EMX Royalty Management

Management criteria checks 4/4

EMX Royalty's CEO is Dave Cole, appointed in Mar 2003, has a tenure of 21.08 years. total yearly compensation is $721.29K, comprised of 46.6% salary and 53.4% bonuses, including company stock and options. directly owns 2.43% of the company’s shares, worth $5.23M. The average tenure of the management team and the board of directors is 7 years and 9.1 years respectively.

Key information

Dave Cole

Chief executive officer

US$721.3k

Total compensation

CEO salary percentage	46.6%
CEO tenure	21.1yrs
CEO ownership	2.4%
Management average tenure	7yrs
Board average tenure	9.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Dave Cole's remuneration changed compared to EMX Royalty's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	n/a	n/a	-US$5m
Sep 30 2023	n/a	n/a	-US$5m
Jun 30 2023	n/a	n/a	-US$20m
Mar 31 2023	n/a	n/a	-US$19m
Dec 31 2022	US$721k	US$336k	US$3m
Sep 30 2022	n/a	n/a	-US$8m
Jun 30 2022	n/a	n/a	-US$2m
Mar 31 2022	n/a	n/a	-US$2m
Dec 31 2021	US$1m	US$322k	-US$24m
Sep 30 2021	n/a	n/a	-US$18m
Jun 30 2021	n/a	n/a	-US$10m
Mar 31 2021	n/a	n/a	-US$10m
Dec 31 2020	US$822k	US$343k	-US$5m
Sep 30 2020	n/a	n/a	-US$3m
Jun 30 2020	n/a	n/a	-US$4m
Mar 31 2020	n/a	n/a	-US$6m
Dec 31 2019	US$617k	US$330k	-US$11m
Sep 30 2019	n/a	n/a	US$46m
Jun 30 2019	n/a	n/a	US$44m
Mar 31 2019	n/a	n/a	US$46m
Dec 31 2018	US$2m	US$328k	US$46m
Sep 30 2018	n/a	n/a	-US$9m
Jun 30 2018	n/a	n/a	-US$7m
Mar 31 2018	n/a	n/a	-US$6m
Dec 31 2017	US$548k	US$381k	-US$6m

Compensation vs Market: Dave's total compensation ($USD721.29K) is below average for companies of similar size in the US market ($USD1.60M).

Compensation vs Earnings: Dave's compensation has been consistent with company performance over the past year.

CEO

Dave Cole (61 yo)

21.1yrs

Tenure

US$721,289

Compensation

Mr. David Morrell Cole, also known as Dave, M.S. (Geology), P.Geo., has been President of Bullion Monarch Mining, Inc. since August 17, 2012. Mr. Cole has been the Chief Executive Officer and President of...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michael Winn	Executive Chairman of the Board	20.4yrs	US$688.65k	1.21% $ 2.6m
David Cole	President	21.1yrs	US$721.29k	2.43% $ 5.2m
Douglas Reed	Chief Financial Officer	3.8yrs	US$388.65k	0.14% $ 295.9k
Christina Cepeliauskas	Chief Administrative Officer	3.8yrs	US$351.03k	0.31% $ 661.6k
Scott Close	Director of Investor Relations	no data	no data	no data
Malik Duncan	General Counsel	5.3yrs	no data	no data
Thomas Mair	General Manager of Corporate Development	7yrs	no data	no data
Eric Jensen	General Manager of Exploration	11.9yrs	no data	no data
David Johnson	Chief Geologist	11.9yrs	no data	0.85% $ 1.8m
Rocio Echegaray	Corporate Secretary	4.4yrs	US$149.32k	no data
M. Enders	Consultant & Member of Advisory Board	9.1yrs	US$231.55k	no data

7.0yrs

Average Tenure

61yo

Average Age

Experienced Management: EMX's management team is seasoned and experienced (7 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Michael Winn	Executive Chairman of the Board	20.4yrs	US$688.65k	1.21% $ 2.6m
David Cole	President	20.4yrs	US$721.29k	2.43% $ 5.2m
M. Enders	Consultant & Member of Advisory Board	9.1yrs	US$231.55k	no data
Sunny S. Lowe	Independent Director	2.8yrs	US$84.78k	0.013% $ 28.8k
Larry Okada	Independent Director	10.8yrs	US$88.47k	0.24% $ 510.3k
Henrik K. Lundin	Independent Director	2.8yrs	US$84.78k	0.014% $ 29.7k
Geoffrey Smith	Independent Director	1.8yrs	US$97.27k	0.013% $ 28.8k

9.1yrs

Average Tenure

64.5yo

Average Age

Experienced Board: EMX's board of directors are considered experienced (9.1 years average tenure).

EMX Royalty Management

Management criteria checks 4/4

Key information

Recent management updates

EMX Royalty Corporation, Annual General Meeting, Jun 28, 2024

Executive Chairman of the Board recently sold US$57k worth of stock

EMX Royalty Corporation Appoints Geoff Smith as Independent Director

EMX Royalty Corporation, Annual General Meeting, Jun 30, 2022

High number of new directors

President recently sold US$475k worth of stock

Recent updates

EMX Royalty Corporation, Annual General Meeting, Jun 28, 2024

Full year 2023 earnings released: US$0.042 loss per share (vs US$0.031 profit in FY 2022)

Lumira Energy Limited agreed to acquire Sagvoll and Meråker projects in Norway from EMX Royalty Corporation (TSXV:EMX).

Third quarter 2023 earnings released: EPS: US$0.022 (vs US$0.12 loss in 3Q 2022)

New minor risk - Shareholder dilution

Second quarter 2023 earnings released: US$0.043 loss per share (vs US$0.03 loss in 2Q 2022)

Kendrick Resources PLC (LSE:KEN) signed a sale and purchase agreement to acquire EV Metals AB from EMX Royalty Corporation (TSXV:EMX).

First quarter 2023 earnings released: US$0.034 loss per share (vs US$0.18 profit in 1Q 2022)

Full year 2022 earnings released: EPS: CA$0.031 (vs CA$0.27 loss in FY 2021)

EMX Royalty Corporation to Provide an Update on the Advancement of Its 100% Owned Yarrol Project in Queensland, Australia

EMX Royalty Corporation Provides an Update on the Diablillos Royalty Property in Argentina

Third quarter 2022 earnings released: CA$0.15 loss per share (vs CA$0.13 loss in 3Q 2021)

EMX Royalty Corporation Announces Impairment Charges for the Quarter Ended September 30, 2022

Executive Chairman of the Board recently sold US$57k worth of stock

Second quarter 2022 earnings released: CA$0.038 loss per share (vs CA$0.042 loss in 2Q 2021)

EMX Announces the Commencement of Commercial Production At the Gediktepe Royalty Property

EMX Royalty Corporation Appoints Geoff Smith as Independent Director

EMX Royalty Corporation (TSXV:EMX) acquired additional 7.25% stake in Norra Metals Corp. (TSXV:NORA).

EMX Royalty Corporation (TSXV:EMX) acquired additional 7.81% stake in Norra Metals Corp. (TSXV:NORA).

EMX Royalty Corporation Provides Drill Results Update from the Hardshell Royalty Property in Arizona

EMX Royalty Corporation Provides Earnings Guidance for the Year 2022

First quarter 2022 earnings released: EPS: CA$0.22 (vs CA$0.052 loss in 1Q 2021)

EMX Royalty Corporation, Annual General Meeting, Jun 30, 2022

EMX Royalty Corporation (TSXV:EMX) acquired 16.23% stake in Sociedad Legal Minera California Una de la Sierra Peña Negra for $25.74 million.

EMX Royalty Corporation announced that it expects to receive CAD 12.579999 million in funding from Franco-Nevada Corporation

Full year 2021 earnings released: CA$0.33 loss per share (vs CA$0.072 loss in FY 2020)

Mahvie Minerals AB acquired 37,500 Hectares Of Mineral Exploration Permits In Central Norway from EMX Royalty Corporation (TSXV:EMX) for NOK 0.075 ($ 0.0085 million) in cash and 9.9% equity interest in Mahvie Minerals AB.

Mahvie Minerals AB acquired 37,500 Hectares Of Mineral Exploration Permits In Central Norway from EMX Royalty Corporation (TSXV:EMX) for $ 0.0085 million in cash and 9.9% equity interest in Mahvie Minerals AB.

Gold Line Resources Ltd. (TSXV:GLDL) completed the acquisition of Oijärvi Extension property of EMX Royalty Corporation.

EMX Royalty Corporation Identifies New Gold and Cobalt Targets on Australian Projects

Emx Royalty Corporation Provides Update on its Balya North Lead-Zinc-Silver Royalty Property in Northwestern Turkey

Third quarter 2021 earnings released: CA$0.13 loss per share (vs CA$0.011 loss in 3Q 2020)

Second quarter 2021 earnings released: CA$0.042 loss per share (vs CA$0.039 loss in 2Q 2020)

High number of new directors

District Metals Corp. (TSXV:DMX) entered into a definitive agreement to acquire Svärdsjö Property in Bergslagen District of Sweden from EMX Royalty Corporation (TSXV:EMX) for CAD 0.55 million.

Gold Line Resources Ltd. (TSXV:GLDL) and EMX Royalty Corporation (TSXV:EMX) completed the acquisition of Oijärvi Gold and Solvik Gold Project from Agnico Eagle Mines Limited (NYSE:AEM).

EMX Royalty Corporation (TSXV:EMX) acquired an additional 5.07% stake in Rawhide Mining LLC for $1.25 million.

First quarter 2021 earnings released: CA$0.052 loss per share (vs CA$0.026 profit in 1Q 2020)

Gold Line Resources Ltd. (TSXV:GLDL) signed an agreement to acquire Oijärvi Extension property of EMX Royalty Corporation for CND 0.39 million.

President recently sold US$475k worth of stock

Full year 2020 earnings released: CA$0.072 loss per share (vs CA$0.17 loss in FY 2019)

EMX Royalty Corporation to Provide an Update on the Timok Project in Serbia

EMX Royalty Provides an Update on Western U.S. Royalty Generation Precious Metals Portfolio

Stone Gold Inc. (TSXV:STG) completed the acquisition of Certain Mineral Claims in Red Lake, Ontario from EMX Royalty Corporation (TSXV:EMX).

Stone Gold Inc. (TSXV:STG) entered into an asset purchase agreement to acquire Certain Mineral Claims in Red Lake, Ontario from EMX Royalty Corporation (TSXV:EMX).

New 90-day high: US$3.35

Third quarter 2020 earnings released: CA$0.011 loss per share

New 90-day high: US$3.15

EMX Royalty Provides an Update on Its Timok Royalty Properties in Serbia

EMX Royalty Corporation (TSXV:EMX) signed term sheet to acquire Exploration Projects in South Eastern Queensland from Avira Resources Limited (ASX:AVW) and MGT Mining Limited for AUD 0.06 million.

First half earnings released

EMX Royalty Corporation (TSXV:EMX) acquired seven new gold projects in Sweden.

EMX Royalty Corporation (TSXV:EMX) entered into an agreement to acquire Portfolio of Royalty and Property Interests in Ontario and Quebec from 1544230 Ontario Inc. for CAD 3 million.

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age