of Control, in the terms or conditions (or both) of the Participant's employment by the Company (or a Subsidiary, as applicable)
which is adverse to the Participant's interests and is not agreed to by the Participant, and in the case of a U.S. Taxpayer, which results
in a material adverse change to the Participant and where such adverse change is not corrected within thirty (30) days following Participant&rsquo;s
notice to the Company of the events believed to constitute Constructive Dismissal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Consultant</B>&rdquo; means
an individual (other than a Director, Officer or Employee) who (or a corporation or partnership (a &ldquo;<B>Consultant Company</B>&rdquo;)
of which the individual is an employee, shareholder or partner which):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">is engaged to provide, on an ongoing <I>bona fide</I> basis, consulting, technical, management or other
services to the Company or a Subsidiary, other than in relation to a distribution of the Company&rsquo;s securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">provides the services under a written contract between the Consultant or Consultant Company and the Company
or Subsidiary; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify">in the Board&rsquo;s reasonable opinion, spends or will spend a significant amount of time and attention
on the business and affairs of the Company or a Subsidiary;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Director</B>&rdquo; means
a director of the Company or any of its Subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Disability</B>&rdquo; means
a physical injury or mental incapacity of a nature which the Board determines prevents or would prevent the Participant from satisfactorily
performing the substantial and material duties of his or her position with the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Disinterested Shareholder</B>&rdquo;
means a Shareholder that is not an Insider, Participant or Eligible Person, as the case may be, nor an associate or an affiliate (as defined
in Policy 1.1 &ndash; <I>Interpretation</I> of the Exchange) of an Insider, Participant or Eligible Person, as the case may be;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Eligible Person</B>&rdquo;
means a Director, Officer, Employee, Consultant or a corporation, other than a Consultant Company, where such corporation&rsquo;s sole
shareholder is a Director, Officer or Employee;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Employee</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">an individual who is considered an employee of the Company or of one of its Subsidiaries under the Tax
Act and for whom income tax, employment insurance and Canada Pension Plan deductions must be made at source;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">an individual who works full-time for the Company or one of its Subsidiaries providing services normally
provided by an employee and who is subject to the same control and direction by the Company or one of its Subsidiaries over the details
and methods of work as an employee of the Company or of its Subsidiaries, as the case may be, but for whom income tax deductions are not
made at source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">an individual who works for the Company or one of its Subsidiaries on a continuing and regular basis for
a minimum amount of time per week (the number of hours should be disclosed in the submission) providing services normally provided by
an employee and who is subject to the same control and direction by the Company or one of its Subsidiaries over the details and methods
of work as an employee of the Company or a Subsidiary, as the case may be, but for whom income tax deductions are not made at source;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Employer</B>&rdquo; means,
in respect to a Participant who is an Officer or Employee, the entity that employs the Participant (or that employed the Participant immediately
prior to his or her Termination Date) and, in respect of a Participant who is a Consultant, the entity with which the Consultant has or
had a written consulting agreement and, in each case, the Employer may be the Company or a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Exchange</B>&rdquo; means
the TSX Venture Exchange;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Exchange Policy</B>&rdquo;
means Policy 4.4 &ndash; <I>Security Based Compensation </I>of the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Expiry Date</B>&rdquo; means
the date specified in the applicable Grant Agreement as the date on which an RSU will be terminated and cancelled or, if no such date
is specified in the Grant Agreement, December&nbsp;31 of the third calendar year following the end of the applicable Service Year;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Fair Market Value of a Share</B>&rdquo;
means</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">where the Shares are not listed on the Exchange or another marketplace, the fair market value of a Share
on that day determined by the Board in good faith; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">where the Shares are listed on the Exchange or another marketplace, the higher of (a)&nbsp;the volume
weighted average trading price of the Shares on such Exchange or other marketplace for the five trading days immediately preceding that
day and (b)&nbsp;the Market Price as of that day;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Foreign Private Issuer</B>&rdquo;
has the meaning set forth in Rule&nbsp;3b-4 under the U.S. Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Grant Agreement</B>&rdquo;
means the restricted share unit agreement between the Company and the applicable Participant, in substantially the form attached hereto
as Schedule &ldquo;A&rdquo;, together with such schedules, amendments, deletions or changes thereto as are permitted under this Plan,
under which an RSU is granted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Grant Date</B>&rdquo; means
the date upon which an RSU is granted to a Participant pursuant to the terms of this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Insider</B>&rdquo; means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">a Director or an Officer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">a Person that has beneficial ownership of, or control or direction over, directly or indirectly, more
than 10% of the Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">a Person that has a combination of beneficial ownership of, and control or direction over, directly or
indirectly, more than 10% of the Shares; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">the Company if it has purchased, redeemed or otherwise acquired a security of its own issue, for so long
as it continues to hold that security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Investor Relations Services
Provider</B>&rdquo; means any Consultant that performs Investor Relations Activities (as defined in Policy 1.1 &ndash; <I>Interpretation</I>
of the Exchange) and any Eligible Person whose role and duties primarily consist of Investor Relations Activities;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Market Price</B>&rdquo; means
the last closing price of the Shares on the day immediately preceding that day;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>NEX</B>&rdquo; means the board
on which former Exchange and Toronto Stock Exchange issuers that do not meet Exchange continued listing requirements for Tier 2 Issuers
may continue to trade;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Officer</B>&rdquo; means the
chair or any vice-chair of the Board, the chief executive officer, chief financial officer, chief operating officer, president, vice-president,
secretary, assistant secretary, treasurer or assistant treasurer of the Company or any of its Subsidiaries or an individual designated
as an officer by a resolution of the Board or the constating documents of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Participant</B>&rdquo; means
an Eligible Person that is granted or holds an RSU pursuant to this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Participant Information</B>&rdquo;
has the meaning ascribed thereto in Section&nbsp;10.6;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Payout Multiplier</B>&rdquo;
means the payout multiplier determined by the Board in accordance with Section&nbsp;5.4;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Performance Criteria</B>&rdquo;
means such corporate and personal performance criteria as may be determined by the Board in respect of the grant of RSUs to any Participant
and determination of the Payout Multiplier, which criteria may be applied to either the Company and its Subsidiaries as a whole or to
the Company or a Subsidiary individually or in any combination, and measured either in total, incrementally or cumulatively over a Service
Year or such other performance period as may be specified by the Board in its sole discretion, on an absolute basis or relative to a pre-established
target, to previous years' results or to a designated comparison group;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Person</B>&rdquo; means an
individual or a corporation, incorporated association or organization, body corporate, partnership, trust, fund, association and any other
entity other than an individual;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Plan</B>&rdquo; means this
restricted share unit plan, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Promoter</B>&rdquo; means
a promoter as defined in the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>RSU</B>&rdquo; means a restricted
share unit granted to a Participant by the Company pursuant to Article&nbsp;3, and representing a right as compensation for employment
or consulting services or services as a Director or Officer, to receive, for no additional cash consideration, Shares upon specified vesting
criteria being satisfied and may provide that, upon vesting, the award may be paid in cash and/or Shares, which is subject to the terms
of this Plan;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>RSU Payment Date</B>&rdquo;
has the meaning ascribed thereto in Section&nbsp;5.3(a);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Act</B>&rdquo;
means the <I>Securities Act</I> (British Columbia);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Securities Laws&rdquo; </B>means
the Securities Act, together with the regulations and rules&nbsp;under the Securities Act, as amended, and the policies, notices, instruments
and blanket orders in force from time to time that are applicable to the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Security Based Compensation</B>&rdquo;
includes any Deferred Share Unit, Performance Share Unit, Stock Option, Securities for Services, Stock Appreciation Right, Stock Purchase
Plan (as those terms are each defined in the Exchange Policy), RSU, any security purchase from treasury by an Eligible Person which is
financially assisted by the Company by any means whatsoever, and any other compensation or incentive mechanism involving the issuance
or potential issuance of securities of the Company from treasury to an Eligible Person, subject to certain exclusions under the Exchange
Policy;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Security Based Compensation
Plan</B>&rdquo; includes any compensation or incentive mechanism involving the issuance of Security Based Compensation or any other compensation
or incentive mechanism involving the issuance or potential issuance of Shares from treasury;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Service Year</B>&rdquo; means
a calendar year in which a Participant is providing services to the Company or any of its Subsidiaries in his or her capacity as a Consultant,
Officer, Director or Employee of the Company or a Subsidiary;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Share</B>&rdquo; means a common
share in the capital of the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Shareholder</B>&rdquo; means
a holder of Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Subsidiary</B>&rdquo; means
a corporation or other entity that the Company controls;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Act</B>&rdquo; means the
<I>Income Tax Act</I> (Canada) and the regulations thereto, as amended from time to time;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Tax Code</B>&rdquo; means
the United States Internal Revenue Code of 1986, as amended;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Termination Date</B>&rdquo;
means the effective date that a Participant has ceased or will cease providing services to the Company, as determined by the Board in
its sole discretion;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Exchange Act</B>&rdquo;
means the <I>U.S. Securities Exchange Act of 1934</I>, as amended, and the rules&nbsp;and regulations promulgated thereunder;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Securities Act</B>&rdquo;
means the <I>U.S. Securities Act of 1933</I>, as amended, and the rules&nbsp;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>U.S. Taxpayer</B>&rdquo; means
an Eligible Person in respect of whom the grant, vesting, settlement, redemption, payment or disposition of an RSU is subject to income
taxation by the United States of America;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Vested RSU</B>&rdquo; means
any RSU which has vested in accordance with the terms of this Plan and the terms of any applicable Grant Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&ldquo;<B>Vesting Date</B>&rdquo; means,
in respect of any RSU, the date on which the RSU becomes a Vested RSU, which shall be at least one year following the Grant Date, subject
to accelerated vesting in accordance with this Plan and the Exchange Policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.2</TD><TD STYLE="text-align: justify">As used in this Plan, words importing the masculine gender shall include the feminine and neuter genders
and words importing the singular shall include the plural and vice versa.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.3</TD><TD STYLE="text-align: justify">The headings of the articles, sections and clauses are inserted herein for convenience of reference only
and shall not affect the meaning of construction thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.4</TD><TD STYLE="text-align: justify">Unless otherwise specified, time periods wherein or following which any payment (whether in cash or Shares)
is to be made or act is to be done shall be calculated by excluding the day on which the period begins, including the day on which the
period ends, and abridging the period to the immediately preceding Business Day if the last day of the period is not a Business Day. If
an action is required to be taken or a payment (whether in cash or Shares) is required to be made on a day which is not a Business Day,
such action shall be taken or such payment shall be made on the immediately preceding Business Day.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;2 <FONT STYLE="text-transform: uppercase">&ndash;
Purpose of this Plan</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.1</TD><TD STYLE="text-align: justify">The purpose of this Plan is to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">promote profitability and enhance the long term value of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">retain and attract key Directors, Officers, Employees and Consultants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">align the interests of the Participants with the interests of Shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">recognize the contribution of Participants in this Plan to the growth of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">provide a longer term incentive element in an overall compensation package which is competitive with the
Company&rsquo;s peer group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;3 <FONT STYLE="text-transform: uppercase">&ndash;
Grant of RESTRICTED SHARE UNITs</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.1</TD><TD STYLE="text-align: justify">The Company may, from time to time, grant RSUs to an Eligible Person in such numbers, at such times and
on such terms and conditions, consistent with this Plan, as the Board may in its sole discretion determine; however, no RSUs will be granted
after December&nbsp;15 of a given calendar year and no RSUs may vest before the date that is one year following the Grant Date, subject
to accelerated vesting in accordance with this Plan and the Exchange Policy. For greater clarity, the Board shall, in its sole discretion,
determine any and all conditions to the vesting of any RSUs granted to an Eligible Person, which vesting conditions may be based on either
or both of:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Participant's continued service to the Company or a Subsidiary; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">such other terms and conditions including, without limitation, Performance Criteria, as the Board may
determine in accordance with Section&nbsp;3.2.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No such vesting condition for an RSU
granted to an Eligible Person shall extend beyond December&nbsp;15 of the third calendar year following the Service Year in respect of
which the RSUs were granted and all vesting conditions for an RSU granted to an Eligible Person shall be such that the RSU complies at
all times with the exception in paragraph (k)&nbsp;of the definition of &ldquo;salary deferral arrangement&rdquo; in subsection 248(1)&nbsp;of
the Tax Act. RSUs granted to U.S. Taxpayers shall contain such terms as required to (i)&nbsp;make such RSUs exempt from Section&nbsp;409A
of the Tax Code pursuant to the short term deferral exemption under Treas. Reg. Section&nbsp;1.409A-1(b)(4)&nbsp;or other applicable exemption;
or (ii)&nbsp;comply with Section&nbsp;409A of the Tax Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.2</TD><TD STYLE="text-align: justify">Subject to the terms of this Plan, the Board may determine other terms or conditions of any RSUs and shall
specify the material terms thereof in the applicable Grant Agreement. Without limiting the generality of the foregoing, such additional
terms and conditions may relate to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Fair Market Value of a Share on the Grant Date;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the achievement of Performance Criteria;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">any other terms and conditions the Board may in its discretion determine with respect to <FONT STYLE="font-family: Times New Roman, Times, Serif">vesting
or the acceleration of vesting; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the Vesting Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The conditions may relate to all or
a portion of the RSUs in a Grant Agreement and may be graduated such that different percentages of the RSUs in a Grant Agreement will
become vested depending on the extent of satisfaction of one or more such conditions. The Board may, in its discretion, subsequent to
the Grant Date, waive any such term or condition or determine that it has been satisfied subject to applicable law. For greater clarity,
no term or condition imposed under a Grant Agreement shall have the effect of causing settlement and payout of an RSU to occur after December&nbsp;31
of the third calendar year following the Service Year in respect of which such RSU was granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.3</TD><TD STYLE="text-align: justify">No certificates shall be issued with respect to RSUs. All RSUs will be represented by Grant Agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.4</TD><TD STYLE="text-align: justify">The Board shall keep or cause to be kept such records and accounts as may be necessary or appropriate
in connection with the administration of this Plan and the discharge of its duties, which records shall, absent manifest error, be considered
conclusively determinative of all information contained therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.5</TD><TD STYLE="text-align: justify">The Company shall maintain in its books an Account for each Participant recording at all times the number
of RSUs standing to the credit of such Participant. RSUs that fail to vest in a Participant pursuant to the provisions of this Plan, or
that are paid out to the Participant or his or her Beneficiary, shall be cancelled and shall cease to be recorded in the Participant's
Account as of the date on which such RSUs are settled, cancelled, terminated, surrendered, forfeited or expired under this Plan, as the
case may be.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.6</TD><TD STYLE="text-align: justify">No Investor Relations Service Provider of the Company may be granted RSUs or become an Eligible Person
under this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.7</TD><TD STYLE="text-align: justify">The Company and the Participant are responsible for ensuring and confirming, for RSUs granted to Employees
and Consultants, that the Participant is a <I>bona fide </I>Employee or Consultant, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;4 <FONT STYLE="text-transform: uppercase">&ndash;
Shares Subject to this Plan</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.1</TD><TD STYLE="text-align: justify">This Section&nbsp;4.1 applies to any Shares that may be acquired by Participants on any RSU Payment Date
pursuant to Section&nbsp;5.3(b). Subject to adjustment for any subdivision, consolidation or distribution of Shares as contemplated by,
and in accordance with, Article&nbsp;8:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">A total of 3,200,000 Shares are reserved for issuance pursuant to RSUs which may be granted under this
Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The aggregate number of Shares that are issuable pursuant to this Plan, together with any other Security
Based Compensation Plans, is equal to up to a maximum of 10% of the Shares outstanding at the Grant Date (or issuance of any other Security
Based Compensation under any other Security Based Compensation Plans) unless the approval of the Disinterested Shareholders is obtained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">All RSUs granted under this Plan, together with all of the Company&rsquo;s other Security Based Compensation,
shall not result in:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the aggregate number of Shares that are issuable
pursuant to all Security Based Compensation granted or issued to Insiders (as a group) exceeding 10% of the Shares outstanding </FONT>at
any point in time<FONT STYLE="font-family: Times New Roman, Times, Serif">; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the aggregate number of Shares that are issuable pursuant to all Security Based Compensation granted or
issued in any 12 month period to Insiders (as a group) exceeding 10% of the Shares outstanding, calculated as at the date any Security
Based Compensation is granted or issued to any Insider,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">unless the Company has obtained the approval
of the Disinterested Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The aggregate number of Shares issuable to any Participant pursuant to all RSUs granted under this Plan,
together with any other Security Based Compensation, shall not, within a 12 month period, exceed 5% of the issued and outstanding Shares,
calculated as at the date any Security Based Compensation is granted or issued to the Participant, unless the Company has obtained approval
from the Disinterested Shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The aggregate number of Shares issuable to any Consultant pursuant to all RSUs granted under this Plan,
together with any other Security Based Compensation, shall not, within a 12 month period, exceed 2% of the issued and outstanding Shares,
calculated as at the date any Security Based Compensation is granted or issued to the Consultant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.2</TD><TD STYLE="text-align: justify">Section&nbsp;4.1 and the Company's or any Employer's right to elect under Section&nbsp;5.3(b)&nbsp;to
satisfy RSUs by the issuance of Shares will be effective only upon receipt of all necessary Shareholder approvals of this Plan, as amended
from time to time, as required by the rules, regulations and policies of the Exchange and any other stock exchange on which Shares are
listed or traded.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.3</TD><TD STYLE="text-align: justify">Any RSUs granted under this Plan that have been settled in cash, cancelled, terminated, surrendered, forfeited
or expired without being settled, and pursuant to which no Shares have been issued, shall continue to be issuable under this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.4</TD><TD STYLE="text-align: justify">If any rights to acquire Shares granted under any other Security Based Compensation shall be cancelled,
terminated, surrendered, forfeited or expire for any reason without having been settled, any unpurchased Shares to which such security
relates shall become available for the purposes of granting further RSUs under this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.5</TD><TD STYLE="text-align: justify">No RSUs shall be granted if the Shares are listed on the NEX or the Company has been given notice that
its listing will or might be transferred to NEX.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Article&nbsp;5 <FONT STYLE="text-transform: uppercase">&ndash;
Vesting and Payout of Restricted Units</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.1</TD><TD STYLE="text-align: justify">Except as otherwise provided herein, the number of RSUs subject to each grant, the Grant Date, the Vesting
Date(s)&nbsp;and the Expiry Date of each RSU and other terms and conditions relating to each such RSU shall be determined by the Board
and set out in the Grant Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.2</TD><TD STYLE="text-align: justify">The Board may, in its discretion, subsequent to the time of granting RSUs and in the event of the death
of a Participant or the Participant ceasing to be an Eligible Person in connection with a Change of Control or similar transaction, permit
the vesting of all or any portion of unvested RSUs then outstanding and granted to the Participant under this Plan, in which event all
such unvested RSUs then outstanding and granted to the Participant shall be deemed to be immediately vested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">5.3</TD><TD STYLE="text-align: justify; width: 0.5in">(a)</TD>
                                                           <TD STYLE="text-align: justify">Subject to Section&nbsp;5.3(b), on a date (the &ldquo;<B>RSU Payment Date</B>&rdquo;) to be selected by the Board following the date
an RSU has become a Vested RSU, which date shall not, in any event, extend beyond December&nbsp;15<SUP>th</SUP> of the third year following
the Service Year in respect of which such RSU was granted and, for U.S. Taxpayers, shall not extend beyond March&nbsp;15<SUP>th</SUP>
of the calendar year immediately following the calendar year in which the RSU vests, the Employer shall make to a Participant a cash
payment equal to the product of the number of Vested RSUs recorded in the Participant's Account multiplied by the Fair Market Value of
a Share on the RSU Payment Date, less Applicable Withholding Taxes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">Subject to Section&nbsp;5.3(c), Section&nbsp;5.3(d)&nbsp;and the receipt of all necessary Shareholder
approvals as required under the rules, regulations and policies of the Exchange and any other stock exchange on which Shares are listed
or traded, the Employer may, in lieu of the cash payment contemplated in Section&nbsp;5.3(a)&nbsp;above, on the RSU Payment Date, elect
to either issue or cause to be issued to the Participant, the number of whole Shares that is equal to the number of whole Vested RSUs
recorded in the Participant's Account on the RSU Payment Date (subject to satisfaction of Applicable Withholding Tax requirements).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">Notwithstanding any other provision of this Plan, all amounts payable to, or in respect of, a Participant
under this Section&nbsp;5.3, including, without limitation, the issuance or delivery of Shares or a lump sum cash payment, shall be paid
or delivered on or before December&nbsp;31 of the third calendar year following the Service Year in respect of which the particular RSU
was granted and, for U.S. Taxpayers, on or before March&nbsp;15<SUP>th</SUP> of the calendar year immediately following the calendar year
in which such RSUs vested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">Upon payment of any amount pursuant to this Section&nbsp;5.3 in cash or Shares, as the case may be, the
particular RSUs in respect of which such payment was made shall be cancelled and no further payments (whether in Shares or cash or otherwise)
shall be made in relation to such RSUs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.4</TD><TD STYLE="text-align: justify">If applicable, prior to any RSU Payment Date, to the extent that the performance determination has not
yet been made, the Board shall assess the performance of the Company for the applicable period. The individual measures considered by
the Board in assessing the Performance Criteria, including the comparative weighting of such measures, shall be determined by the Board
in its sole discretion having regard to the principal purposes of this Plan and, upon the assessment of the Performance Criteria, the
Board shall determine the Company&rsquo;s ranking and the applicable Payout Multiplier (which can be any amount as low as 0.0 or above
1.0) in respect of this ranking.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.5</TD><TD STYLE="text-align: justify">Immediately prior to each RSU Payment Date, the notional number of Vested RSUs shall be adjusted by multiplying
such number by the Payout Multiplier applicable to such RSUs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.6</TD><TD STYLE="text-align: justify">If the Company does not have a sufficient number of Shares available under this Plan to satisfy its obligations
in respect of any adjustments under the Payout Multiplier, any Participant entitled to adjustments under the Payout Multiplier shall receive
cash in lieu of such an adjustment to their respective RSUs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.7</TD><TD STYLE="text-align: justify">All Shares issued upon the exercise of an RSU granted to any Insider (or Person who will become an Insider
following the Grant Date), Consultant, Promoter or any Person who has elected or appointed or has the right to elect or appoint one or
more Directors or Officers shall be subject to a four month hold period commencing at the time the RSU was granted and, in accordance
with the Exchange&rsquo;s policies, the Grant Agreement and any certificates representing Shares issued before such four month period
expires shall be endorsed with the Exchange&rsquo;s prescribed &ldquo;Exchange Hold Period&rdquo; legend, substantially in the form as
set out in the Grant Agreement attached hereto as Schedule A.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.8</TD><TD STYLE="text-align: justify">If the Expiry Date for an RSU falls within any Blackout Period (the &ldquo;<B>Restricted RSUs</B>&rdquo;),
then the Expiry Date of such Restricted RSUs shall, without any further action, be extended to the date that is 10 Business Days following
the end of such Blackout Period (or in the case of a U.S. Taxpayer, at the earliest date at which the Company reasonably anticipates that
settlement would not cause a violation under U.S. federal securities laws); <I>provided that</I> no Expiry Date shall extend beyond, and
no settlement shall be made on, a date that is later than December&nbsp;31 of the third calendar year following the Service Year in respect
of which the RSU was granted. The following requirements are applicable to any extension of the Expiry Date for any RSUs as a result of
a Blackout Period: (i)&nbsp;the Blackout Period must be formally imposed by the Company pursuant to its internal trading policies as a
result of the <I>bona fide</I> existence of an undisclosed material fact or material change (as defined under the Securities Laws). In
the absence of the Company formally imposing a Blackout Period, the Expiry Date for an RSU will not be automatically extended; (ii)&nbsp;the
Blackout Period will be terminated following the general disclosure of the undisclosed material fact or material change; (iii)&nbsp;the
automatic extension of affected RSUs will not be permitted where the relevant Participant or the Company is subject to a cease trade order
(or similar order under the Securities Laws) in respect of the Company&rsquo;s securities; and (iv)&nbsp;any automatic extension shall
be available to all Participants under this Plan under the same terms and conditions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;6</B> <FONT STYLE="text-transform: uppercase">&ndash;
<B>Dividend Equivalents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.1</TD><TD STYLE="text-align: justify">On any date on which a cash dividend is paid on Shares, a Participant&rsquo;s Account will be credited
with the number of RSUs (including fractional RSUs, computed to three digits and rounded to two digits) calculated by:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">multiplying the amount of the dividend per Share by the aggregate number of RSUs that were credited to
the Participant&rsquo;s Account as of the record date for payment of the dividend, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">dividing the amount obtained in (a)&nbsp;above by the Fair Market Value of a Share on the date on which
the dividend is paid.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.2</TD><TD STYLE="text-align: justify">If the Shares are at any time changed as a result of the declaration of a stock dividend thereon, the
number of RSUs in a Participant&rsquo;s Account may be adjusted by the Board to such extent as they deem proper in their absolute discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.3</TD><TD STYLE="text-align: justify">Any RSUs issued pursuant to Sections 6.1 and 6.2 shall vest on the same terms and be subject to the same
Performance Criteria as the RSUs credited to a Participant&rsquo;s Account as of the record date for payment of the dividend. If a Participant&rsquo;s
Account contains RSUs vesting on different terms or subject to different Performance Criteria, or both, then any RSUs issued pursuant
to Sections 6.1 and 6.2 shall be allocated proportionately to such different groups of RSUs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.4</TD><TD STYLE="text-align: justify">No RSUs shall be issued pursuant to Sections 6.1 and 6.2 where such RSUs would result in the violation
of any limits imposed under this Plan, including those limits set under Section&nbsp;4.1. If the Company does not have a sufficient number
of Shares available under this Plan to issue RSUs pursuant to Sections 6.1 and 6.2, any Participants entitled to a credit to their Account
under such section shall receive cash in lieu thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;7 <FONT STYLE="text-transform: uppercase">&ndash;
Termination and Change of Control</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.1</TD><TD STYLE="text-align: justify">Notwithstanding the provisions of Article&nbsp;5 and subject to the remaining provisions of this Article&nbsp;7,
any other provision in the Grant Agreement and to any resolution passed by the Board, any RSUs granted to a Participant which have not
become Vested RSUs prior to the Participant's Termination Date shall terminate and become null and void as of the Participant's Termination
Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.2</TD><TD STYLE="text-align: justify">Except with respect to U.S. Taxpayers, when the Participant's Termination Date occurs as a result of the
Participant's Disability or death, any RSUs standing to the credit of such Participant shall continue to vest (and be paid out) in the
normal course for 12 months after the Participant's Termination Date and any RSUs which have not become Vested RSUs on or before the first
anniversary of the Participant's Termination Date shall terminate and become null and void as of such first anniversary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.3</TD><TD STYLE="text-align: justify">With respect to U.S. Taxpayers, when the Participant&rsquo;s Termination Date occurs as a result of the
Participant's Disability or death, any RSUs standing to the credit of such Participant with respect to which vesting depends on (i)&nbsp;the
future achievement of Performance Criteria, shall continue to vest (and be paid out) in the normal course for 12 months after the Participant's
Termination Date and, subject to (ii)&nbsp;below, any such RSUs which have not become Vested RSUs on or before the first anniversary of
the Participant's Termination Date shall terminate and become null and void as of such first anniversary, and (ii)&nbsp;continued service
(without being subject to Performance Criteria) which would have become vested on or before the first anniversary of the Participant&rsquo;s
Termination Date if the Participant had continued its service to the Company, shall become immediately vested and will be paid out on
or before March&nbsp;15<SUP>th</SUP> of the year immediately following the calendar year in which the Participant&rsquo;s Termination
Date occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.4</TD><TD STYLE="text-align: justify">In the event of a Change of Control or a determination by the Board that a Change of Control is expected
to occur, the Board shall have the authority to take all necessary steps so as to ensure the preservation of the economic interests of
the Participants in, and to prevent the dilution or enlargement of, any RSUs, including, without limitation: (i)&nbsp;ensuring that the
Company or any entity which is or would be the successor to the Company or which may issue securities in exchange for Shares upon the
Change of Control becoming effective will provide each Participant with new or replacement or amended RSUs which will continue to vest
and be exercisable following the Change of Control on similar terms and conditions as provided in this Plan; (ii)&nbsp;causing all or
a portion of the outstanding RSUs to become Vested RSUs prior to the Change of Control; or (iii)&nbsp;any combination of the above, and
with respect to U.S. Taxpayers, any such actions will be undertaken in a manner that complies with Section&nbsp;409A of the Tax Code,
to the extent it is applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.5</TD><TD STYLE="text-align: justify">Provided that payments have not been made in respect of a Participant's RSUs in accordance with Section&nbsp;5.3,
if the employment of a Participant is terminated by the Company (or a Subsidiary, as applicable) or by the Participant as a result of
Constructive Dismissal, either of which within 6 months following a Change of Control, subject to the provisions of any applicable Grant
Agreement, all RSUs granted to the Participant and then outstanding shall (whether otherwise vested or not at such time) become Vested
RSUs at the time of such termination and each Participant shall be entitled to payouts in accordance with Article&nbsp;5.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Article&nbsp;8 <FONT STYLE="text-transform: uppercase">&ndash;
APPROVALS, Amendment and Termination</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.1</TD><TD STYLE="text-align: justify">This Plan, any amendment to increase the number of Shares under this Plan and any material amendment to
the terms of this Plan (other than &ldquo;housekeeping&rdquo; changes or amendments made to make this Plan comply with the Exchange Policy)
shall become effective upon the later of its acceptance for filing by the Exchange and its approval by Shareholders and, if applicable,
Disinterested Shareholders. RSUs may be granted, but not settled, prior to the receipt of such acceptance and approval.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.2</TD><TD STYLE="text-align: justify">Subject to this Article&nbsp;8, this Plan may be amended at any time by the Board in whole or in part,
but no amendment shall be made which would cause this Plan, or any RSUs granted under this Plan, to cease to comply with paragraph&nbsp;(k)&nbsp;of
the definition of &ldquo;salary deferral arrangement&rdquo; in subsection&nbsp;248(1)&nbsp;of the Tax Act or any successor provision thereto
or cause any outstanding RSUs, or any future grants of RSUs under this Plan, to become subject to adverse tax consequences under Section&nbsp;409A
of the Tax Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.3</TD><TD STYLE="text-align: justify">Upon termination of this Plan, all unvested RSUs shall, subject to a resolution of the Board to the contrary,
remain outstanding and in effect and continue to vest and be paid out in accordance with the terms of this Plan existing at the time of
its termination and the applicable Grant Agreement, but no further RSUs will be credited to any Participant&rsquo;s Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.4</TD><TD STYLE="text-align: justify">In the event of any subdivision, consolidation, capital reorganization, reclassification, exchange, or
other change with respect to the Shares, or a consolidation, amalgamation, merger, spin-off, sale, lease or exchange of all or substantially
all of the property of the Company or other distribution of the Company's assets to Shareholders of the Company (other than the payment
of ordinary course cash or stock dividends in respect of the Shares), the number of Shares subject to this Plan and all RSUs then outstanding
under this Plan shall be adjusted in such manner, if any, as the Company may in its discretion deem appropriate to preserve, proportionally,
the interests of Participants under this Plan. Adjustments under this Section&nbsp;8.4 shall be made by the Board, whose determination
as to what adjustments shall be made, and the extent thereof, shall be final, binding and conclusive, subject to the approval of the Exchange,
as required. All fractional RSUs shall be rounded down to the next whole number.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.5</TD><TD STYLE="text-align: justify">No adjustments shall be made to the Account of a Participant pursuant to Section&nbsp;8.4 where such adjustment
would result in the violation of any limits imposed under this Plan, including those limits set under Section&nbsp;4.1. If the Company
does not have a sufficient number of Shares available under this Plan to make an adjustment pursuant to Section&nbsp;8.4, any Participant&rsquo;s
entitled to an adjustment to their Account under such section shall receive cash in lieu thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.6</TD><TD STYLE="text-align: justify">Subject to the policies, rules&nbsp;and regulations of any lawful authority having jurisdiction over the
Company (including the Exchange and any other exchange on which the Shares are then listed and posted for trading), the Board may at any
time, without further action by, or approval of, the holders of Shares, amend this Plan or any RSU granted under this Plan in such respects
as it may consider advisable and, without limiting the generality of the foregoing, it may do so to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">ensure that RSUs granted under this Plan will comply with any provisions respecting RSUs or other Security
Based Compensation in the Tax Act, the Tax Code or other laws in force in any country or jurisdiction of which a Participant to whom an
RSU has been granted may from time to time perform services or be resident;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">make amendments of a procedural or &ldquo;housekeeping&rdquo; nature or to clarify existing provisions
of this Plan that do not have the effect of altering the scope, nature and intent of such provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">change the termination provisions of an RSU granted under this Plan which does not entail an extension
of the Expiry Date of the RSU beyond the original Expiry Date of the RSU and, with respect to RSUs of U.S. Taxpayers, does not result
in adverse tax consequences under Section&nbsp;409A of the Tax Code; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">suspend or terminate this Plan.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any such amendments shall, if made,
become effective on the date selected by the Board. The Board may not, however, without the consent of the Participants, or as otherwise
required by law, alter or impair any of the rights or obligations under any RSUs theretofore granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.7</TD><TD STYLE="text-align: justify">Notwithstanding Section&nbsp;8.6, approval of the Shareholders will be required in order to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">increase the maximum number of Shares reserved for issuance under this Plan and all other Security Based
Compensation Plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">amend the determination of Fair Market Value of a Share under this Plan in respect of any RSU;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">extend the Expiry Date of any RSU;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">increase any limit on grants of RSUs to any one Participant or group of Participants (such as Insiders);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">increase the circumstances under which RSUs may be assigned or transferred as permitted by Section&nbsp;9.1
hereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">amend the class of Eligible Persons;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">amend the expiry and termination provisions applicable to RSUs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">amend any method or formula for calculating prices, values or amounts under this Plan that may result
in a benefit to a Participant; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amend this Section&nbsp;8.7.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.8</TD><TD STYLE="text-align: justify">The existence of any RSUs shall not affect in any way the right or power of the Company or its Shareholders
to make or authorize any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business,
or to create or issue any bonds, debentures, Shares or other securities of the Company or to amend or modify the rights and conditions
attaching thereto or to effect the dissolution or liquidation of the Company, or any amalgamation, combination, merger or consolidation
involving the Company or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding,
whether of a similar nature or otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.9</TD><TD STYLE="text-align: justify">Notwithstanding the provisions of this Article&nbsp;8, should changes be required to this Plan by any
securities commission, stock exchange or other governmental or regulatory body of any jurisdiction to which this Plan or the Company now
is or hereafter becomes subject, such changes shall be made to this Plan as are necessary to conform with such requirements and, if such
changes are approved by the Board, this Plan, as amended, shall be filed with the records of the Company and shall remain in full force
and effect in its amended form as of and from the date of its adoption by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;9 <FONT STYLE="text-transform: uppercase">&ndash;
No Transfer or Assignment of Participants' Rights</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.1</TD><TD STYLE="text-align: justify">RSUs are not assignable or transferable by a Participant in whole or in part, either directly, by operation
of law or otherwise, except through devolution by death or incompetency, and no right or interest of any Participant under this Plan or
to receive any payment (whether in cash or Shares) hereunder shall be liable for or subject to any obligation or liability of such Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.2</TD><TD STYLE="text-align: justify">Subject to the requirements of applicable law, a Participant may designate in writing an individual who
is a dependent or relation of the Participant as a Beneficiary to receive any benefits that are payable under this Plan upon the death
of such Participant. The Participant may, subject to applicable laws, alter or revise such designation from time to time. The original
designation or any change thereto shall be in the form as the Board may, from time to time, determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;10 <FONT STYLE="text-transform: uppercase">&ndash;
Administration</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.1</TD><TD STYLE="text-align: justify">Nothing in this Plan shall be construed as giving any Participant the right to be retained in the employ
of or as a Consultant to the Company or any of its Subsidiaries or any right to any payment whatsoever except to the extent of the benefits
provided for by this Plan. The Company and its Subsidiaries expressly reserve the right to dismiss any Participant or terminate any Participant's
status as a Consultant at any time without liability effect which such dismissal or termination might have upon him or her as a Participant
other than as expressly provided for herein. No reasonable notice or payment in lieu thereof will extend the period of employment for
purposes of this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.2</TD><TD STYLE="text-align: justify">This Plan shall be administered by the Board with the assistance of the compensation committee of the
Board (the &ldquo;<B>Compensation Committee</B>&rdquo;) or to one or more Officers as provided herein. The Board has the sole and complete
authority, in its discretion, to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">interpret this Plan and the Grant Agreements and prescribe, modify and rescind rules&nbsp;and regulations
relating to this Plan and the Grant Agreements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">correct any defect or supply any omission or reconcile any inconsistency in this Plan in the manner and
to the extent it considers necessary or advisable for the implementation and administration of this Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">exercise rights reserved to the Company under this Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">determine whether and to the extent to which any Performance Criteria or other conditions applicable to
the vesting of RSUs have been satisfied or shall be waived or modified;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">determine the Payout Multiplier in respect of a particular period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">prescribe forms for notices to be prescribed by the Company under this Plan; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify">make all other determinations and take all other actions as it considers necessary or advisable for the
implementation and administration of this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Board's determinations and actions
under this Plan are final, conclusive and binding on the Company, the Participants, any Beneficiary and all other Persons. If the Company
ceases to be a Foreign Private Issuer, the Board and the Compensation Committee shall administer this Plan such that grants under this
Plan to Participants that are U.S. Taxpayers will be eligible for the exemption under Rule&nbsp;16b-3 under the U.S. Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.3</TD><TD STYLE="text-align: justify">Notwithstanding Section&nbsp;10.2, the Board may (other than with respect to Insiders), to the extent
permitted by law and stock exchange listing requirements, and subject to regulatory approval, if any, delegate any of its administrative
responsibilities under this Plan and powers related thereto to one or more Persons including, without limitation, an Officer (the &ldquo;<B>Administrator</B>&rdquo;),
and all actions taken and decisions made by such Administrator in this regard shall be final, conclusive, and binding on all parties concerned,
including but not limited to, the Company, the Participants, and any Beneficiary. Notwithstanding anything to the contrary contained herein,
if the Company ceases to be a Foreign Private Issuer, the Board may not delegate authority under this Section&nbsp;10.3 to the extent
that such delegation would cause this Plan not to comply with the requirements of Rule&nbsp;16b-3 under the U.S. Exchange Act, applicable
corporate law or stock exchange listing rules.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.4</TD><TD STYLE="text-align: justify">The Board may require that a Participant provide certain representations, warranties, and certifications
to the Company to satisfy the requirements of applicable laws, including, without limitation, exemptions from the registration requirements
of the U.S. Exchange Act, and applicable United States state securities laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.5</TD><TD STYLE="text-align: justify">All expenses of administration of this Plan shall be borne by the Company as determined by the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 10pt">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Each Participant shall provide the Company, the Board and the Administrator
(either individually or all, as applicable) with all information (including &ldquo;personal information&rdquo; as defined in the <I>Personal
Information Protection and Electronic Documents Act</I> (Canada) or any applicable provincial privacy legislation) they require in order
to administer this Plan or to permit the Participant to participate in this Plan (the &ldquo;<B>Participant Information</B>&rdquo;). The
Company, the Board, and the Administrator may from time to time transfer or provide access to the Participant Information to a third party
service provider for purposes of the administration of this Plan provided that such service providers will be provided with such information
for the sole purpose of providing services to the Company in connection with the operation and administration of this Plan and provided
further that such service provider agrees to take appropriate measures to protect the Participant Information and not to use it for any
purpose except to administer or operate this Plan. The Company may also transfer and provide access to Participant Information to its
Subsidiaries for purposes of preparing financial statements or other necessary reports and facilitating payment or reimbursement of Plan
expenses. In addition, Participant Information may be disclosed or transferred to another party during the course of, or completion of,
a change in ownership of, or the grant of a security interest in, all or a part of the Company or its Subsidiaries, provided that such
party is bound by appropriate agreements or obligations and required to use or disclose the Participant Information in a manner consistent
with this Section&nbsp;10.6. The Company shall not disclose Participant Information except as contemplated in this Section&nbsp;10.6 or
in response to regulatory filings or other requirements for the information by a governmental authority or regulatory body or a self-regulatory
body in which the Company participates in order to comply with applicable laws (including, without limitation, the rules, regulations
and policies of the Exchange and any other stock exchange on which the Shares are then listed and posted for trading</FONT>) <FONT STYLE="font-size: 10pt">or
for the purpose of complying with a subpoena, warrant or other order by a court, Person or body having jurisdiction over the Company to
compel production of the information. By participating in this Plan, each Participant acknowledges that Participant Information may be
so provided as set forth above and agrees and consents to its provision on the terms set forth herein.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;11 <FONT STYLE="text-transform: uppercase">&ndash;
Liability</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.1</TD><TD STYLE="text-align: justify">None of the Company, the Board, the Administrator or any Person acting on their direction or authority
shall be liable for anything done or omitted to be done by such Person with respect to the price, time, quantity or other conditions and
circumstances of the issuance or purchase of Shares under this Plan or with respect to any fluctuations in the price of the Shares or
in any other connection under this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;12 <FONT STYLE="text-transform: uppercase">&ndash;
Taxes and Other Source Deductions</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.1</TD><TD STYLE="text-align: justify">The Company and its Subsidiaries shall not be liable for any tax imposed on any Participant or any Beneficiary
as a result of the crediting, holding or settling of RSUs, amounts paid or granted to such Participant (or Beneficiary), or securities
issued or transferred to such Participant (or Beneficiary) under this Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.2</TD><TD STYLE="text-align: justify">It is the responsibility of the Participant (or Beneficiary) to complete and file any tax returns which
may be required under any applicable tax laws within the period prescribed by such laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">12.3</TD><TD STYLE="text-align: justify">The Company and its Subsidiaries shall be authorized to deduct, withhold and remit from any amount paid
or credited hereunder (whether in Shares or cash), or otherwise, such amount as may be necessary so as to ensure the Company and such
Subsidiary will be able to comply with the applicable provisions of any federal, provincial, state or local law relating to the withholding
of tax or other required deductions, including on the amount, if any, includable in the income of a Participant or Beneficiary, as the
case may be (the &ldquo;<B>Applicable Withholding Taxes</B>&rdquo;). If the event giving rise to the Applicable Withholding Taxes involves
an issuance or delivery of Shares, the withholding may be satisfied in such manner as the Company determines, provided that such manner
is also in compliance with the Exchange Policy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;13 <FONT STYLE="text-transform: uppercase">&ndash;
No Shareholder Rights and Unfunded Plan</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.1</TD><TD STYLE="text-align: justify">Under no circumstances shall RSUs be considered Shares or other securities of the Company, nor shall they
entitle any Participant to exercise voting rights or any other rights attaching to the ownership of Shares or other securities of the
Company, including, without limitation, voting rights, dividend entitlement rights or rights on liquidation, nor shall any Participant
be considered the owner of Shares by virtue of the award of RSUs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.2</TD><TD STYLE="text-align: justify">This Plan shall be unfunded and the Company will not secure its obligations under this Plan. To the extent
any Participant or his or her Beneficiary holds any rights by virtue of a grant of RSUs under this Plan, such rights (unless otherwise
determined by the Board) shall be no greater than the rights of an unsecured creditor of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Article&nbsp;14 <FONT STYLE="text-transform: uppercase">&ndash;
Currency</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.1</TD><TD STYLE="text-align: justify">All payments and benefits under this Plan shall be determined and paid in the lawful currency of Canada.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Article&nbsp;15 <FONT STYLE="text-transform: uppercase">&ndash;
Governing Law</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">15.1</TD><TD STYLE="text-align: justify">This Plan and all matters to which reference is made herein shall be governed by and interpreted in accordance
with the laws of the Province of British Columbia and the laws of Canada applicable therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: March&nbsp;29, 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Last Amended: April&nbsp;27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2330306d1_ex4-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Schedule A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>RESTRICTED SHARE UNIT AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This restricted share unit agreement (this &ldquo;<B>Agreement</B>&rdquo;)
is made the &#9679; day of &#9679;, 20&#9679; between &#9679; (the &ldquo;<B>Participant</B>&rdquo;) and EMX Royalty Corporation (the
 &ldquo;<B>Company</B>&rdquo;) pursuant to the terms of the Restricted Share Unit Plan of the Company, as amended (the &ldquo;<B>Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any capitalized terms used herein that are defined
in the Plan shall have the respective meanings ascribed to them in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the grant, pursuant to this
Plan, of &#9679; restricted share units (the &ldquo;<B>RSUs</B>&rdquo;) to the Participant (the receipt and sufficiency of which are hereby
acknowledged) the Participant <B>HEREBY AGREES AND CONFIRMS THAT</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The Participant has received a copy of the Plan and has read, understands and agrees to be bound by the
provisions of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The Participant accepts and consents to and shall be deemed conclusively to have accepted and consented
to, and agreed to be bound by, the provisions and all terms of the Plan and all <I>bona fide</I> actions or decisions made by the board
of directors of the Company (the &ldquo;<B>Board</B>&rdquo;) or any Person or committee to whom the Board may delegate administrative
duties and powers in relation to the Plan, which terms and consent shall also apply to and be binding on the legal representatives, beneficiaries
and successors of the undersigned.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">In order for RSUs to vest, the Participant must satisfy the following Performance Criteria:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="background-color: yellow">&#9679;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Subject to satisfying the foregoing Performance Criteria, if any, the application of the Payout Multiplier
and provided that the Participant remains in continuous service through the applicable Vesting Dates set forth below, the RSUs shall vest
and be settled in accordance with Section&nbsp;5.3 of the Plan as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.25in; width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 34%; border: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center"><B>Number of RSUs</B></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center"><B>Vesting Date</B></TD>
    <TD STYLE="width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center"><B>RSU Payment Date</B></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.9pt 5.75pt; text-align: center">&#9679;, 20&#9679;</TD></TR>
  </TABLE><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Pursuant to the Exchange Policy, Shares issuable to any Insider (or Person who will become an Insider
following the Grant Date), Consultant, Promoter or any Person who has elected or appointed or has the right to elect or appoint one or
more Directors or Officers pursuant to this Agreement will be subject to the &ldquo;Exchange Hold Period&rdquo; and legended substantially
as follows:</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>WITHOUT PRIOR WRITTEN APPROVAL
OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT AND
ANY SECURITIES ISSUED ON EXERCISE HEREOF MAY&nbsp;NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES
OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL </B><FONT STYLE="background-color: yellow"><U>[FOUR
MONTHS AND ONE DAY FOLLOWING THE DATE OF THIS AGREEMENT</U></FONT><U>]</U><B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">There may also be restrictions imposed
under securities legislation of Canada and the Participant&rsquo;s country of residence on the Participant&rsquo;s ability to sell any
Shares acquired pursuant to the Plan. If there is any doubt about the applicable requirements, the Participant should obtain independent
legal advice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify">If the Participant is, or becomes, a resident of the United States of America, the Participant hereby
represents and warrants to, and covenants with, the Company (and it shall be a condition of acquiring RSUs and Shares pursuant to the
Plan and the Company may require the Participant to execute an instrument in a form acceptable to it confirming the following) that the
Participant:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">will acquire any RSUs and Shares as an investment and not with a view to distribution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">undertake not to offer or sell or otherwise dispose of the Shares unless the Shares are registered under
the United States <I>Securities Act of 1933</I>, as amended, or an exemption from such registration is available;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">consent to the placing of a restrictive legend, substantially as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&ldquo;<B>THE SECURITIES REPRESENTED
BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE <I>UNITED STATES SECURITIES
ACT OF 1933</I>, AS AMENDED (THE &ldquo;U.S. SECURITIES ACT&rdquo;) OR ANY STATE SECURITIES LAWS, AND THE SECURITIES REPRESENTED BY THIS
AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MAY&nbsp;BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)&nbsp;TO
EMX ROYALTY CORPORATION (THE &ldquo;COMPANY&rdquo;) (B)&nbsp;OUTSIDE THE UNITED STATES IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER
THE U.S. SECURITIES ACT (&ldquo;REGULATION S&rdquo;) AND IN COMPLIANCE WITH LOCAL LAWS AND REGULATIONS,&nbsp;IF AVAILABLE, (C)&nbsp;PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT AND IS AVAILABLE FOR RESALE OF THE SECURITIES,
OR (D)&nbsp;IN COMPLIANCE WITH AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT,&nbsp;INCLUDING RULE 144 OR RULE 144A THEREUNDER,&nbsp;IF
AVAILABLE, AND,&nbsp;IN EACH CASE,&nbsp;IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER OF THE SECURITIES REPRESENTED
BY THIS AGREEMENT FURTHER UNDERSTANDS AND AGREES THAT IN THE EVENT OF A TRANSFER PURSUANT TO THE FOREGOING CLAUSE (D), THE COMPANY WILL
REQUIRE A LEGAL OPINION OF COUNSEL OF RECOGNIZED STANDING OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH TRANSFER
IS EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. DELIVERY OF THIS AGREEMENT MAY&nbsp;NOT
CONSTITUTE &ldquo;GOOD DELIVERY&rdquo; IN SETTLEMENT OF TRANSACTIONS ON STOCK EXCHANGES IN CANADA</B>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>[for convertible securities, include:]
 &ldquo;SECURITIES REPRESENTED HEREBY MAY&nbsp;NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF OF, OR FOR THE ACCOUNT OR BENEFIT
OF, A U.S. PERSON UNLESS THE SHARES ISSUABLE UPON EXERCISE OF THIS SECURITY HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE
APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. &ldquo;UNITED STATES&rdquo;
AND &ldquo;U.S. PERSON&rdquo; ARE AS DEFINED BY REGULATION S UNDER THE U.S. SECURITIES ACT.&rdquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">on any certificates respecting the
Shares issued to the Participant should such a legend be necessary in order to comply with securities laws applicable to the Participant
or the Company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">acknowledges that securities laws applicable to the Participant or the Company may require the Participant
to hold any Shares issued to the Participant for a certain period prior to resale thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify">The Participant acknowledges and consents to the Company:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">collecting the Participant&rsquo;s personal information for the purposes of this Agreement (&ldquo;<B>Personal
Information</B>&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">retaining the Personal Information for as long as permitted or required by applicable law or business
practices; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">providing to various governmental and regulatory authorities, as may be required by applicable securities
laws, stock exchange rules, and the rules&nbsp;of the Investment Industry Regulatory Organization of Canada (IIROC) or to give effect
to this Agreement any personal information provided by you.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 13.5pt">8.</TD><TD>The Participant acknowledges that it has been notified by the Company:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">of the delivery of the Personal Information to all applicable securities regulatory authorities or regulators;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">that the Personal Information is being collected by the securities regulatory authority or regulator under
the authority granted in Canadian securities legislation for the purposes of the administration and enforcement of applicable Canadian
securities legislation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">of the contact information of the public official in each applicable Canadian jurisdiction who can answer
questions about this indirect collection of Personal Information is set out in Exhibit&nbsp;1 hereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement shall be determined in accordance
with the laws of the province of British Columbia and the laws of Canada applicable therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page&nbsp;Follows]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> -</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2"><B>EMX ROYALTY CORPORATION</B></TD><TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify"><B>PARTICIPANT</B></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 3%">Per:</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 48%">&nbsp;</TD><TD STYLE="text-align: left; width: 2%">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD>
<TD>Authorized Signatory</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Signature</TD>
                                                                     <TD STYLE="text-align: justify"></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD COLSPAN="2">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&#9679;[Name]</TD>
                                                                   <TD STYLE="text-align: justify"></TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 26 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2330306d1_ex4-1img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit&nbsp;1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Contact Information of Public Officials Regarding
Indirect Collection of Personal Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Alberta Securities Commission</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;600, 250 &ndash; 5<SUP>th</SUP> Street SW</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Calgary, Alberta T2P 0R4</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 403-297-6454 Toll free in Canada: 1-877-355-0585</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 403-297-2082</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOIP Coordinator</B></P></TD>
    <TD STYLE="width: 53%; padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>British Columbia Securities Commission</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 10142, Pacific Centre</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">701 West Georgia Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vancouver, British Columbia V7Y 1L2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inquiries: 604-899-6854 Toll free in Canada: 1-800-373-6393</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 604-899-6581</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: FOI-privacy@bcsc.bc.ca</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>FOI Inquiries</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Manitoba Securities Commission</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 &ndash; 400 St. Mary Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Winnipeg, Manitoba R3C 4K5</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 204-945-2561</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toll free in Manitoba 1-800-655-5244</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 204-945-0330</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Director</B></P></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial and Consumer Services Commission (New Brunswick)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">85 Charlotte Street, Suite&nbsp;300</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Saint John, New Brunswick E2L 2J2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 506-658-3060 Toll free in Canada: 1-866-933-2222</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 506-658-3059</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: info@fcnb.ca</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Chief Executive Officer and Privacy Officer</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government of Newfoundland and Labrador</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Services Regulation Division</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 8700, Confederation Building</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2<SUP>nd</SUP> Floor, West Block</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prince Philip Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">St. John&rsquo;s, Newfoundland and Labrador A1B 4J6</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Director of Securities</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 709-729-4189 Facsimile: 709-729-6187</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Superintendent of Securities</B></P></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government of the Northwest Territories</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Office of the Superintendent of Securities</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 1320</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yellowknife, Northwest Territories X1A 2L9</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 867-767-9305 Facsimile: 867-873-0243</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Superintendent of Securities</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nova Scotia Securities Commission</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;400, 5251 Duke Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duke Tower</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 458</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Halifax, Nova Scotia B3J 2P8</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 902-424-7768 Facsimile: 902-424-4625</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Executive Director</B></P></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government of Nunavut</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Department of Justice</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Registries Division</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 1000, Station 570</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1st Floor, Brown Building</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Iqaluit, Nunavut X0A 0H0</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 867-975-6590 Facsimile: 867-975-6594</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Superintendent of Securities</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ontario Securities Commission</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20 Queen Street West, 22<SUP>nd</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario M5H 3S8</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 416-593- 8314 Toll free in Canada: 1-877-785-1555</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 416-593-8122</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: exemptmarketfilings@osc.gov.on.ca</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Inquiries Officer</B></P></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prince Edward Island Securities Office</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">95 Rochford Street, 4<SUP>th</SUP> Floor Shaw Building</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">P.O.&nbsp;Box 2000</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Charlottetown, Prince Edward Island C1A 7N8</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 902-368-4569 Facsimile: 902-368-5283</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Superintendent of Securities</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Autorit&eacute; des march&eacute;s financiers</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">800, Square Victoria, 22e &eacute;tage</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">C.P. 246, Tour de la Bourse</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montr&eacute;al, Qu&eacute;bec H4Z 1G3</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 514-395-0337 or 1-877-525-0337</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: 514-864-6381</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: financementdessocietes@lautorite.qc.ca</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information: <B>Secr&eacute;taire g&eacute;n&eacute;rale</B></P></TD>
    <TD STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial and Consumer Affairs Authority of Saskatchewan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;601 &ndash; 1919 Saskatchewan Drive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regina, Saskatchewan S4P 4H2</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 306-787-5842 Facsimile: 306-787-5899</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Director</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 2.9pt 5.75pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government of Yukon</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Department of Community Services</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of the Superintendent of Securities</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">307 Black Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whitehorse, Yukon Y1A 2N1</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: 867-667-5466 Facsimile: 867-393-6251</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: securities@gov.yk.ca</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Public official contact regarding indirect collection
    of information:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Superintendent of Securities</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>tm2330306d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="tm2330306d1_ex5-1img001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November&nbsp;14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EMX Royalty Corporation<BR>
Suite&nbsp;501 &ndash; 543 Granville Street<BR>
Vancouver, BC<BR>
V6C 1XB</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear: Sir/Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>Registration Statement on Form&nbsp;S-8 of EMX Royalty Corporation (the &ldquo;Company&rdquo;)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have acted as Canadian counsel to the Company,
a corporation organized under the <I>Business Corporations Act</I> (British Columbia) in connection with the Registration Statement on
Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) filed by the Company with the U.S. Securities and Exchange Commission
(the &ldquo;<B>SEC</B>&rdquo;) relating to the registration under the Securities Act of 1933, as amended, of 3,200,000 common shares in
the capital of the Company (the &ldquo;<B>Shares</B>&rdquo;) that may be issued under the Company&rsquo;s Restricted Share Unit Plan (as
it may be amended from time to time, the &ldquo;<B>RSU Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In connection with
giving this opinion, we have examined originals, certified or otherwise identified to our satisfaction, of such public and corporate records,
agreements, certificates, orders, opinions, correspondence with public officials, certificates provided by the Company&rsquo;s officers
and representatives, instruments and other documents as we have considered necessary or advisable for the purposes of rendering the opinion
set out below, </FONT>including (i)&nbsp;the corporate and organizational documents of the Company, (ii)&nbsp;the resolutions of the board
of directors of the Company with respect to the issuance of the Shares under the RSU Plan and certain related matters, (iii)&nbsp;the
RSU Plan, and (iv)&nbsp;the Registration Statement and exhibits thereto. With respect to the accuracy of factual matters material to this
opinion, we have relied upon certificates or comparable documents and representations of public officials and of officers and representatives
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In giving this opinion,
we have assumed (i)&nbsp;the genuineness of all signatures, the authenticity of all documents submitted to us as originals, (ii)&nbsp;the
conformity to original documents of all documents submitted to us as copies, certified, </FONT>photostatic or electronic copies and the
authenticity of the originals thereof, (iii)&nbsp; the legal capacity of natural persons, (ii)&nbsp;the genuineness of signatures not
witnessed by us, (iv)&nbsp;the due authorization, execution and delivery of all documents by all parties, other than the Company, and
the validity, binding effect and enforceability thereof and (v)&nbsp;the truth, accuracy and completeness of the information, representations
and warranties contained in the records, documents, instruments and certificates we have reviewed. We have also considered such questions
of law as we have deemed relevant and necessary as a basis for the opinion hereinafter expressed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2330306d1_ex5-1img002.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2330306d1_ex5-1img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based and relying upon and subject to the foregoing,
we are of the opinion that the Shares have been duly authorized and upon issuance and delivery in accordance with the terms of the RSU
Plan, the Shares will be validly issued, fully paid and non-assessable shares in the capital of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are solicitors qualified to carry on the practice
of law in the Province of British Columbia, and we express no opinion as to any laws, or matters governed by any laws, other than the
laws of the Province of British Columbia and the federal laws of Canada applicable therein. The opinions herein are limited to the laws
of the Province of British Columbia, and the federal laws of Canada applicable therein in effect as of the date hereof. We express no
opinion to the extent that any other laws are applicable to the subject matter hereof and express no opinion and provide no assurance
as to compliance with any federal, provincial or state securities law, rule&nbsp;or regulation. Our opinion is as of the date hereof and
we have no responsibility to update this opinion for events and circumstances occurring after the date hereof or as to facts relating
to prior events that are subsequently brought to our attention and we disavow any undertaking to advise you of any changes in law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We hereby consent
to the filing of this opinion letter as an exhibit to the Registration Statement. </FONT>In giving this consent, we do not hereby admit
that we come within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules&nbsp;or
regulations of the SEC promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Yours truly,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cassels Brock&nbsp;&amp; Blackwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>tm2330306d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporated by reference
in this Registration Statement on Form S-8 of our reports dated March 27, 2023 relating to the consolidated financial statements and the
effectiveness of internal control over financial reporting of EMX Royalty Corporation (the &#8220;Company&#8221;) for the fiscal year
ended December 31, 2022, which appear in Exhibit 99.3 of Company&#8217;s Annual Report on Form 40-F filed with the Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the references to our name
under the heading &#8220;Interests of Experts&#8221; in the Annual Information Form forming a part of the Annual Report on Form 40-F,
which is incorporated by reference in such Form S-8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; text-align: justify">Vancouver, Canada </TD>
    <TD STYLE="width: 54%; text-align: right">Chartered Professional Accountants</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><P STYLE="margin-top: 0; margin-bottom: 0">/s/ DAVIDSON &amp; COMPANY LLP</P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">November 14, 2023</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>tm2330306d1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF ERIC JENSEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Eric Jensen, hereby consent to the
use of and reference to my name in the Registration Statement, including as an expert or &quot;qualified person&quot;, and the inclusion
and incorporation by reference in the Registration Statement, including any amendments or supplements thereto, of the information prepared
by me, that I supervised the preparation of, or that was reviewed or approved by me that is of a scientific or technical nature and all
other references to such information included or incorporated by reference in the Registration Statement, including all information of
a scientific or technical nature included or incorporated by reference in the Registration Statement not otherwise covered by any other
named expert therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November 14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/ Eric P. Jensen</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Dr. Eric P. Jensen, CPG</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>tm2330306d1_ex23-3.htm
<DESCRIPTION>EXHIBIT 23.3
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit&nbsp;23.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF MICHAEL P. SHEEHAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form&nbsp;S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Michael P. Sheehan, hereby consent
to the use of and reference to my name in the Registration Statement, including as an expert or &quot;qualified person&quot;, and the
inclusion and incorporation by reference in the Registration Statement, including any amendments or supplements thereto, of the information
prepared by me, that I supervised the preparation of, or that was reviewed or approved by me that is of a scientific or technical nature
and all other references to such information included or incorporated by reference in the Registration Statement, including all information
of a scientific or technical nature included or incorporated by reference in the Registration Statement not otherwise covered by any other
named expert therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November&nbsp;14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/&#8239;Michael P. Sheehan</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Michael P. Sheehan, CPG</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>7
<FILENAME>tm2330306d1_ex23-4.htm
<DESCRIPTION>EXHIBIT 23.4
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit 23.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF MUSTAFA ATALAY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Mustafa Atalay, consent to (i) the
incorporation by reference in the Registration Statement of the Technical Report dated March 21, 2022, entitled &ldquo;Gediktepe Project
- Bal&inodot;kesir Province, Turkey NI 43-101 Royalty Technical Report&rdquo; (the &ldquo;Technical Report&rdquo;), and (ii) the use of
and references to my name, including as an expert or &quot;qualified person&quot;, in connection with the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November 14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/&#8239;Mustafa Atalay</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Mustafa Atalay</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">M.Sc., CPG.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">DAMA Engineering Inc.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.5
<SEQUENCE>8
<FILENAME>tm2330306d1_ex23-5.htm
<DESCRIPTION>EXHIBIT 23.5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit&nbsp;23.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF METIN ALEMDAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form&nbsp;S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Metin Alemdar, consent to (i)&nbsp;the
incorporation by reference in the Registration Statement of the Technical Report dated March&nbsp;21, 2022, entitled &ldquo;Gediktepe
Project - Bal&inodot;kesir Province, Turkey NI 43-101 Royalty Technical Report&rdquo; (the &ldquo;Technical Report&rdquo;), and (ii)&nbsp;the
use of and references to my name, including as an expert or &quot;qualified person&quot;, in connection with the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November&nbsp;14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/&#8239;Metin Alemdar</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Metin Alemdar</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">M.Sc., MIMMM</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">DAMA Engineering Inc.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.6
<SEQUENCE>9
<FILENAME>tm2330306d1_ex23-6.htm
<DESCRIPTION>EXHIBIT 23.6
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit&nbsp;23.6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF SELIM YILMAZ</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form&nbsp;S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Selim Yilmaz, consent to (i)&nbsp;the
incorporation by reference in the Registration Statement of the Technical Report dated March&nbsp;21, 2022, entitled &ldquo;Gediktepe
Project - Bal&inodot;kesir Province, Turkey NI 43- 101 Royalty Technical Report&rdquo; (the &ldquo;Technical Report&rdquo;), and (ii)&nbsp;the
use of and references to my name, including as an expert or &quot;qualified person&quot;, in connection with the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November&nbsp;14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/&#8239;Selim Yilmaz</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Selim Yilmaz</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">M.Sc.,
MIMMM</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">DAMA Engineering Inc.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.7
<SEQUENCE>10
<FILENAME>tm2330306d1_ex23-7.htm
<DESCRIPTION>EXHIBIT 23.7
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 474pt"><B>Exhibit&nbsp;23.7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>CONSENT OF ARIF UMUTCAN GEL&Idot;&Scedil;EN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Reference is made to the Registration
Statement on Form&nbsp;S-8 and any amendments thereto, and the documents incorporated by reference therein (the &ldquo;Registration Statement&rdquo;)
of EMX Royalty Corporation (the &ldquo;Company&rdquo;) to be filed with the United States Securities and Exchange Commission pursuant
to the United States Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">I, Arif Umutcan Geli&scedil;en, consent
to (i)&nbsp;the incorporation by reference in the Registration Statement of the Technical Report dated March&nbsp;21, 2022, entitled &ldquo;Gediktepe
Project - Bal&inodot;kesir Province, Turkey NI 43-101 Royalty Technical Report&rdquo; (the &ldquo;Technical Report&rdquo;), and (ii)&nbsp;the
use of and references to my name, including as an expert or &quot;qualified person&quot;, in connection with the Technical Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Dated: November&nbsp;14, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%; text-align: left">/s/&#8239;Arif Umutcan Geli&scedil;en</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">Arif Umutcan Geli&scedil;en</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">B.Sc., MIMMM</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">DAMA Engineering Inc.</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>11
<FILENAME>tm2330306d1_exfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;107</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Calculation of Filing Fee Table</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Form&nbsp;S-8</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Form&nbsp;Type)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EMX Royalty Corporation</U>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Table 1: Newly Registered</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Security<BR> Type</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Security<BR> Class<BR> Title</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fee<BR> Calculation<BR> Rule</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount<BR> Registered<BR> (1)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed<BR> Maximum<BR> Offering<BR> Price Per</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Unit</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Maximum<BR> Aggregate<BR> Offering<BR> Price</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Fee<BR> Rate</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount of<BR> Registration<BR> Fee</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 10%; font-size: 10pt; text-align: left">Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: left">Common shares without par value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left">457(c)&nbsp;and 457(h)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">3,200,000</TD><TD STYLE="vertical-align: bottom; width: 2%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">1.65</TD><TD STYLE="text-align: left; width: 2%; font-size: 10pt; vertical-align: bottom">(2)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">5,280,000</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">0.0001476</TD><TD STYLE="width: 2%; font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; font-size: 10pt; text-align: right">780.00</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; font-size: 10pt; font-weight: bold; text-align: left">Total Offering Amounts</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: left">$</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: right">5,280,000</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: right">780.00</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="4" STYLE="vertical-align: top; font-size: 10pt; font-weight: bold; text-align: left">Total Fee Offsets</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="4" STYLE="vertical-align: top; font-size: 10pt; font-weight: bold; text-align: left">Net Fee Due</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left"><B>$</B></TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: right">780.00</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">(1)</TD>
    <TD STYLE="text-align: justify">Represents common shares, without par value (&ldquo;Common Shares&rdquo;), that may be issued under the EMX Royalty Corporation Restricted Share Unit Plan, as amended (the &ldquo;Plan&rdquo;). Pursuant to Rule&nbsp;416(a)&nbsp;under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this registration statement shall also cover any additional Common Shares that become issuable under the Plan as a result of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant&rsquo;s receipt of consideration which would increase the number of outstanding Common Shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>(2)</TD>
    <TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule&nbsp;457(c)&nbsp;and Rule&nbsp;457(h)&nbsp;promulgated under the Securities Act on the basis of the average of the high and the low price of Registrant&rsquo;s Common Shares as reported on the NYSE American on November 10, 2023.</TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
