Turkey

Balya

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EMX's Balya royalty property occurs in the historic Balya lead-zinc-silver mining district of northwestern Turkey. Private Turkish company Dedeman Madencilik San ve Tic. A.S. ("Dedeman") is the owner and operator of Balya, with EMX retaining an uncapped 4% NSR royalty on the property.

The Balya license was acquired by EMX in a 2005 government auction after review of historic exploration results. In 2006 EMX entered into an agreement to transfer the Balya and Sofular properties to Dedeman in exchange for cash payments, work commitments, 4% NSR royalties, and the Alankoy gold-copper property (see EMX news release dated November 14, 2006).

Mineralization at Balya consists of Pb-Zn-Ag rich skarn and carbonate replacement zones hosted in limestones and dacites. Hastanetepe is the main mineralized prospect, and occurs as a shallow dipping, 750 by 350 meter zone of multiple stacked horizons of mineralization at depths ranging from 10-20 meters to 200-300 meters. In addition, a new zone of mineralization was intersected by Dedeman's reconnaissance drilling 650 meters to the south of Hastanetepe.

Dedeman's drill programs have resulted in 190 core holes totaling more than 34,000 meters. This drilling has expanded the lead-zinc-silver mineralization in the Hastanetepe zone, and confirmed the continuity and tenor of the mineralization with in-fill holes at 25 to 50 meter spacing. Hastanetepe remains open for extension along strike, down dip, and to depth. Highlights of Dedeman's drilling include:

Hole
From
To
Length
Pb%
Zn%
Ag g/t
DB-1
87.0
100.0
13.0
6.74
1.40
82.73
DB-8
51.0
61.0
6.0
7.48
7.89
109.55
DB-20
201.0
209.0
8.0
6.60
6.50
97.20
DB-37
186.0
196.0
10.0
3.62
5.83
92.77
and
216.0
227.0
11.0
7.45
5.48
79.60
DB-53A
139.2
150.3
11.1
7.82
5.92
419.74
DB-59
243.0
282.5
39.5
7.60
1.74
158.00
DB-61A
172.8
187.1
14.3
18.15
9.14
242.40
DB-81
33.0
51.0
18.0
13.83
4.68
110.00

Note: true widths are estimated at 70-90% of the reported interval length. See Company news releases dated August 24, 2007, May 21, 2008, December 05, 2008, August 11, 2011, January 30, 2012, October 02, 2012, and July 23, 2013 for more information on Dedeman's drill results and a discussion of the Quality Assurance/Quality Control procedures used for the project.



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Lead-zinc-silver mineralized core sample from Balya.

Historic mining ruins at Balya.

Sofular and Aktutan


EMX has a royalty interest in the Aktutan polymetallic project sold to Dedeman in 2007 for considerations that also include a 4% uncapped NSR. The Sofular royalty property, also held by Dedeman, was dropped in Q1 2015 due to a lack of encouraging exploration results.(see Company news release dated August 30, 2007 for more information).