EMX Securityholders Approve Arrangement with Elemental Altus

On November 4, 2025, EMX Royalty Corporation announced that its securityholders have overwhelmingly approved the plan of arrangement with Elemental Altus Royalties Corp. At a special meeting, the arrangement was approved by 98.83% of votes cast by EMX shareholders and 98.95% of votes cast by all securityholders.

The completion of the merger remains subject to several conditions, including a final court order (hearing scheduled for November 7, 2025), regulatory approvals, and the successful completion of a concurrent C$137.9 million financing by Tether Investments S.A. de C.V. into Elemental Altus. The transaction is expected to close in mid-November 2025.

This news is a material and positive development, as shareholder approval was a critical and mandatory condition for the merger with Elemental Altus to proceed. However, this outcome was widely anticipated and should not come as a surprise to the market. A chronological review of recent news shows a clear progression towards this vote:

• September 4, 2025: EMX and Elemental Altus announced the definitive agreement to merge, creating a new mid-tier royalty company, "Elemental Royalty Corp." The deal included a 21.5% premium to EMX shareholders based on the 20-day VWAP and a concurrent US$100 million (C$137.9M) financing from Tether to repay EMX's debt and fund future growth.
• October 2, 2025: The company announced it had received the interim court order and set the meeting date for November 4, with the EMX Board unanimously recommending shareholders vote in favor of the arrangement.
• October 22, 2025: Leading independent proxy advisory firms, including ISS, recommended that shareholders vote FOR the merger. This recommendation significantly increased the probability of a successful vote.

The November 4th announcement of shareholder approval is the logical and expected culmination of these prior events. It removes a key hurdle and de-risks the transaction, but it does not introduce new information that would fundamentally alter the investment thesis established on September 4th. The market reaction to the initial merger announcement was significant, with the stock price rallying from the low $5 range to over $7. The price has since consolidated, suggesting the market has largely priced in the deal's approval and is now awaiting final closing.

While positive, the materiality is tempered by the remaining conditions. The final court approval on November 7th is largely a formality, but the dependency on the large C$137.9 million financing from Tether, a non-traditional mining investor, remains a key variable until the funds are officially in the bank.

In conclusion, the news confirms the merger is on track as expected. It is material because the deal would have collapsed without this approval, but it is not a game-changer as it was the highly probable outcome.

EMX Royalty Corporation is a precious, base, and battery metals royalty company. EMX's business model is centered on a combination of royalty generation (using in-house geological expertise to acquire mineral properties and vend them to partners in exchange for royalty interests and advance payments) and royalty acquisition.

The company has a globally diversified portfolio. Its key revenue-generating assets, consistently highlighted in financial reports, include: - Caserones (Chile): A copper-molybdenum royalty operated by Lundin Mining. - Timok (Serbia): A copper-gold royalty on the Cukaru Peki mine, operated by Zijin Mining. - Leeville (USA): A gold royalty on a Nevada Gold Mines (Barrick/Newmont JV) operation. - Gediktepe (Türkiye): A gold and polymetallic royalty.

The most significant corporate development is the pending merger with Elemental Altus Royalties, which will create a new mid-tier, gold-focused royalty company named "Elemental Royalty Corp." with a pro-forma 2025 revenue guidance of US$70 million.