Asset Portfolio

Yenipazar

EMX’s Yenipazar royalty property is located 200 kilometers east-southeast of Ankara at the geographic center of Turkey. The Yenipazar polymetallic VMS deposit was discovered in the late 1990’s by YAMAS, a predecessor of Alacer and SSR Mining. Aldridge Minerals Inc. (“Aldridge”), a public Canadian corporation formerly listed on the TSX-V, formed a JV with Alacer in 2004 with the right to earn a majority interest in the project. Later modifications to the JV agreement in 2006 led to Aldridge acquiring a 100% project equity interest, with Alacer retaining an NPI royalty that is set at 6% until U.S. $165 million in revenues are received by the royalty holder, after which the NPI converts to a 10% interest.

Aldridge delivered a feasibility study in 2013 that was updated in 2014 before Aldridge encountered financial difficulties. Ultimately, Aldridge (and Yenipazar) were sold to a new private company (Virtus Madencilik) headed by Aldridge’s major shareholder, Ahmet Taçyildiz. Trafigura Ventures V B.V. also owns a 30% interest in Virtus. Virtus recently updated the feasibility study for Yenipazar and is currently seeking project financing for development of the project. 

Total In-Pit Mineral Resources
CategoryTonnes
‘000
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
AuEq
g/t
Au
Mozs
Ag
Mozs
Cu
Mlbs
Pb
Mlbs
Zn
Mlbs
AuEq
Mozs
Indicated29,6690.9531.30.311.011.472.420.929.85204.8660.2961.22.3
Inferred3690.4725.50.180.941.891.880.010.31.57.715.40.02
              
Total In-Pit Sulphide Zone
CategoryTonnes
‘000
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
AuEq
g/t
Au
Mozs
Ag
Mozs
Cu
Mlbs
Pb
Mlbs
Zn
Mlbs
AuEq
Mozs
Indicated23,6240.9732.20.311.021.642.610.7424.46161.4531.2854.11.98
Inferred3690.4725.50.180.941.891.880.010.31.57.715.40.02
              
Total In-Pit Oxide Zone
CategoryTonnes
‘000
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
AuEq
g/t
Au
Mozs
Ag
Mozs
Cu
Mlbs
Pb
Mlbs
Zn
Mlbs
AuEq
Mozs
Indicated3,5410.81230.230.960.531.260.092.621874.941.40.14
              
Total In-Pit Enriched Zone
CategoryTonnes
‘000
Au
g/t
Ag
g/t
Cu
%
Pb
%
Zn
%
AuEq
g/t
Au
Mozs
Ag
Mozs
Cu
Mlbs
Pb
Mlbs
Zn
Mlbs
AuEq
Mozs
Indicated2,5040.9434.50.460.981.192.210.082.782.5454.165.70.18

Notes:                                                                                                                                                                                                               

  1. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  2. The quantity and grade of reported Inferred resources in this estimate are conceptual in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
  3. The mineral resources in this estimate are compliant with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines as prepared by the CIM Standing Committee on Reserve Definitions.
  4. All resources are reported within an optimized pit shell.
  5. The metal prices used to derive the data in the above tables were reduced for use in this study to Cu USD 2.90/lb, Pb USD 0.95/lb, Zn USD 0.90/lb, Au USD 1,250/oz and Ag USD 20/oz. Due to the more than 4 times NSR value over NSR cut-off, this reduction is not expected to materially affect the reserve tonnage and grades.

The foregoing are “Historical Estimates” within the meaning of NI 43-101. Source: Section 14 of the NI 43-101 pre-feasibility study technical report titled “Technical Report on the Yenipazar Optimization Study” prepared by Jacobs Minerals Canada Inc. and filed on SEDAR by Aldridge Minerals Inc. with an effective date of April 15, 2014. The qualified persons for the resource estimates are Eugene J. Puritcvh P Eng, and Fred H. Brown P. Geo. For further details on other parameters utilized in the estimates, the reader is referred to Section 14 of the Yenipazar Report.

A qualified person has not performed sufficient work to classify the historical reserve estimates as current mineral reserves, and EMX is not treating the historical estimates as current mineral reserves. Significant data compilation, confirmation drilling, re-sampling, data verification and updating of metal prices, engineering assumptions, and economic parameters may be required by a qualified person before the historical estimates can be classified as current. The historical reserve estimates are considered to be reliable and relevant, and are presented for informational purposes to describe the extent and nature of mineralization on the project as presently understood. The historical reserve estimates should not be relied upon until verified.

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