EMX Royalty is a mining royalty company that holds royalty interests on mineral properties operated by third parties, receiving a percentage of metal sales revenue without bearing any operating or capital costs. EMX's portfolio spans 251 properties across North America, Europe, Türkiye, Latin America, Morocco, and Australia, focused primarily on gold, silver, and copper. EMX generates revenue three ways: production royalties from operating mines, pre-production payments (advance royalties, milestone payments, and option fees) from development-stage properties, and organic royalty creation where EMX stakes and explores prospective ground then options it to partner mining companies in exchange for a retained royalty interest. This last activity — royalty generation — is EMX's most distinctive feature, allowing it to build royalties at a low cost basis while partners fund all subsequent exploration and development. EMX's three core producing royalties are a 10% NSR on Gediktepe's oxide gold/silver production in Türkiye, a ~0.83% NSR on the Caserones copper-molybdenum mine in Chile (operated by Lundin Mining), and a 0.3625% NSR on Zijin Mining's Timok copper-gold mine in Serbia. Beyond these, EMX holds seven total producing royalties, ten advanced royalties, and over 200 earlier-stage and exploration-stage royalties. A key near-term growth catalyst is the planned sulfide expansion at Gediktepe, where EMX holds a 2% NSR on the larger underlying sulfide deposit. Franco-Nevada is both a lender and strategic shareholder in EMX, and co-invests with EMX on royalty acquisitions.