ELEMENTAL ALTUS AND EMX ANNOUNCE COMPLETION OF MERGER

The most recent news, dated November 13, 2025, announces the successful completion of the previously announced merger between Elemental Altus Royalties Corp. and EMX Royalty Corporation ("EMX"). The new combined entity is named Elemental Royalty Corporation.

Key details of the completed transaction include: - The merger was executed via a plan of arrangement, resulting in EMX becoming a wholly-owned subsidiary of the new company. - Former EMX shareholders received 0.2822 of an Elemental Altus common share for each EMX share held. - A concurrent US$100 million private placement from Tether Investments S.A. de C.V. at a price of C$18.38 per share was also completed. - The proceeds will be used to fund royalty acquisitions, repay EMX's existing credit facilities, and provide working capital. - A new management team has been appointed, with former EMX CEO David Cole now serving as CEO of the combined company.

The completion of the merger is a material and positive event for shareholders. While the successful closing was anticipated following shareholder and court approvals in early November, it represents the formal execution of a transformational transaction for EMX.

Tracing the historical news shows a clear progression: - September 4, 2025: The merger was first announced, outlining the creation of a new mid-tier, gold-focused royalty company with an implied market capitalization of US$933 million and projected 2026 revenue of US$80 million. The market reacted very positively, with the stock price rallying from ~$5.30 to over $7.00 in the following weeks. - October & November 2025: A series of procedural announcements followed, including obtaining an interim court order (Oct 2), receiving positive proxy advisory recommendations (Oct 22), securing securityholder approval (Nov 4), and receiving the final court order (Nov 10). - November 13, 2025: The final announcement confirms all conditions have been met and the transaction is complete.

The material impact is not from the surprise of the news, but from the fundamental changes it brings: - Scale and Diversification: The new Elemental Royalty Corp. is a significantly larger and more diversified entity, combining EMX's strength in royalty generation and base metals with Elemental Altus's portfolio of gold-producing royalties. This reduces single-asset and single-commodity risk. - De-levered Balance Sheet: The US$100 million financing from Tether is critical. It allows the new company to repay all of EMX's outstanding debt (~$25M as of Q2 2025), starting with a clean, unlevered balance sheet. This is a significant de-risking event. - Growth Capital: With the remaining proceeds from the financing, the company is well-capitalized to pursue new, accretive royalty acquisitions without needing to tap the market, giving it a competitive advantage. - Leadership Continuity: The appointment of EMX's CEO, David Cole, to lead the new company ensures continuity and a focus on the strategies that were successful at EMX.

In the context of other recent news, the merger is the capstone event. EMX had been actively managing its portfolio, acquiring a new royalty on the Puquios copper project (Nov 12), receiving a $3.4M option payment from Kennecott (Nov 6), and increasing its 2025 revenue guidance (Aug 11). The merger accelerates this growth strategy on a much larger scale. The completion of the merger solidifies the company's transition into a more significant player in the royalty space.

Prior to the merger, EMX Royalty Corporation was a royalty company focused on generating and acquiring royalties on precious, base, and battery metal properties globally. Its business model involved using in-house geological expertise to acquire mineral properties which were then optioned to partners, retaining a royalty interest and receiving cash/share payments. This was supplemented by strategic royalty acquisitions.

Key pre-merger royalty assets included: - Caserones (Chile): A significant copper-molybdenum mine operated by Lundin Mining. - Timok (Serbia): A high-grade copper-gold mine complex operated by Zijin Mining. - Leeville (Nevada, USA): A gold royalty on operations part of the Nevada Gold Mines JV. - Gediktepe (Türkiye): A gold-silver-polymetallic royalty on a mine operated by ACG Metals.

Post-merger, the company is now Elemental Royalty Corporation, a larger entity with a combined portfolio of over 200 royalties, with a stronger focus on gold (67% of revenue).