UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
Commission file number: 001-35404
EMX ROYALTY CORPORATION
(Exact Name of Registrant as Specified in its Charter)
British Columbia, Canada
(Province or other jurisdiction of incorporation or
organization)
1000
(Primary Standard Industrial
Classification Code)
98-1558354
(I.R.S. Employer Identification No.)
Suite 501 - 543 Granville Street
Vancouver, British Columbia, Canada V6C 1X8
(604) 688-6390
(Address and Telephone Number of Registrant's Principal Executive Offices)
DL Services Inc.
Columbia Center, 701 Fifth Avenue, Suite 1600
Seattle, Washington 98104
(206) 903-5448
(Name, address (including zip code) and telephone number
(including area code) of agent for service in the United States)
Copies to:
Kimberley R. Anderson
Dorsey & Whitney LLP
701 Fifth Avenue, Suite 6100
Seattle, WA 98104-7043
(206)903-8803
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class:
Trading Symbol(s)
Common Shares, no par value
EMX
Name of Each Exchange On Which
Registered:
NYSE American
Securities registered or to be registered pursuant to Section 12(g) of the Act: N/A
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: N/A
For annual reports, indicate by check mark the information filed with this form:
☒ Annual Information Form ☒ Audited Annual Financial Statements
Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report: As at December 31, 2021, 84,677,831 common shares of the Registrant were issued and outstanding.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act
during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject
to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.
☐ Emerging growth company.
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☒
Auditor Firm Id: 731
Auditor Name: Davidson & Company LLP Auditor Location: Vancouver, BC, Canada
EXPLANATORY NOTE
EMX Royalty Corporation (the "Company" or the "Registrant") is a Canadian issuer that is permitted, under the multijurisdictional
disclosure system (the "MJDS") adopted in the United States, to prepare this annual report on Form 40-F (this "Annual Report")
pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in accordance with Canadian
disclosure requirements, which are different from those of the United States. The Company is a "foreign private issuer" as defined in
Rule 3b-4 under the Exchange Act and Rule 405 under the Securities Act of 1933, as amended. Equity securities of the Company are
accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3 thereunder.
The Company is permitted, under a multi-jurisdictional disclosure system adopted by the United States, to prepare the documents
incorporated by reference in this annual report on Form 40-F in accordance with Canadian disclosure requirements, which are different
from those of the United States.
FORWARD-LOOKING STATEMENTS
This annual report on Form 40-F, including the Exhibits attached hereto incorporated by reference herein, may contain forward-looking
statements. 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, operating costs, cash flow estimates, production
estimates and similar statements relating to the economic viability of a project, timelines, strategic plans, completion of transactions,
market prices for metals or other statements that are not statements of fact. These statements relate to analyses and other information
that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements
concerning mineral resource estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve
estimates of the mineralization that will be encountered if the property is developed.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects," "anticipates,"
"believes," "plans," "projects," "estimates," "assumes," "intends," "strategy," "goals," "objectives," "potential," "possible" or variations
thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur
or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-
looking statements.
Forward-looking statements are based on a number of material assumptions, including those listed below, which could prove to be
significantly incorrect:
◾ the Company's ability to achieve production at any of its mineral properties;
◾ estimated capital costs, operating costs, production and economic returns;
◾ estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions
underlying the Company's resource and reserve estimates;
◾ the Company's expected ability to develop adequate infrastructure at a reasonable cost;
◾ assumptions that all necessary permits and governmental approvals will be obtained;
◾ assumptions made in the interpretation of drill results, the geology, grade and continuity of the Company's mineral deposits;
◾ the Company's expectations regarding demand for equipment, skilled labor and services needed for exploration and development
of mineral properties; and
◾ the Company's activities will not be adversely disrupted or impeded by development, operating or regulatory risks or any other
government actions.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual
events or results to differ from those reflected in the forward-looking statements, including, without limitation:
◾ uncertainty of whether there will ever be production at the Company's mineral exploration and development properties;
◾ uncertainty of estimates of capital costs, operating costs, production and economic returns;
◾ uncertainties relating to the assumptions underlying the Company's resource and reserve estimates, such as metal pricing,
metallurgy, mineability, marketability and operating and capital costs;
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◾ risks related to the Company's ability to commence production and generate material revenues or obtain adequate financing for its
planned exploration and development activities;
◾ risks related to the Company's ability to finance the development of its mineral properties through external financing, joint
ventures or other strategic alliances, the sale of property interests or otherwise;
◾ risks related to the third parties on which the Company depends for its exploration and development activities;
◾ dependence on cooperation of joint venture partners in exploration and development of properties;
◾ credit, liquidity, interest rate and currency risks;
◾ risks related to market events and general economic conditions;
◾ uncertainty related to inferred mineral resources;
◾ risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of the Company's mineral
deposits;
◾ risks related to lack of adequate infrastructure;
◾ mining and development risks, including risks related to infrastructure, accidents, equipment breakdowns, labor disputes or other
unanticipated difficulties with or interruptions in development, construction or production;
◾ the risk that permits and governmental approvals necessary to develop and operate mines on the Company's properties will not be
available on a timely basis or at all;
◾ commodity price fluctuations;
◾ risks related to governmental regulation and permits, including environmental regulation;
◾ risks related to the need for reclamation activities on the Company's properties and uncertainty of cost estimates related thereto;
◾ uncertainty related to title to the Company's mineral properties;
◾ uncertainty as to the outcome of potential litigation;
◾ risks related to increases in demand for equipment, skilled labor and services needed for exploration and development of mineral
properties, and related cost increases;
◾ increased competition in the mining industry;
◾ the Company's need to attract and retain qualified management and technical personnel;
◾ risks related to hedging arrangements or the lack thereof;
◾ uncertainty as to the Company's ability to acquire additional commercially mineable mineral rights;
◾ risks related to the integration of potential new acquisitions into the Company's existing operations;
◾ risks related to unknown liabilities in connection with acquisitions;
◾ risks related to conflicts of interest of some of the directors of the Company;
◾ risks related to global climate change;
◾ risks related to global pandemics and the spread of other viruses or pathogens;
◾ risks related to adverse publicity from non-governmental organizations;
◾ risks related to political uncertainty or instability in countries where the Company's mineral properties are located;
◾ uncertainty as to the Company's PFIC status;
◾ uncertainty as to the Company's status as a "foreign private issuer" and "emerging growth company" in future years;
◾ uncertainty as to the Company's ability to reestablish the adequacy of internal control over financial reporting;
◾ risks related to regulatory and legal compliance and increased costs relating thereto;
◾ the ongoing operation of the properties in which the Registrant holds a royalty, stream or other interest by the owners or operators
of such properties in a manner consistent with past practice;
◾ the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; and
◾ no adverse development in respect of any significant property in which the Registrant holds a royalty, stream or other interest.
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. Forward-looking statements
are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or
conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other
factors, including, without limitation, those referred to under the heading "Description of the Business-Risk Factors" in the AIF (as
defined below), which is incorporated by reference herein.
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The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the
statements are made, and the Company does not assume any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change, except as required by law. For the reasons set forth above, investors
should not place undue reliance on forward-looking statements.
NOTES TO UNITED STATES READERS
DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES
The Company is permitted, under the MJDS adopted by the United States Securities and Exchange Commission (the "SEC"), to prepare
this annual report on Form 40-F in accordance with Canadian disclosure requirements, which differ from those of the United States. The
Company has prepared its financial statements, which are filed as Exhibit 99.3 to this annual report on Form 40-F, in accordance with
International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"), and they are also
subject to auditing standards issued by SEC / Public Company Accounting Oversight Board ("PCAOB") independence standards. The
Company's financial statements may not be comparable to financial statements of United States companies. Since the Company has
prepared its financial statements in accordance with IFRS, it is not required to provide a reconciliation to United States generally
accepted accounting principles.
FUNCTIONAL AND REPORTING CURRENCY
The functional currency is the currency of the primary economic environment in which the entity operates. The functional currency for
the Company and its subsidiaries is the Canadian dollar except the functional currency of the operations of Bullion Monarch
Mining Inc., Eurasian Royalty Madencilik AS, and Minera Tercero SpA which is the US dollar. The functional currency determinations
were conducted through an analysis of the consideration factors identified in IAS 21, The Effects of Changes in Foreign Exchange
Rates.
RESOURCE AND RESERVE ESTIMATES
Certain documents filed as Exhibits to this Annual Report have been prepared in accordance with the requirements of the securities laws
in effect in Canada, which differ from the requirements of United States securities laws. Unless otherwise indicated, all resource and
reserve estimates included in such Exhibit documents have been prepared in accordance with Canadian National Instrument 43-101
("NI 43-101") and the Canadian Institute of Mining and Metallurgy Classification System (the "CIM") - CIM Definition Standards for
Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. NI 43-101 is a rule developed by the Canadian
Securities Administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information
concerning mineral projects. NI 43-101 permits an historical estimate made prior to the adoption of NI 43-101 that does not comply
with NI 43-101 to be disclosed using the historical terminology if the disclosure: (a) identifies the source and date of the historical
estimate; (b) comments on the relevance and reliability of the historical estimate; (c) to the extent known, provides the key assumptions,
parameters and methods used to prepare the historical estimate; (d) states whether the historical estimate uses categories other than those
prescribed by NI 43-101; and (e) includes any more recent estimates or data available.
Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission
(the "Commission"), and resource information contained in the Exhibit documents may not be comparable to similar information
disclosed by U.S. companies.
U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great
uncertainty as to their economic and legal feasibility. It is reasonably expected that the majority of inferred resources could be upgraded
to indicated resources with continued exploration. Under Canadian rules, estimated "inferred mineral resources" may not form the basis
of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an "inferred
mineral resource" exists or is economically or legally mineable. On October 31, 2018, the SEC adopted a final rule ("S-K 1300") with
new disclosure requirements that are more closely aligned with current industry and global regulatory practices and standards, including
NI 43-101. As an MJDS filer, the Company is not be required to comply with S-K 1300. While S-K 1300 is more closely aligned with
NI 43-101 than the prior SEC mining disclosure rules, there are some differences. Notably, unlike NI 43-101, S-K 1300 requires that
resources be disclosed exclusive of mineral reserves, and that mineral resources and reserves be disclosed on the basis of our interest in
them. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by
companies that report in accordance with U.S. standards.
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DOCUMENTS INCORPORATED BY REFERENCE
The following documents, or the portions thereof indicated below, that are filed as exhibits to this Annual Report, are incorporated
herein by reference.
Annual Information Form
The Company's Annual Information Form ("AIF") for the fiscal year ended December 31, 2021 (the "AIF") is filed as Exhibit 99.1 to
this Annual Report on Form 40-F and is incorporated by reference herein.
Management's Discussion And Analysis
The Company Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2021 is filed as Exhibit 99.2 to this
Annual Report on Form 40-F and incorporated by reference herein.
Audited Annual Financial Statements
The Audited Consolidated Financial Statements of the Company as at and for the years ended December 31, 2021 and 2020, including
the notes thereto, together with the report of the Independent Registered Public Accounting Firm thereon (the "Financial Statements")
are filed as Exhibit 99.3 to this Annual Report on Form 40-F.
Purchasing, holding, or disposing of securities of the Company may have tax consequences under the laws of the United States and
Canada that are not described in this annual report on Form 40-F. Holders of the Company's common shares should consult their own
tax advisors regarding the tax consequences of purchasing, holding or disposing of securities of the Company.
TAX MATTERS
Disclosure Controls and Procedures
CONTROLS AND PROCEDURES
At the end of the period covered by this Annual Report on Form-40F, the Company carried out an evaluation, under the supervision of
the Company's Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), of the effectiveness of the Company's disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act). Based upon that evaluation, the Company's
CEO and CFO have concluded that, as of the end of the period covered by this Annual Report, our disclosure controls and procedures
were effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange
Act is (i) recorded, processed, summarized and reported within the time periods specified in Commission rules and forms, and (ii)
accumulated and communicated to the Company's management, including its principal executive officer and principal financial officer,
to allow timely decisions regarding required disclosure.
Management's Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-
15(f) under the Exchange Act. The Company's internal control over financial reporting is a process designed by, or under the
supervision of, the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles.
The Company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial
statements. It should be noted that a control system, no matter how well conceived or operated, can only provide reasonable assurance,
not absolute assurance, that the objectives of the control system are met. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance
with policies and procedures may deteriorate.
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Management, including the CEO and CFO, assessed the effectiveness of the Company's internal control over financial reporting as of
December 31, 2021, based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway. Based on this assessment, management has concluded that EMX's internal control over
financial reporting was effective as at December 31, 2021.
Davidson & Company LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over
financial reporting as of December 31, 2021, as stated in their report which appears herein.
Attestation Report of Independent Registered Accounting Firm
The effectiveness of the Company's internal control over financial reporting as of December 31, 2021 has been audited by Davidson &
Company LLP, an independent registered public accounting firm, as stated in their report, included in Exhibit 99.3 to this Annual Report
on Form 40-F.
Changes in Internal Control over Financial Reporting
Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with IFRS. During the period covered by this
Annual Report, management made significant updates and improvements in application of existing internal controls, while also
implementing new internal controls over financial reporting that may materially affect, or is reasonably likely to materially affect, the
Company's internal control over financial reporting.
CORPORATE GOVERNANCE
The Company is a reporting issuer under the securities legislation of British Columbia and Alberta and is listed on the TSX-V, as a Tier
1 Company, and the NYSE American LLC ("NYSE American"). EMX's common shares without par value ("Common Shares") are
traded on the TSX-V and the NYSE American under the symbol "EMX", as well as on the Frankfurt exchange under the symbol "6E9".
The Company's board of directors (the "Board") consists of the following individuals: Brian E. Bayley, David M. Cole, Brian K. Levet,
Sunny Lowe, Henrik Lundin, Larry M. Okada and Michael D. Winn. The Board has determined that Messrs. Bayley, Levet, Lundin and
Okada and Ms. Lowe are "independent directors" under Section 803A of the NYSE American Company Guide (the "Company Guide").
The Directors of the Company are required to manage the Company's business and affairs and thereby protect the interests of the
shareholders of the Company. The Board is also responsible for ensuring that the Company acts ethically, honestly and with integrity.
The Company's standing committees are comprised of an Audit Committee, a Compensation Committee, an Environmental Social and
Governance ("ESG") Committee; and a Nominating Committee. The Board has determined that all the members of the Audit,
Compensation, ESG and Nominating Committees comprised solely of independent directors, based on the criteria for independence
prescribed by section 303A.02 of the NYSE Listed Company Manual. A copy of the mandate of the Board is available for viewing on
the Company's website at: Board Mandate
Compensation Committee
The Compensation Committee is composed of Messrs. Levet (Chair), Bayley and Lundin, each of whom the Board has determined is
independent under Section 803A of the Company Guide and Rule 10A-3 under the rules of the NYSE American. Compensation of the
Company's CEO and all other officers is recommended to the Board for determination by the Compensation Committee. The
Compensation Committee develops, reviews and monitors director and executive officer compensation and policies. The Compensation
Committee is also responsible for annually reviewing the adequacy of compensation to directors, officers, and other consultants and the
composition of compensation packages. The Company's CEO cannot be present during the Compensation Committee's deliberations or
vote on the CEO's compensation. The Company's Compensation Committee Charter is available for viewing on the Company's website
at: Compensation Committee Charter
5
Environmental Social and Governance Committee ("ESG Committee")
The ESG Committee is currently composed of Messrs. Lundin (Chair), Okada and Levet. each of whom the Board has determined is
independent under Section 803A of the Company Guide and Rule 10A-3 under the rules of the NYSE American. The ESG Committee
purpose is to assist the Board in fulfilling its responsibilities relating to environmental, social and governance ("ESG") matters that are
significant to the Company. The Company's ESG Committee Charter is available for viewing on the Company's website at:
ESG Committee Charter
Nominating Committee
The Nominating Committee is composed of is composed of Ms. Lowe and Messrs. Bayley and Lundin, each of whom the Board has
determined is independent under Section 803A of the Company Guide and Rule 10A-3 under the rules of the NYSE American. The role
of the Nominating Committee is to assist in preparing an effective succession plan for the Board of Directors by providing advice and
recommendations to the Board for appointment of new Directors; and assessing the effectiveness of the Directors and the various
committees of the Board and the composition of same. The Company's Nominating Committee Charter is available for viewing on the
Company's website at: Nominating Committee Charter
Composition and Responsibilities
AUDIT COMMITTEE
The Board has a separately designated standing Audit Committee established for the purpose of overseeing the accounting and financial
reporting processes of the Company and audits of the financial statements of the Company in accordance with Section 3(a)(58)(A) of
the Exchange Act. As of the date of this Annual Report, the Company's Audit Committee is comprised of Messrs. Okada (Chair),
Bayley and Ms. Lowe, each of whom, in the opinion of the Corporation's Board of Directors, is independent (as determined under Rule
10A-3 of the Exchange Act, Section 803A of the NYSE American Company Guide, and the rules of the TSX) and each of whom is
financially literate. The Audit Committee meets the composition requirements set forth by Section 803B(2) of NYSE American
Company Guide.
Audit Committee Financial Experts
The Board has also determined that each member of the Audit Committee is financially literate, meaning each such member has the
ability to read and understand a set of financial statements that present a breadth and level of complexity of the issues that can
reasonably be expected to be raised by the Company's financial statements. In addition, the Board has determined that the Audit
Committee's chairman, Mr. Okada, is an "audit committee financial expert" within the meaning of the rules of the Commission.
The information provided on Schedule A to the AIF, which includes the Audit Committee charter, and the information provided on
Schedule B to the AIF, which includes certain Audit Committee matters, are hereby incorporated by reference herein. The full text of
the Audit Committee Charter is set forth in The Company's Annual Information Form, filed as Exhibit 99.1 and incorporated by
reference in this annual report on Form 40-F - Also is available for viewing on the Company's website at: Audit Committee Charter
PRINCIPAL ACCOUNTANT FEES AND SERVICES
The total fees billed to the Company for professional services rendered by the Company's principal accountants for the years ended
December 31, 2021 and 2020 are as set forth on Schedule B to the AIF, under the heading "External Auditor Service Fees (By
Category)," which is hereby incorporated by reference herein.
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PRE-APPROVAL POLICIES AND PROCEDURES
The information provided on Schedule A to the AIF, and the information on Schedule B to the AIF under the heading "Pre-Approval
Policies and Procedures," are hereby incorporated by reference herein. The Audit Committee pre-approves all auditing services and
permitted non-audit services (including the fees and terms thereof) to be performed for the Company by the auditor, except for limited
exceptions as set forth in the Audit Committee Charter.
OFF-BALANCE SHEET TRANSACTIONS
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on
its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or
capital resources that is material to investors.
The information included in "Liquidity & Capital Resources" of the MD&A, filed as Exhibit 99.2 to this Annual Report, is incorporated
herein by reference.
CONTRACTUAL OBLIGATIONS
CODE OF ETHICS
The Company has adopted a Code of Business Conduct and Ethics that meets the definition of a "code of ethics" set forth in this Annual
Report on Form 40-F; and that applies to directors, officers and employees of, and consultants to, the Company (the "Code"). The Code
is available for viewing on EMX's website at: Code of Business Conduct and Ethics ,and is available in print to any shareholder who
requests it, without charge, upon request from the Company's Corporate Secretary at (604) 688-6390.
It is a requirement of applicable corporate law that directors and senior officers who have an interest in a transaction or agreement with
the Company promptly disclose that interest at any meeting of the Board at which the transaction or agreement will be discussed and, in
the case of directors, abstain from discussions and voting in respect to the same if the interest is material.
If any amendment to the Code of Business Conduct and Ethics is made, or if any waiver from the provisions thereof is granted, the
Company may elect to disclose the information about such amendment or waiver required by Form 40-F to be disclosed, by posting
such disclosure on EMX's website, which may be accessed at: https://www.emxroyalty.com/.
NOTICES PURSUANT TO REGULATION BTR
There were no notices required by Rule 104 of Regulation BTR that the Registrant sent during the year ended December 31, 2021
concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
NYSE AMERICAN CORPORATE GOVERNANCE
The Company's common shares are listed on the NYSE American LLC ("NYSE American"). Section 110 of the NYSE American
company guide permits NYSE American to consider the laws, customs and practices of foreign issuers in relaxing certain NYSE
American listing criteria, and to grant exemptions from NYSE American listing criteria based on these considerations. A company
seeking relief under these provisions is required to provide written certification from independent local counsel that the non-complying
practice is not prohibited by home country law. A description of the significant ways in which the Company's governance practices
differ from those followed by U.S. domestic companies pursuant to the Company Guide is set forth below.
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Quorum for Shareholders' Meetings.
Section 123 of the NYSE American company guide recommends that a listed company's bylaws provide for a quorum of not less than
33-1/3 % of such company's shares issued and outstanding and entitled to vote at a meeting of shareholders. The Company's articles of
incorporation (which are the equivalent of bylaws under the Company's home country law) generally provide that, subject to special
rights and restrictions attached to any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is
two shareholders who are present in person or represented by proxy.
Proxy Delivery.
The NYSE American company guide requires the solicitation of proxies and delivery of proxy statements for all shareholder meetings
of a listed company, and requires that these proxies be solicited pursuant to a proxy statement that conforms to Commission proxy rules.
The Company is a "foreign private issuer" under Rule 3b-4 of the Exchange Act, and the equity securities of the Company are
accordingly exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company solicits
proxies in accordance with applicable rules and regulations in Canada.
Shareholder Approval Requirements.
The NYSE American company guide requires a listed company to obtain the approval of its shareholders for certain types of securities
issuances, including private placements that may result in the issuance of common shares (or securities convertible into common shares)
equal to 20 percent or more of presently outstanding shares for less than the greater of book or market value of the shares. The Company
may seek a waiver from NYSE American's shareholder approval requirements in circumstances where the securities issuance would not
trigger such a requirement under British Columbia law or under the rules of the TSX Venture Exchange, on which the Company's
common shares are also listed.
Nominating Process.
The NYSE American company guide requires that director nominations must be either selected or recommended to the Board by either
a nominating committee or a majority of independent directors. In addition, the NYSE American company guide requires a formal
written charter or board resolution addressing the nominations process. The Company has such a nominating committee and has adopted
a formal written charter addressing the nominations process.
None.
MINE SAFETY DISCLOSURE
UNDERTAKING
The Company undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission
staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered
pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in
said securities.
CONSENT TO SERVICE OF PROCESS
The Company has previously filed with the Commission a written consent to service of process and power of attorney on Form F-X.
Any change to the name or address of the Company's agent for service shall be communicated promptly to the Commission by
amendment to the Form F-X referencing the file number of the Company.
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Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F
and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized, March 31, 2022
SIGNATURES
Date: March 31, 2022
By:
/s/ David M. Cole
Name: David M. Cole
Title: President and Chief Executive Officer
The following documents are being filed with the Commission as Exhibits to this Annual Report.
EXHIBIT INDEX
Exhibit
99.1
99.2
99.3
99.4
99.5
99.6
99.7
99.8
99.9
99.10
99.11
99.12
99.13
99.14
99.15
99.16
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE
104
Description
Annual Information Form for the year ended December 31, 2021
Management's Discussion and Analysis for the year ended December 31, 2021
Audited Annual Consolidated Financial Statements and notes thereto as at and for the years ended December 31, 2021
and 2020, including the notes thereto, together with the report of the independent auditors thereon
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) under the Exchange Act, as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002
Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002
Consent of Davidson & Company LLP, Independent Registered Public Accounting Firm.
Consent of Eric Jensen
Consent of Michael P. Sheehan
Consent of Kevin Francis
Consent of Greg Walker
Consent of Mustafa Atalay, Dama Engineering
Consent of Metin Alemdar, Dama Engineering
Consent of Selim Yilmaz, Dama Engineering
Consent of Arif Umutcan Gelişen, Dama Engineering
Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are
embedded within the Inline XBRL document
Inline XBRL Taxonomy Extension Schema Document
Inline XBRL Taxonomy Extension Calculation Linkbase Document
Inline XBRL Taxonomy Extension Definition Linkbase Document
Inline XBRL Taxonomy Extension Label Linkbase Document
Inline XBRL Taxonomy Extension Presentation Linkbase Document
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)