San Agustin Sulfides

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. The San Agustin open pit, heap leach gold mine was previously operated by Argonaut Gold Inc. to supply ore to the company’s El Castillo Complex for processing. In 2024, Argonaut Gold was aquired by Alamos Gold Ltd. San Agustin was purchased by Heliostar Metals Ltd. in November 2024. Resource and Reserve tables below are from Heliostar’s San Agustin Operations NI 43-101 Technical Report, with an effective date of November 30, 2024.

San Agustin Mineral Resource Statement - November 30, 2024

Mineral Resource Notes:

1. Mineral Resources are reported insitu, using the 2014 CIM Definition Standards, and have an effective date of 30 November, 2024. The Qualified Person for the estimate is Mr. David Thomas, PGeo., Associate Mineral Resource Estimator with MTS.
2. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. Mineral Resource estimates are defined by end of month July 2024 topography.
4. Mineral Resources are constrained by a conceptual pit shell using the following assumptions: a gold price of US$2,150/oz Au; a silver price of US$26.0/oz Ag; mining cost of US$2.0/t mined; oxide process and leaching cost of US$4.23/t processed; transition process and leaching cost of US$5.14/t processed; sulphide argillic process and leaching cost of US$5.36/t processed; sulphide silicic process and leaching cost of US$4.94/t processed; general and administrative cost of US$1.4/t processed; selling cost of US$0.66/t processed; gold metallurgical recoveries from 17–66%; silver metallurgical recoveries from 9–10%; and pit slope angles of 45º.
5. Totals may not sum due to rounding.

San Agustin Mineral Reserve Statement - November 30, 2024

Mineral Reserve Notes:

1. Mineral Reserves are reported at the point of delivery to the process plant, using the 2014 CIM Definition Standards.
2. Mineral Reserves have an effective date of 30 November 2024. The Qualified Person for the estimate is Mr. Jeffrey Choquette, PE, of Hard Rock Consulting, LLC.
3. A 0.156 g/t AuEq cut-off is used for reporting the Mineral Reserves in oxide, and a 0.310 g/t AuEq cut-off is used for reporting Mineral Reserves in transitional material. Cut-offs were calculated based on a gold price of US$1,900/oz Au, silver price of US$23/oz Ag, processing costs of US$4.23/t for oxide, processing costs of US$5.14/t for transitional, general and administrative costs of US$1.40/t, refining and selling costs of US$0.66/t, gold recovery of 66% for oxide and 38% for transitional and a silver recovery of 10% for oxide and transitional. The AuEq calculation uses the formula AuEq = (Au + Ag/equivalency factor) where equivalency factor = ((Au price in US$/g * Au recovery) / (Ag price in US$/g * Ag recovery)).
4. Mineral Reserves are reported within the ultimate reserve pit design. An external dilution factor of 5% and a metal loss of 3% have been factored into the Mineral Reserve estimate.
5. Tonnage and grade estimates are in metric units.
6. Mineral Reserve tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.

Maps

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