EMX - EMX Royalty: Recent Developments Weigh On Investment Thesis

• EMX Royalty was set for a transformative year ahead in 2022, with three significant assets coming online, and a full year of contribution from Caserones.
• However, news of a royalty dispute at Timok and Balya being behind schedule has soured the near-term outlook, and potentially even the long-term outlook.
• This is because Timok was a significant contributor to the company's GEO sales over the next two decades, with EMX holding a 0.5% NSR royalty on a world-class asset.
• Given the negative developments with delays at Balya and a dispute at Timok, I see better value elsewhere in the royalty/streaming space.

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