Rawhide Gold-Silver Mining Operation Investment Update

VANCOUVER - EMX Royalty Corporation reported on its equity interest in the Rawhide gold-silver mine in Nevada, via its 19.9% ownership in Rawhide Acquisition Holding LLC (RAH), a privately-held Delaware company that owns the mining operation. RAH advised the Company that for the six months ending on June 30th, 2020 a total of 11,159 ounces of gold and 85,034 ounces of silver have been sold for total revenue of approximately US $17.7 million. This year's production has been sourced from the recently commissioned Regent open pit, which was permitted by RAH in early 2019 and put into production shortly thereafter. The Regent operations are located approximately three kilometers northwest of the Rawhide open pits, where much of the historic mining in the district took place.

RAH also advised that production at Rawhide-Regent is accelerating after recently receiving air quality permits that allowed for expansion of the crushing systems. The timing of this advancement poises RAH to ramp up production through the coming months, and to take advantage of increasingly favorable precious metal market conditions.

RAH has commissioned an independent resource estimate and technical report for the project according to CIM guidelines and NI 43-101 requirements. The report is expected to be delivered in Q3.

Overview of the Rawhide Operations. The Rawhide operations occur in Nevada's Walker Lane gold-silver belt, amidst multiple historic mines that produced more than one million ounces of gold. The Rawhide mine was previously operated as a subsidiary of Kennecott Corporation prior to Coral Reef Capital, a private equity firm, partnering with the Rawhide mine management team to acquire the property from Rio Tinto Plc in 2010. EMX made the investment in the Rawhide operations in late 2019.

Gold was discovered at Rawhide in 1906, with intermittent small-scale production until Kennecott undertook open pit mining from 1990-2003, producing 1.4 million ounces of gold and 10.9 million ounces of silver. Residual heap leaching until 2010 recovered an additional 188 thousand ounces of gold and 1.9 million ounces of silver. From 2011-2019 RAH produced 189 thousand ounces of gold and 2.1 million ounces of silver.

Gold-silver mineralization at Rawhide has been historically mined from a series of low sulfidation epithermal veins, vein swarms and replacement zones hosted by various basaltic to rhyolitic volcanic units. The lower grade bulk tonnage mineralization that is the focus of current operations occurs between structures within permeable volcanic units and at intrusive contacts.