EMX Royalty Corporation is pleased to announce that its royalty partner, Zijin Mining Group Co., Ltd. (“Zijin”), has released interim results indicating significant increases in copper and gold production from the Timok Project in Serbia for the first half of 2024. Zijin reported production of 90,008 tonnes of copper and 2,894 kilograms of gold from the Cukaru Peki Mine during this period, aligning with EMX’s record royalty revenues of $1,586,000 reported in Q2 2024.
Zijin’s interim report notes that combined production capacity from the Serbia Zijin Copper operations (including Bor) and the Timok/Cukaru Peki Mine now stands at 450,000 tonnes of copper annually, a substantial increase from previous years. Zijin is also expanding the processing plant capacity at Cukaru Peki from 12,000 tonnes per day to 15,000 tonnes per day to enhance operational efficiency.
In addition to ongoing production from the Upper Zone, Zijin is developing the Lower Zone porphyry copper-gold deposit through block caving, which EMX believes could position the Cukaru Peki Mine as a significant block cave development project globally.
Zijin’s interim report highlights exploration potential at the “MG Zone” in the southern part of the Cukaru Peki Mine, although the materiality of these efforts to EMX remains uncertain. EMX congratulates Zijin on their performance in the Bor and Timok districts.
EMX holds a 0.3625% NSR royalty over Zijin’s Brestovac exploration permit area and a 2% NSR royalty on precious metals, along with a 1% NSR royalty on base metals for the Brestovac West License. All royalties related to the Timok Project are uncapped and cannot be repurchased or reduced. The Company continues to receive quarterly royalty payments from Zijin for copper and gold production from the Cukaru Peki Mine.
Dr. Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information in this news release.
