EMX - EMX Royalty: Meaningful Growth On The Horizon

• EMX Royalty released its Q1 results last month, reporting royalty revenue of ~$796,000, and adjusted revenue & other income of nearly $3.4 million.
• This was a meaningful improvement from the year-ago period, helped by the addition of the Caserones royalty in Chile, which was recently increased subsequent to quarter-end.
• Meanwhile, though Balya and Gediktepe will contribute less than I expected this year, both should contribute by year-end and be major contributors in 2023.
• Given EMX's solid growth profile, I continue to see the stock as a Speculative Buy, but the buy zone has dipped to US$1.80 to reflect additional share dilution.

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