San Agustin Sulfides | EMX Royalty Corp.

EMX holds a 2% NSR royalty on the San Agustin Sulfides. The San Agustin royalty asset is a low-sulfidation epithermal Au-Ag project located ~100 km north of Durango, Mexico and covers any sulfide ore produced from the land claims. At present, San Agustin is an open pit, heap leach gold mine operated by Argonaut Gold Inc. (TSX-V: AR; “Argonaut”) to supply ore to the company’s El Castillo Complex for processing. Commercial production from the oxide portion of the mineral deposit began in October 2017. San Agustin’s sulfide resource could potentially extend the operation’s mine life which is currently expected to end in 2025. Argonaut is aware that the sulfides may have economic potential, which it intends to evaluate in the future.

Resource Category	Material type	Cut-off Au (g/t)	Tonnes (000’s)	Au (g/t)	Ag (g/t)	Au (oz) (000’s)	Ag (oz) (000’s)
Indicated	Oxide	0.11	57,699	0.27	7.8	505	14,451
	Transition	0.19	3,239	0.35	16.7	37	1,740
	Total Indicated		60,938	0.28	8.3	541	16,191
Inferred	Oxide	0.11	2,069	0.37	10.3	25	685
	Transition	0.19	13	0.24	21.9	#	9
	Sulphide Argillic	0.25	79,729	0.47	15.1	1,200	38,763
	Sulphide Silicified	0.42	5,098	0.74	9.3	120	1,518
	Total Inferred		86,909	0.48	14.7	1,345	40,975

Mineral Resources are reported using the 2014 CIM Definition Standards. The Qualified Person for the estimate is Brian Arkell, SM RME.
Mineral Resource estimates have an effective date of August 1, 2021 as defined by end of month July 2021 topography.
Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$1,800/oz Au; a silver price of US$24.00/oz Ag; mining cost of US$1.66/t mined; crushing and conveying cost of US$1.04/t processed; process and leaching cost of US$2.33/t processed; G&A cost of US$0.49/t processed; selling cost of US$0.30/t processed; variable gold metallurgical recoveries from 17-66%; silver metallurgical recoveries from 14-16%; and pit slope angles of 45^o.
Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Resource estimates do not account for mineability, selectivity, mining loss or dilution.
Totals may not add up due to rounding.
The #symbol indicates that the value is below the rounded value of 1.
AuEq = (Au + Ag/Equivalency Factor) where Equivalency Factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery))

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