EMX Sells its Moroccan Portfolio and Forms Exploration Alliance with Avesoro
EMX Royalty Corporation (NYSE American: EMX) has announced a strategic exploration alliance with Avesoro Morocco LTD, effective March 19, 2025. Under the agreement, Avesoro will acquire EMX's Moroccan operating entity and fund the advancement of EMX's portfolio of 18 exploration projects covering 860 square kilometers.
The deal includes an initial $650,000 execution payment and $1.5 million yearly funding from Avesoro. Projects can be designated as Alliance Exploration Projects (AEPs) or converted to Designated Projects (DPs). For DPs, EMX will retain a 2% NSR uncapped royalty and receive advance royalty payments starting at $50,000, escalating 15% annually up to $100,000. Additional milestone payments include $500,000 for feasibility studies and $1 million for production achievements.
EMX Royalty Corporation (NYSE American: EMX) ha annunciato un'alleanza strategica per l'esplorazione con Avesoro Morocco LTD, a partire dal 19 marzo 2025. Secondo l'accordo, Avesoro acquisir脿 l'entit脿 operativa marocchina di EMX e finanzier脿 lo sviluppo del portafoglio di EMX, che comprende 18 progetti di esplorazione su una superficie di 860 chilometri quadrati.
L'accordo prevede un pagamento iniziale di 650.000 dollari e un finanziamento annuale di 1,5 milioni di dollari da parte di Avesoro. I progetti possono essere designati come Alliance Exploration Projects (AEP) o convertiti in Designated Projects (DP). Per i DP, EMX manterr脿 una royalty NSR del 2% senza limiti e ricever脿 pagamenti anticipati di royalty a partire da 50.000 dollari, con un incremento annuo del 15% fino a 100.000 dollari. Sono previsti ulteriori pagamenti legati a traguardi, tra cui 500.000 dollari per studi di fattibilit脿 e 1 milione di dollari al raggiungimento della produzione.
EMX Royalty Corporation (NYSE American: EMX) ha anunciado una alianza estrat茅gica de exploraci贸n con Avesoro Morocco LTD, vigente a partir del 19 de marzo de 2025. Seg煤n el acuerdo, Avesoro adquirir谩 la entidad operativa marroqu铆 de EMX y financiar谩 el avance de la cartera de EMX, que incluye 18 proyectos de exploraci贸n que abarcan 860 kil贸metros cuadrados.
El acuerdo incluye un pago inicial de ejecuci贸n de 650,000 d贸lares y un financiamiento anual de 1.5 millones de d贸lares por parte de Avesoro. Los proyectos pueden ser designados como Alliance Exploration Projects (AEP) o convertirse en Designated Projects (DP). Para los DP, EMX mantendr谩 una regal铆a NSR del 2% sin l铆mite y recibir谩 pagos anticipados de regal铆as que comienzan en 50,000 d贸lares, aumentando un 15% anual hasta 100,000 d贸lares. Los pagos adicionales por hitos incluyen 500,000 d贸lares para estudios de factibilidad y 1 mill贸n de d贸lares al alcanzar la producci贸n.
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EMX Royalty Corporation (NYSE American : EMX) a annonc茅 une alliance strat茅gique d'exploration avec Avesoro Morocco LTD, effective 脿 compter du 19 mars 2025. Dans le cadre de cet accord, Avesoro acquerra l'entit茅 op茅rationnelle marocaine d'EMX et financera le d茅veloppement du portefeuille d'EMX comprenant 18 projets d'exploration couvrant 860 kilom猫tres carr茅s.
L'accord pr茅voit un paiement initial d'ex茅cution de 650 000 dollars ainsi qu'un financement annuel de 1,5 million de dollars de la part d'Avesoro. Les projets peuvent 锚tre d茅sign茅s comme Alliance Exploration Projects (AEP) ou convertis en Designated Projects (DP). Pour les DP, EMX conservera une redevance NSR de 2 % sans plafond et recevra des paiements anticip茅s de redevances 脿 partir de 50 000 dollars, augmentant de 15 % par an jusqu'脿 100 000 dollars. Des paiements suppl茅mentaires li茅s aux 茅tapes cl茅s comprennent 500 000 dollars pour les 茅tudes de faisabilit茅 et 1 million de dollars lors de la mise en production.
EMX Royalty Corporation (NYSE American: EMX) hat eine strategische Explorationsallianz mit Avesoro Morocco LTD bekannt gegeben, g眉ltig ab dem 19. M盲rz 2025. Im Rahmen der Vereinbarung wird Avesoro die marokkanische Betriebsgesellschaft von EMX 眉bernehmen und die Weiterentwicklung des Portfolios von EMX mit 18 Explorationsprojekten auf 860 Quadratkilometern finanzieren.
Der Deal umfasst eine anf盲ngliche Ausf眉hrungszahlung von 650.000 US-Dollar sowie eine j盲hrliche Finanzierung von 1,5 Millionen US-Dollar durch Avesoro. Projekte k枚nnen als Alliance Exploration Projects (AEP) bezeichnet oder in Designated Projects (DP) umgewandelt werden. F眉r DPs beh盲lt EMX eine unbegrenzte 2% NSR-Royalty und erh盲lt Vorauszahlungen auf die Royalty beginnend bei 50.000 US-Dollar, die j盲hrlich um 15% bis auf 100.000 US-Dollar steigen. Weitere Meilensteinzahlungen umfassen 500.000 US-Dollar f眉r Machbarkeitsstudien und 1 Million US-Dollar bei Produktionsbeginn.
- None.
- Loss of direct control over Moroccan operations and projects
- Two-year initial term may be insufficient for meaningful discoveries
- Projects not converted to DPs by alliance end will revert to EMX, requiring additional funding
Insights
EMX sells Moroccan assets to Avesoro for $650,000 while retaining 2% NSR royalties, reducing costs while maintaining exposure to exploration upside.
EMX Royalty has executed a strategic move by selling its Moroccan business unit to Avesoro while simultaneously securing future royalty interests through an exploration alliance agreement. The deal brings EMX an immediate
This transaction exemplifies EMX's royalty generation business model in action - divesting direct ownership while maintaining exposure to potential discoveries through 2% NSR royalties that are notably uncapped and cannot be repurchased. The structure includes escalating advance royalty payments starting at
The deal involves 18 exploration projects covering 860 square kilometers across Morocco's key mineral belts, with nine projects immediately designated as Alliance Exploration Projects. From a financial perspective, this arrangement allows EMX to reduce operational expenses while maintaining significant upside exposure across multiple potential discoveries without bearing the exploration risk.
For investors, this transaction demonstrates EMX's ability to monetize early-stage assets while structuring deals that preserve long-term value. The uncapped, non-reducible royalty terms are particularly favorable compared to industry standards where buyback provisions are common. Avesoro's operational experience in West Africa and commitment to minimum work expenditures of
Vancouver, British Columbia--(Newsfile Corp. - July 8, 2025) - EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) ("EMX") is pleased to announce the execution of an exploration alliance agreement (the "Agreement") in the country of Morocco with Avesoro Morocco LTD ("Avesoro"), a wholly owned subsidiary of Avesoro Holdings LTD, a privately owned, West Africa-focused mid-tier gold producer. The Effective date of the Agreement is March 19, 2025, and key conditions precedent for closing have now been completed. Avesoro Holdings, through its subsidiaries, operates gold mines in the country of Liberia and is looking to expand its operations elsewhere in the region. As such, Avesoro brings high levels of operational and exploration experience in western Africa to the alliance. In Morocco, EMX and Avesoro will work together to advance a portfolio of exploration projects that EMX has assembled and to cooperatively explore for new opportunities.
Avesoro will fully fund the alliance activities, which will include the advancement of certain projects in the EMX Moroccan portfolio, as well as new projects identified by the alliance for acquisition. Under the Agreement, Avesoro will acquire EMX's operating entity in Morocco ("EMX Corp Morocco", a wholly owned subsidiary of EMX) that currently domiciles EMX's exploration projects and its Moroccan exploration staff. Projects slated for advancement under the alliance will be initially designated as Alliance Exploration Projects ("AEP's"). These will be funded from an annual budget agreed upon by Avesoro and EMX. Once a project reaches an appropriate stage of advancement, it can be converted to a Designated Project ("DP") and advanced from an independent pool of funding provided by Avesoro.
The initial term of the alliance will be two years but can be extended by mutual agreement. At the end of the alliance term, any AEP's that have not become DP's will revert to EMX.
Strategic rationale. The sale of EMX's Moroccan business unit is the latest example of efficient execution of our Royalty Generation business. The exploration alliance with Avesoro will perpetuate EMX's upside royalty exposure across a large portfolio of exploration assets in a highly prospective region, while reducing ongoing operational expenses.
Commercial Terms Overview. (all terms in USD)
Alliance stage:
- Avesoro has made an execution payment to EMX of
$650,000. - Avesoro will provide an initial pool of capital of at least
$1.5 million /year to advance the alliance projects and to make new acquisitions within the country of Morocco. The initial term of the alliance will be two years. - Avesoro has agreed to provide the necessary funding to keep the projects in good standing during the term of the alliance.
- At any time, Avesoro can elect to deem any of the projects a Designated Project (DP).
- Any project that has not been converted to a DP by the end of the alliance term will be returned to EMX.
Designated project stage:
- Avesoro will retain a
100% ownership in each of the DPs, with EMX retaining a2% NSR royalty that is uncapped and cannot be repurchased or reduced. - Each DP will have a minimum
$2,500,000 work commitment for the first five years and each DP will be funded from an independent pool of capital. - Commencing on the first anniversary of the nomination of the first DP, EMX will receive a
$50,000 advance royalty payment, escalating by15% per year until the advance royalty payment reaches$100,000. - EMX will also receive additional advance royalty payments for each subsequent project for which a positive feasibility study is delivered. These will begin at
$50,000 , escalating by15% per year until the project reaches production or the advance royalty payment reaches$100,000. - EMX will also receive milestone payments of
$500,000 for each project for which a feasibility study is delivered, and$1,000,000 for each project that reaches production.
Overview of EMX's Moroccan Portfolio. EMX has been active in Morocco since 2021, conducting reconnaissance exploration programs that have resulted in the acquisition of 18 exploration projects in Morocco, comprising 860 square kilometers (see Figure 1). These include a combination of gold, copper and other base metal projects that are strategically located in several of Morocco's key mineral belts, with three projects in the highly underexplored Moroccan Sahara region, 14 projects in the well-endowed Anti-Atlas belt, home to several of Morocco's most significant mineral deposits, and one project in the High-Atlas belt.
Morocco is emerging as an attractive jurisdiction for mineral exploration and mineral resource development, benefiting from a stable regulatory framework, well-developed infrastructure, and highly prospective geological settings. The country hosts significant precious and base metal mines yet remains underexplored compared to other mining regions.
In advance of signing the Alliance, EMX and Avesoro have agreed upon extensive follow-up programs to continue to advance the projects. Nine of the existing EMX projects will be designated as AEP's at the onset of alliance activities.
More information on the Projects can be found at .
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and employee of the Company, has reviewed, verified and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious and base metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol "EMX". Please see for more information.
About Avesoro. Avesoro Resources Inc. is a leading West Africa-focused, privately owned mid-tier gold producer. Deeply committed to sustainable and responsible mining practices, Avesoro strives to create a diverse and inclusive workforce that adheres to strict environmental, social, and governance standards. Avesoro is recognized for its exceptional technical expertise and broad commercial and financial capabilities that span exploration, engineering, construction, and mine operations. Please see for more information.
For further information contact:
| David M. Cole President and CEO Phone: (303) 973-8585 [email protected] | Stefan Wenger Chief Financial Officer Phone: (303) 973-8585 [email protected] | Isabel Belger Investor Relations Phone: +49 178 4909039 [email protected] |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Forward-Looking Statements
This news release may contain "forward-looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding perceived merit of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as "estimate," "intend," "expect," "anticipate," "will", "believe", "potential" and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&A for the quarter ended March 31, 2025 (the "MD&A"), and the most recently filed Annual Information Form ("AIF") for the year ended December 31, 2024, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at and on the SEC's EDGAR website at .
Figure 1: location map for EMX exploration projects in Morocco
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FAQ
What are the key financial terms of EMX's deal with Avesoro in Morocco?
How many exploration projects does EMX have in Morocco?
What happens to EMX's projects at the end of the alliance term?
What royalty will EMX retain on Designated Projects in Morocco?
How will the advance royalty payments work in EMX's Morocco deal?
