Ann: AGD Enters North America with Investment in the Rawhide Mine, page-2

Apparently not only AGD investing in that play... not really sure what to think about that


Vancouver, British Columbia, December 19, 2019 (TSX Venture: EMX; NYSE American: EMX) – EMX Royalty Corporation (the “Company” or “EMX”) is pleased to announce it has acquired a 19.9% equity interest in Rawhide Acquisition Holding LLC, a privately-held Delaware company that owns the Rawhide gold-silver mining operation through wholly-owned subsidiary Rawhide Mining LLC. The Rawhide mine is located approximately 50 miles from Fallon, Nevada, and is a fully permitted open pit heap leaching operation that is currently producing gold and silver doré.

Overview of Commercial Terms. Terms of EMX’s Rawhide investment include (note all dollar amounts in USD):

• EMX purchase of a 19.9% membership interest (18.9% on a fully diluted basis) in Rawhide Acquisition Holding LLC (“RAH”) for a purchase price of $3.5 million.

• RAH distributes 50% of its taxable income to the LLC members on a quarterly basis as a Tax Distribution.

• RAH has historically made significant additional Ordinary Distributions to its members, and may continue doing so given ongoing mining at the Rawhide and Regent open pits.

• EMX is entitled to nominate one manager to the six-member RAH management committee.

Overview of Rawhide Operation. The Rawhide mining operation is located in the Walker Lane’s Regent mining district. Gold was discovered at Rawhide in 1906, with intermittent small scale production until Kennecott undertook open pit mining from 1990-2003, producing 1.4 million ounces of gold and 10.9 million ounces of silver from 88 million tons¹. Residual heap leaching until 2010 recovered an additional 200 thousand ounces of gold and 1.9 million ounces of silver. EMX has been advised by RAH that from 2011-2018 its mining at the Rawhide property totaled 4.9 million tons, with 160,000 ounces of gold and 1.8 million ounces of silver produced.