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EMPRESS ROYALTY • TSXV : EMPR | OTCQX : EMPYF Growth - Focused Gold & Silver Royalty & Streaming Investments Cash Flow Today . Growth Tomorrow . Optionality for the Future CORPORATE PRESENTATION AUGUST 2026
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This Presentation contains or incorporates by reference "forward-looking statements" or "forward-looking information" within the meaning of applicable Canadian securities legislation. Such statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, to be materially different from any future results, expectations, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved although not all forward-looking statements contain such identifying words. These statements reflect the Company's current expectations regarding future events, performance and results based on information currently available and speak only as of the date of this presentation. Specific statements contained in or incorporated by reference in this Presentation that constitute forward-looking statements or information include but are not limited to information concerning the Company's investments, statements or information concerning the Company's growth strategy and the Company's future performance and business prospects and opportunities, including those regarding future growth and ability to create new streams or royalties, the development and focus of the Company, its acquisition strategy, the plans and expectations of the operators of the projects underlying its interests, including the proposed advancement and expansion of such projects; the results of exploration, development and production activities of the operators of such projects; and the Company's expectations regarding future revenues. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward-looking statements. These forward-looking statements are based on the beliefs of Empress' management, as well as on assumptions, which such management believes to be reasonable based on information currently available at the time such statements were made. However, there can be no assurance that the forward-looking statements will prove to be accurate. By their nature, forward-looking statements are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Empress to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are subject to a variety of risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. New risks may emerge from time to time and the importance of current factors may change from time to time and it is not possible for the Company to predict all such factors, changes in such factors and to assess in advance the impact of such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although the forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company's actual results could differ materially from those anticipated in these forward-looking statements and those listed in the heading "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2025, which is available under the Company's SEDAR profile at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. These forward-looking statements are made as of the date of this Presentation and are expressly qualified in their entirety by this cautionary statement. Subject to applicable Canadian securities laws, the Company assumes no obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this Presentation. Richard Mazur, P.Geo, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and consultant to the Company, has read and approved all technical and scientific information contained in this Presentation. Viewers should note that the Company is dependent on the operators of the properties and their qualified persons to provide information to the Company or on publicly available information to prepare disclosure pertaining to properties and operations on the properties on which the Company hold interests and generally will have limited or no ability to independently verify such information. Although the Company does not currently have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete and accurate. Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 2 C A U T I O N A R Y N O T E Forward-Looking Statements
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E M P R E S S S N A P S H O T Balanced Royalty Model Designed to Deliver Stability, Growth, and Long -Term Optionality Cash-Flowing Portfolio Four producing cornerstone investments generating royalty and stream revenue today. Growth Across Mining Lifecyle Assets advancing across the full mining lifecycle to expand future output. Record Revenue & Positive Operating Cash Flow Achieved record revenue of US$17M and positive operational cash flow in 2025. High-Margin Precious Metals Exposure 100% gold and silver revenue, unimpeded by direct operating costs. Disciplined Capital Allocation Upfront capital deployed for scalable, steady, long-term returns. Proven Expertise Management & Board bring 250+ years of experience and US$8B in mining finance. Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 3 Building an Integrated Royalty & Streaming Platform
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W E A L T H P R O T E C T I O N S T R A T E G Y The Macro Case for Precious Metals Enduring Safe Haven in Global Uncertainty Gold and silver have historically thrived in times of geopolitical and economic stress, offering Investors lasting stability and security. Inflation Hedge & Wealth Preservation With a long history as an inflation hedge, gold and silver help protect purchasing power as fiat currencies weaken. Central Bank Buying & Structural Demand Central banks are reportedly buying gold at record levels, reinforcing structural demand and long-term price support. 4Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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O U T P E R F O R M I N G G O L D Power of Royalty & Stream Investments 5Empress Royalty · TSXV: EMPR | OTCQX: EMPYF $0 $100 $200 $300 $400 $500 $600 $700 2011 2013 2015 2017 2019 2021 2023 2025 VanEck Gold Miners ETF Gold Royalty Index* Superior Returns to Gold Price & Miners ETF *Royalty Index: average of Wheaton Precious Metals, Royal Gold, Franco-Nevada & OR Royalties. Source: S&P Global Capital IQ. +454% +284% +129%
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R O Y A L T I E S & S T R E A M S Royalty Agreements A royalty agreement is where a company provides upfront capital to a mining company in exchange for a percentage of future revenue from the mine. Stream Agreements In a streaming agreement, a company provides upfront capital to a mining company in exchange for the right to purchase a portion of the mine's future metal production at a predetermined, discounted price. Benefits to Shareholders 1 Returns unimpeded by significant operational costs typical of mining companies 2 Hedge against inflationary costs & cost of production 3 Globally diversified portfolio 4 Pure gold and silver exposure 6Empress Royalty · TSXV: EMPR | OTCQX: EMPYF How Royalty & Streaming Investments Deliver Value
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H O W E M P R E S S C R E A T E S V A L U E The Investment Thesis Cash Flow Diversification Precious Metals Exposure Embedded Optionality Producing royalty and stream interests generate recurring, near-term cash flow with minimal ongoing capital. Exposure across multiple assets, jurisdictions and operators reduces reliance on any single project. 100% gold and silver revenue, providing direct leverage to rising precious metals prices. Free upside from exploration success, expansions and mine-life extensions at no additional cost. 7Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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F R O M B U I L D I N G A F O U N D A T I O N T O S C A L I N G A P L A T F O R M The Evolution of Empress Record Revenue Growth Positive Operating Cash Flow Producing Global Portfolio P H A S E 01 Foundation First Producing & near-term producing focus Build cash flow Prove the model Establish credibility Minimize dilution P H A S E 02 Integrated Expansion Expanding across the mining lifecycle Select exploration & development exposure Increased optionality Long-term scalability DES IG NE D T O DELIV ER Cash Flow Diversification Optionality Evolving into an integrated royalty company without compromising the discipline that built the business. 8Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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C O R N E R S T O N E I N V E S T M E N T S Global Portfolio of Producing Mines 4 PR ODUCI NG MINES Shared scale · US$0 –50M Tahuehueto MEXICO / SILVER STREAM INVESTMENT $5M REVENUE TO DATE $28M NAV $44M Sierra Antapite PERU / GOLD STREAM INVESTMENT $10M REVENUE TO DATE $9M NAV $28M Galaxy SOUTH AFRICA / GOLD STREAM INVESTMENT $5M REVENUE TO DATE $3M NAV $15M Manica MOZAMBIQUE / GOLD ROYALTY INVESTMENT $3M REVENUE TO DATE $7M NAV $7M Revenue figures represent cumulative royalty and stream income since the date of each investment, to June 30, 2026. NAV valua tion as of June 30, 2026, using a management case of US$70/oz silver and US$4,000/oz gold. 9Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Investment Revenue to date NAV
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E X P O S U R E A C R O S S T H E M I N I N G L I F E C Y C L E The Integrated Royalty Model PRODUCIN G ROY ALT IE S & ST RE AM S Cash Flow Today Current Revenue Generation Lower Risk DEVE LOPME NT PROJ ECTS Growth Tomorrow Future Revenue Pipeline Growth Visibility SELECT E XPLORATIO N EXPOSURE Optionality For The Future Discovery Potential Long-Term Upside Empress combines producing assets, development opportunities, and selective exploration exposure to create a balanced portfolio designed to deliver cash flow, growth, and long-term optionality. Empress Royalty · TSXV: EMPR|OTCQX:EMPYF 10 0
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S T R A T E G I C S O U R C I N G & N E T W O R K A D V A N T A G E Endeavour Partnership Empress has formed a strategic partnership with Endeavour Financial - both its Investment Manager and a significant shareholder. Leveraging Endeavour's global team of investment bankers, geologists, mining engineers, cash-flow analysts and financial experts, Empress can source, assess and execute high-value opportunities in the precious metals sector. 30+ Years — established in 1988 20+ International awards US$1.2B Royalty & stream finance US$28B Mergers & acquisitions US$1.3B JV & strategic investments US$8.6B Debt finance 11Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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P R O V E N E X P E R T I S E Structured Mining Finance Experience B OA R D OF D IR E C T OR S MA NA G E ME NT & A D V ISO R S 12Empress Royalty · TSXV: EMPR | OTCQX: EMPYF David Rhodes Executive Chair Alexandra Woodyer Sherron CEO & President Natascha Kiernan Lead Director Paul Mainwaring Director Daniel Burns Director Alexandra Woodyer Sherron CEO & President Xavier Wenzel CFO Michelle Borthwick VP , Corporate Affairs Michelle Borromeo Strategic Communications Advisor David Laing Technical Advisor Mark Ashcroft Brad Breetzke Christian Algaranza Business Development, North America Business Development, Africa Business Development, Analyst
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P O R T F O L I O F O C U S Investment Criteria 01 L O C A T I O N Global Focus 02 C O M M O D I T I E S Gold & Silver Only 03 I N V E S T M E N T S I Z E Up to US$25M 04 P E O P L E Strong Management & Teams 05 E S G Strong Community Programs 06 A S S E T S T A G E Across the Mining Cycle 13Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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M EX IC O / S I L V ER ST R EAM C O R N E R S T O N E I N V E S T M E N T Tahuehueto Mine Underground Mine · Mexico · Operator: Luca Mining (TSXV: LUCA) Empress' investment was instrumental in completing the construction of the mine, now fully operational. Luca announced commercial production at Tahuehueto in 2025 and launched an exploration program aimed at expanding the underground deposit, further enhancing the value of Empress' investment. I N V E ST ME N T O V E R VI E W Investment Size US$5M Type 100% silver stream Terms 1.25M oz, then 20% for 10 yrs Annual GEOs 3,103 NAV US$44M *Note: Management case assumption of US$70/oz silver and US$4,000/oz gold. The above forecasts are based upon information pro vided by the Operator projected at full production capacity, using a 5 -year average. NAV calculated with a 5% discount rate. Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 14
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P ER U / GO L D ST RE AM C O R N E R S T O N E I N V E S T M E N T Antapite Mine Underground Gold Mine · Peru · Operator: Sierra Sun Group (Private) Empress' investment enabled Sierra Antapite to expand production capacity at this high-grade underground mine, with ongoing development aimed at boosting near-term output. Sustainability initiatives at the site are backed by the Swiss Better Gold Initiative, enhancing responsible mining practices. I N V E ST ME N T O V E R VI E W US$10M 4.5% gold stream 11k oz, then 1% LOM 1,608 US$28M *Note: Management case assumption of US$70/oz silver and US$4,000/oz gold. The above forecasts are based upon information pro vided by the Operator projected at full production capacity, using a 5 -year average. NAV calculated with a 5% discount rate. 15Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Investment Size Type Terms Annual GEOs NAV
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S O UT H AF R IC A / GO L D S TR EA M C O R N E R S T O N E I N V E S T M E N T Galaxy Mine Underground Gold Mine · South Africa · Operator: Golconda Gold (TSXV: GG) Empress' investment provided Galaxy with capital to acquire additional underground mining equipment, accelerating mine development. This enables Galaxy to maximize mill throughput, increase production volumes and reduce AISC by leveraging an expanded milling circuit — increasing gold production and the value of Empress' investment. I N V E ST ME N T O V E R VI E W US$5M 3.5% gold stream 8k oz, then 2% 600 US$15M *Note: Management case assumption of US$70/oz silver and US$4,000/oz gold. The above forecasts are based upon information pro vided by the Operator projected at full production capacity, using a 5 -year average. NAV calculated with a 5% discount rate. 16Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Investment Size Type Terms Annual GEOs NAV
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M O ZA M BI QU E / GO L D RO Y AL TY C O R N E R S T O N E I N V E S T M E N T Manica Mine Open Pit Gold Mine · Mozambique · Operator: MMP (Private) Empress' investment was instrumental in completing construction of the oxide plant, enabling the commencement of gold production. The plant has processed gold from multiple open-pit sources, generating output and revenue, while exploration is underway to identify additional resources. I N V E ST ME N T O V E R VI E W US$3M 3.375% gold royalty 95k oz, then 1.125% LOM 339 US$7M *Note: Management case assumption of US$70/oz silver and US$4,000/oz gold. The above forecasts are based upon information pro vided by the Operator projected at full production capacity, using a 5 -year average. NAV calculated with a 5% discount rate. 17Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Investment Size Type Terms Annual GEOs NAV
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Willow CU·AU Nevada, USA EXPLORATION ABACUS MINING 2.0% NSR Yerington district, adjacent to Hudbay's Mason Deposit. Minimum drilling through 2026 — leverage to U.S. copper. Coldstream GOLD Ontario, Canada EXPLORATION GOLD X2 MINING 0.5 –1.5% NSR East Coldstream MRE of 18.3 Mt @ 1.1 g/t Au, ~15 km from Gold X2's 190 Mt Moss Deposit. Windfall East GOLD Quebec, Canada EXPLORATION GOLD FIELDS 1.0% NSR Urban-Barry belt, adjacent to Gold Fields' Windfall project. FID targeted H1 2026, first gold ~2029. Destiny GOLD Quebec, Canada EXPLORATION BIG RIDGE GOLD CORP 0.5 –1.0% NSR Abitibi belt. 2025 MRE: 6.7 Mt @ 0.91 g/t (Ind) and 28.6 Mt @ 0.87 g/t Au (Inf). Dillard CU·AU·AG British Columbia, Canada MRE/EXPLORATION KODIAK COPPER 2.0% NSR 2025 MRE of 51.9 Mt grading 0.20% Cu. District-scale package near Highland Valley Copper, New Afton & Copper Mountain. Los Venados GOLD Sonora, Mexico OPERATING DISTRICT/EXPLORATION ALAMOS GOLD 2.0% NSR Within Alamos' Mulatos district, ~1 –2 km from the Mulatos Mine and Puerto Del Aire. Acquired outright by Alamos in 2025. Prospect Valley GOLD British Columbia, Canada EXPLORATION WESTHAVEN GOLD 2.0% NSR Spences Bridge Gold Belt, on trend from Westhaven's Shovelnose discovery. Backed by Dundee's earn -in of up to C$85M. Pinos GOLD DEVELOPMENT CANDELARIA MINING 1.0% NSR Fully permitted past -producer in the Zacatecas gold-silver belt. PEA -stage, advancing toward a 200 tpd operation ramping to 400 tpd. Zacatecas, Mexico Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 18 E M B E D D E D O P T I O N A L I T Y Highlighted Development & Exploration Royalties
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T H E P I P E L I N E Fueling Growth & Increasing Diversification Strategic Deal Flow Advancing a strong pipeline sourced through our global network and Endeavour partnership - focused on cash-generating assets with high return potential. Disciplined Evaluation With over US$50M in deals under review, we apply rigorous due diligence to ensure alignment with our return thresholds, counterparties and portfolio strategy. Growth with Control Each transaction must strengthen our portfolio through cash flow, diversification and strategic exposure - supporting long-term value while minimizing dilution. Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 19
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U S $ M IL LI ON S $1.8M $3.5M $8.0M $17.2M $17.3M $0M $10M $20M $30M $40M $50M $60M 2022 2023 2024 2025 2026 2027 2028 Potential Revenue Increase With Higher Commodity Prices J U NE 30 , 2 0 26 Projected revenue uses management estimates on Manica, Tahuehueto, Sierra Antapite, Galaxy & Pinos*. *Assuming production of Pinos starts in 2027. CO M M O D IT Y PR I CE $4,000/oz Au $70/oz A $5,000/oz Au $90/oz Ag $6,000/oz Au $150/oz Ag R EP O R T ED R EV EN U E Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 20 B O O S T E D B Y S U R G I N G G O L D & S I L V E R P R I C E S Revenue on the Rise
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Source: NAVPS and Calendar 2026 Cash Flow / Revenue estimates for comparable companies are based on consensus research estimates compiled from Capital IQ as of 19, 2026. Note: P/NAV: Empress trades at ~1.0× NAV, well below the peer average of 1.45×, offering clear re-rating potential as revenues and assets scale. P/CFPS: With triple-digit cash-flow growth and lean overhead,Empress delivers superior cash generation per share at a fraction of the industry multiple. Price/Revenue (2026): Forecast growth and high-margin production make Empress one of the lowest-priced revenue plays in the royalty space. Maximum leverage with minimal dilution. T R A D I N G B E L O W I N D U S T R Y A V E R A G E S Uncovering Hidden Value 21Empress Royalty · TSXV: EMPR | OTCQX: EMPYF 0.64x 0.66x 0.72x 0.73x 0.87x 1.01x 1.10x 1.14x 1.20x 1.65x 0.97x Summit Royalties Gold Royalty Corp. Empress Elemental Royalty Corp. Metalla Vox OR Royalties Triple Flag Sailfish Versamet Royalties 3.44x 11.19x 14.08x 15.09x 15.27x 17.78x 18.81x 23.46x 25.24x 49.35x 19.37x Empress Vox Triple Flag Versamet Royalties Elemental Royalty Corp. OR Royalties Sailfish Summit Royalties Gold Royalty Corp. Metalla 2.64x 8.74x 9.95x 10.82x 11.96x 12.60x 13.44x 19.35x 31.90x 39.09x 16.05x Empress Vox Elemental Royalty Corp. Triple Flag Versamet Royalties Summit Royalties OR Royalties Gold Royalty Corp. Metalla Sailfish PRICE / REVENUE 2026PRICE / CASH FLOW 2026PRICE / NET ASSET VALUE
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S T R O N G S H A R E H O L D E R B A S E Capital Structure TSXV: EMPR OTCQX: EMPYF SHARE PRICE * C$0.96 52 -WE EK LOW / HIGH * C$0.61 – 1.32 MARKET CAP * C$132M | US$82M SHARES O/S 1 137M WARRANTS & OPTIONS 1 17M FULLY DILUTED 1 154M SHA RE O WN ERSH IP 50% Institutional & Strategic 40% Public Float 10% Management & Board ST RA T E GI C IN V E ST ORS Rick Rule US Global Money Metals Exchange Sprott Asset Management 22Empress Royalty · TSXV: EMPR | OTCQX: EMPYF * As of August 10, 2026. Note 1: Effective June 30, 2026. Note 2: As per financial statements as at June 30, 2026. Note 3: Ex ecuted Nebari Accordion Credit Facility on December 11, 2023, for US$28.5M, with one drawdown of US$3.5M in December 2023, and a second dra wdown of US$5M in March 2024. Balance as per December 31, 2025, financial statements reflects outstanding amount less unamortized fina ncing costs. CASH & METALS 2 US$21M DEBT 3 US$1.6M US$20M Debt Facility Available 100%
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N E X T P H A S E G R O W T H C A T A L Y S T S Positioned for Accelerated Revenue Growth 1 Growing Cash Flow from Core Assets Producing assets are delivering rising cash flow as portfolio yield scales. Operational leverage supports stable, recurring revenue and long-term value. 2 Strategic Deployment into New Transactions Actively advancing a pipeline of advanced-stage, cash-generating deals. Capital allocation remains disciplined - focused on returns and efficiency. 3 Cashflow Optimization for Strategic Allocation As recurring revenue grows, anticipate market recognition and valuation uplift. Rising gold and silver prices further enhance upside across the portfolio. 23Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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W H Y E M P R E S S . W H Y N O W An Integrated Royalty Company Built for Long-Term Growth Proven Foundation Record revenue, positive operating cash flow, four producing assets. 2026 guidance 7,045–7,430 GEOs; structured-finance pipeline. Pure Precious Metals ~100% gold & silver exposure - no base- metal dilution. Undervalued Growth Trading at a substantial discount to mid-cap royalty peers. Disciplined Model Creation-focused, risk-adjusted, per- share-accretive. 24Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Growing Revenue
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Let's talk Office Vancouver, British Columbia Toronto, Ontario London, United Kingdom Johannesburg, South Africa Contact +1-604-331-2080 info@empressroyalty.com info@empressroyalty.com empressroyalty.com Follow TSXV: EMPR | OTCQX: EMPYF
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S U P P O R T I N G D E T A I L Appendix Exploration royalty portfolios and supporting reference detail Empress Royalty · TSXV: EMPR | OTCQX: EMPYF
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A P P E N D I X Canada & USA 27Empress Royalty · TSXV: EMPR | OTCQX: EMPYF A portfolio of exploration royalties in Canada and the USA. PRO PE R TY OWNE R LOC A TIO N C OMM ODITY TER MS Dillard Kodiak Copper British Columbia Copper / Gold / Silver 2% NSR Prospect Valley Westhaven Gold British Columbia Gold 2% NSR Willow Abacus Mining Nevada, USA Copper / Gold 2% NSR Coldstream Gold X2 Mining Ontario Gold 0.5–1.5% NSR Windfall East Gold Fields Quebec Gold 1% NSR Destiny Big Ridge Gold Corp. Quebec Gold 0.5–1.0% NSR Skoonka Creek Westhaven Gold British Columbia Gold 2% NSR Oxford Lake Big Ridge Gold Corp. Manitoba Gold 0.5% NSR / 1% NSR Miner Lake Caprock Mining Corp. Ontario Gold 0.5% NSR / 1% NSR Greenoaks Caprock Mining Corp. Ontario Gold 0.5% NSR Mud Lake Caprock Mining Corp. Ontario Gold 0.5% NSR / 1% NSR * Note: These properties are part of a transaction entered into between the Empress and Almadex Minerals Ltd. (“Almadex”) as announced on July 10, 2026, closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchang e.
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A P P E N D I X Canada & USA 28Empress Royalty · TSXV: EMPR | OTCQX: EMPYF PRO PE R TY OWNE R LOC A TIO N C OMM ODITY TER MS Empress Gold Strike Resources Corp. Ontario Gold 1% NSR Fisher Geiger Energy Corp. Saskatchewan Copper / Zinc 0.5% NSR / 1% NSR Dog Lake Big Ridge Gold Corp. Ontario Gold 1% NSR Ponderosa AuGold Corp. British Columbia Gold 2% NSR Goz Creek Silver North Resources Yukon Silver 2% NSR Tim Silver North Resources Yukon Silver/ Zinc/ Lead 2% NSR Ram Long & Associates Yukon Gold 2% NSR
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A P P E N D I X Mexico Royalties 29Empress Royalty · TSXV: EMPR | OTCQX: EMPYF Exploration royalties across Mexico's premier mining districts PRO PE R TY OWNE R LOC A TIO N C OMM ODITY T E R M S Pinos Candelaria Mining Mexico Gold / Silver 1% NSR Los Venados Alamos Gold Mexico Gold 2% NSR El Encuentro McEwen Mining Mexico Gold / Silver 2% NSR Cerro Colorado Gold Resource Corp. Mexico Gold / Silver 2% NSR El Fuego Gold Resource Corp. Mexico Gold / Silver 2% NSR Caballo Blanco Candelaria Mining Mexico Gold / Silver 1.5% NSR La Bufa Endeavour Silver Corp. Mexico Gold / Silver 2% NSR