EMX - EMX Royalty: A Reasonable Valuation Despite Cukaru Peki Uncertainty

• EMX Royalty has significantly underperformed its peers over the past year, sliding more than 40% from its highs.
• This is partially related to share dilution related to the SSR Mining royalty portfolio acquisition, though this dilution was more than justified given the attractiveness of this portfolio.
• Unfortunately, the stock took another leg down on news that its royalty at Cukaru Peki was under dispute, but the company did get some positive news recently that partially offset this.
• Based on EMX's reasonable valuation and solid growth profile, I see the stock as reasonably valued, and I would view the stock as a Speculative Buy at US$1.98 or lower.

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