EMX Receives Court Approval for Arrangement with Elemental Altus

On November 10, 2025, EMX Royalty Corporation ("EMX") announced it has received the final order from the Supreme Court of British Columbia approving the previously announced plan of arrangement with Elemental Altus Royalties Corp. ("Elemental Altus"). The closing of this arrangement is expected in mid-November 2025, subject to final conditions including Nasdaq listing approval for the merged company and the completion of a review by the U.S. Securities and Exchange Commission. Upon closing, EMX shares will be delisted from the TSX Venture Exchange, NYSE American, and the Frankfurt Stock Exchange.

This court approval is a necessary, procedural step towards finalizing the transformative merger with Elemental Altus, which was first announced on September 4, 2025. While the news is positive as it removes one of the last major hurdles and significantly reduces deal risk, its market impact is expected to be minimal. The overwhelming securityholder approval announced on November 4 (98.8% in favour) made this court approval highly probable, and thus, largely priced into the stock.

The true material event remains the merger itself. This transaction will create a new, debt-free, mid-tier royalty company named "Elemental Royalty Corp." with projected revenues of US$70 million in 2025 and US$80 million in 2026. EMX shareholders will own approximately 49% of the combined entity, and the current EMX CEO, David Cole, will lead the new company. The merger is accompanied by a US$100 million strategic investment from Tether Investments, which will clear EMX's existing debt and provide substantial capital for future growth.

This latest news simply confirms that the company is executing its strategic plan as previously communicated. Other recent news, such as the November 6 announcement of a $3.4 million payment and a new 2.5% NSR royalty from Kennecott Exploration, reinforces the value of EMX's organic royalty generation business model, but is minor in comparison to the scale of the pending merger.

In summary, the court approval is a routine confirmation of a highly material and positive corporate action. It solidifies the path forward but does not introduce new information that would materially alter the company's valuation.

EMX Royalty is a precious and base metals royalty company with a dual strategy of generating new royalties through its own exploration initiatives and acquiring existing royalties. This model provides both organic growth and immediate cash flow.

The company's key producing assets, which form the core of its revenue base, include: - Caserones (Chile): A significant copper-molybdenum royalty on a large, long-life mine operated by Lundin Mining. - Timok (Serbia): A high-grade copper-gold royalty on the Cukaru Peki mine, operated by Zijin Mining Group, with substantial growth potential from the undeveloped Lower Zone. - Leeville (Nevada): A gold royalty on a portion of the Nevada Gold Mines JV operated by Barrick. - Gediktepe (Türkiye): A gold, silver, copper, and zinc royalty.

The company's current flagship "project" is the merger with Elemental Altus, which will significantly increase its scale, asset diversification, and financial capacity.