EMX Royalty (EMX) Planet MicroCap Showcase: VEGAS 2025 summary

Business model and sector overview

• Focus on royalty ownership in mining, benefiting from commodity price and discovery optionality.

• Royalties provide exposure to upside without direct operational costs or risks.

• Portfolio spans nearly 5 million acres, with over 140 royalties globally, including 6 in production and 40 with pre-production payments.

• Key assets include gold and copper royalties in the US, South America, Scandinavia, Serbia, and Turkey.

• Major operators invest heavily in exploration, enhancing royalty value at no cost.

Financial performance and capital allocation

• Achieved significant cash flow positivity over the past three years, with gold and copper as primary revenue drivers.

• Trading at a PNAV of 0.4, prompting aggressive share buybacks (over 5% of shares repurchased).

• Debt reduced from $52 million to $25 million, with Franco-Nevada as both debt holder and shareholder.

• Cash position at $26 million, with ongoing buybacks and capital allocation focused on value creation.

• Plans to consider dividends once PNAV exceeds 1, with annual increases anticipated.

Key assets and value creation

• Timok royalty in Serbia acquired for CAD 200,000, paid $14 million to date, with in-ground value estimated at $166 million before new discoveries.

• Caserones in Chile purchased for $65 million, paid $30 million, with $105 million in remaining in-ground value.

• Gediktepe in Turkey and Leeville in Nevada are significant contributors, with Gediktepe transitioning from gold-silver to copper-zinc.

• New assets like Chapi in Peru and Viscaria in Sweden expected to enter production soon.

• Discovery optionality exemplified by ongoing drilling and new finds at Timok and Caserones.