EMX Royalty Corp. (EMX)

EMX Royalty Corporation, previously called Eurasian Minerals Inc., was a Vancouver-based company that explored for mineral deposits and held royalties on mining projects. It was founded in the early 2000s and was led by David Cole, and it rebranded as EMX Royalty Corporation in July 2017 to reflect a business that increasingly relied on royalty income instead of directly funding exploration. Its shares were listed on the TSX Venture Exchange and on NYSE American under the symbol EMX.

The company's strategy was to generate and acquire royalties across a range of commodities, including gold, silver, copper, and base metals. Its royalty and exploration portfolio spanned North America, Turkey, Europe, Australia, New Zealand, South America, and the Nordic countries of Sweden and Norway. Instead of operating mines, it aimed to receive royalty payments from operators and to partner with larger mining companies, who funded exploration on its properties.

A key asset was a royalty on the Leeville mine in Nevada's Carlin Trend, operated by Nevada Gold Mines. EMX also earned income from other royalty interests and from option and joint-venture agreements, and over time it completed a number of property sales and royalty acquisitions. Like other small royalty companies, it used the model to benefit from commodity exposure with a lighter cost structure than a mine operator.

In 2025 EMX agreed to combine with Elemental Altus Royalties Corp., a royalty company listed on the TSX Venture Exchange under the symbol ELE. The transaction was structured as a Canadian plan of arrangement in which Elemental Altus acquired all of the outstanding EMX common shares through an amalgamation of EMX with an acquisition subsidiary. EMX shareholders received Elemental Altus shares as consideration.

Court approval of the arrangement was received in November 2025, and the parties announced the completion of the merger on November 13, 2025. Following closing, EMX shares were expected to be delisted from the TSX Venture Exchange, NYSE American, and the Frankfurt Stock Exchange, and EMX planned to apply to cease to be a reporting issuer under Canadian securities laws. Elemental Altus had applied to list on the Nasdaq Capital Market under ELE, and until that listing it traded on the TSX Venture Exchange and the OTCQX.

The delisting of EMX was therefore a result of the merger rather than a failure to meet listing standards. EMX ceased to exist as a separate public company, and its royalty portfolio became part of the combined group. Former EMX shareholders hold their interest through shares of Elemental Altus Royalties Corp.