EMX Royalty Corporation Management's Discussion and Analysis Six Months Ended June 30, 2025 Management's Discussion & Analysis (Expressed in U.S. Dollars, except where indicated) General This Management's Discussion and Analysis ("MD&A") for EMX Royalty Corporation, (the "Company", or "EMX") has been prepared based on information known to management as of August 6, 2025. This MD&A is intended to help the reader understand the consolidated financial statements and should be read in conjunction with the conde ...