<SEC-DOCUMENT>0001703148-25-000007.txt : 20251107
<SEC-HEADER>0001703148-25-000007.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107135446
ACCESSION NUMBER:		0001703148-25-000007
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMX Royalty Corp
		CENTRAL INDEX KEY:			0001285786
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87421
		FILM NUMBER:		251461854

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Extract Advisors LLC
		CENTRAL INDEX KEY:			0001703148
		ORGANIZATION NAME:           	
		EIN:				453038573
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		4500 PARK GRANADA
		STREET 2:		UNIT 202
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
		BUSINESS PHONE:		2122550972

	MAIL ADDRESS:	
		STREET 1:		4500 PARK GRANADA
		STREET 2:		UNIT 202
		CITY:			CALABASAS
		STATE:			CA
		ZIP:			91302
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001493152-25-006635</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001703148</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001285786</issuerCik>
        <issuerName>EMX Royalty Corporation</issuerName>
        <issuerCusip>26873J107</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>905 - 815 W. Hastings St.</com:street1>
          <com:city>Vancouver</com:city>
          <com:stateOrCountry>A1</com:stateOrCountry>
          <com:zipCode>V6C 1B4</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Extract Advisors LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>5001701</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>5001701</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5001701</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.6</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>Please see note in Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>
      <reportingPersonName>Extract Capital Master Fund Ltd.</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>5001701</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>5001701</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5001701</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.6</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>Please see note in Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>
      <reportingPersonName>Darin Milmeister</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>5001701</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>5001701</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5001701</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>4.6</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <comments>Please see note in Item 4(a).</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>EMX Royalty Corporation</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>905 - 815 W. Hastings St.
Vancouver, British Columbia, Canada V6C 1B4</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Extract Advisors LLC*
Extract Capital Master Fund Ltd.*
Darin Milmeister*</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>4500 Park Granada Unit 202, Calabasas, CA 91302</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Extract Advisors LLC - Delaware
Extract Capital Master Fund Ltd. - Cayman Islands
Darin Milmeister - United States</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>Extract Advisors LLC - 5,001,701*
Extract Capital Master Fund Ltd. - 5,001,701*
Darin Milmeister - 5,001,701*

*The common shares (the "Shares") reported herein for EMX Royalty Corporation (the "Issuer") are held by Extract Capital Master Fund Ltd. (the "Fund"), which is managed by Extract Advisors LLC (the "Adviser"). Darin Milmeister serves as the managing member to the Adviser (the "Managing Member," and collectively with the Adviser and the Fund, the "Reporting Persons.") As of the reporting date, the Fund held 5,001,701 Shares. The percentages reported herein are calculated based upon the statement in the Issuer's Form 6-K filed on October 2, 2025 that there were 108,964,292 Shares outstanding as of September 25, 2025. This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the reporting persons herein disclaims beneficial ownership of the Shares reported herein except to the extent of the reporting person's pecuniary interest, if any, therein.</amountBeneficiallyOwned>
        <classPercent>Extract Advisors LLC - 4.6%
Extract Capital Master Fund Ltd. - 4.6%
Darin Milmeister - 4.6%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Extract Advisors LLC - 0
Extract Capital Master Fund Ltd. - 0
Darin Milmeister - 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Extract Advisors LLC - 5,001,701
Extract Capital Master Fund Ltd. - 5,001,701
Darin Milmeister - 5,001,701</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Extract Advisors LLC - 0
Extract Capital Master Fund Ltd. - 0
Darin Milmeister - 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Extract Advisors LLC - 5,001,701
Extract Capital Master Fund Ltd. - 5,001,701
Darin Milmeister - 5,001,701</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>N</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>N</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Extract Advisors LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Darin Milmeister</signature>
        <title>Darin Milmeister, Managing Member</title>
        <date>11/07/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Extract Capital Master Fund Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Darin Milmeister</signature>
        <title>Darin Milmeister, Director</title>
        <date>11/07/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Darin Milmeister</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Darin Milmeister</signature>
        <title>Darin Milmeister, Individually</title>
        <date>11/07/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>ex1.htm
<TEXT>
<!DOCTYPE html>
<html ><head></head><body style='font: 10pt Times New Roman, Times, Serif'>
<p style='text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>Exhibit I</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>JOINT FILING STATEMENT</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>PURSUANT TO RULE 13D-1(K)(1)</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 67.5pt'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>The undersigned hereby consent and agree to the joint
filing of Schedule 13G under the Securities Exchange Act of 1934, as amended, with respect to the Shares of EMX Royalty Corporation
together with any or all amendments thereto, when and if required. The parties hereto further consent and agree to file this Joint Filing
Statement pursuant to Rule13d-1(k)(1)(iii) as an exhibit to Schedule 13G, thereby incorporating the same into such Schedule 13G.</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>This Joint Filing Statement may be terminated by any
of the undersigned upon written notice or such lesser period of notice as the undersigned may mutually agree.</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>Dated: November 07, 2025</font></p>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
<table cellspacing='0' cellpadding='0' style='font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse'>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></td>
<td colspan='2'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>Extract Advisors LLC</font></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td style='width: 50%'>&nbsp;</td><td style='width: 3%'>&nbsp;</td><td style='width: 47%'>&nbsp;</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>By:</td><td style='border-bottom: Black 1pt solid'><i>/s/
Darin Milmeister</i></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>Darin Milmeister, Managing Member</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></td>
<td colspan='2'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>Extract Capital Master Fund Ltd.</font></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td style='width: 50%'>&nbsp;</td><td style='width: 3%'>&nbsp;</td><td style='width: 47%'>&nbsp;</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>By:</td><td style='border-bottom: Black 1pt solid'><i>/s/
Darin Milmeister</i></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>Darin Milmeister, Director</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></td>
<td colspan='2'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>Darin Milmeister</font></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td style='width: 50%'>&nbsp;</td><td style='width: 3%'>&nbsp;</td><td style='width: 47%'>&nbsp;</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>By:</td><td style='border-bottom: Black 1pt solid'><i>/s/
Darin Milmeister</i></td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>Darin Milmeister, Individually</td></tr>
<tr style='font: 10pt Times New Roman, Times, Serif; vertical-align: top'><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr>
</table>
<div style='margin-bottom: 6pt; border-bottom: Black 1pt solid'><table cellpadding='0' cellspacing='0' style='border-collapse: collapse; width: 100%; font-size: 10pt'><tr style='vertical-align: top; text-align: left'><td style='text-align: left; width: 100%'>&nbsp;</td></tr></table></div>
<p style='font: 10pt Times New Roman, Times, Serif; margin: 0pt'><font style='font-family: Times New Roman, Times, Serif; font-size: 10pt'>&nbsp;</font></p>
</body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
