SCHEDULE: Extract Advisors Discloses 4.6% Stake in EMX Royalty
Beneficial Ownership Disclosure
Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister have jointly reported a 4.6% beneficial ownership stake in EMX Royalty Corporation, totaling 5,001,701 common shares.
Summary
- Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister (collectively, the "Reporting Persons") have filed an Amendment No. 3 to Schedule 13G regarding their ownership in EMX Royalty Corporation.
- The Reporting Persons beneficially own 5,001,701 common shares of EMX Royalty Corporation.
- This ownership represents 4.6% of the issuer's common shares outstanding, based on 108,964,292 shares outstanding as of September 25, 2025.
- The shares are held by Extract Capital Master Fund Ltd., which is managed by Extract Advisors LLC.
- Darin Milmeister serves as the managing member of Extract Advisors LLC and a director of Extract Capital Master Fund Ltd.
- All three reporting persons share both voting and dispositive power over the 5,001,701 shares.
- The filing certifies that the securities were not acquired or held for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose, other than activities solely related to a nomination under Rule 14a-11.
Sentiment
Score: 5
Explanation: This is a routine disclosure of beneficial ownership, indicating a continued investment by the reporting persons. It does not inherently convey strong positive or negative sentiment regarding the issuer's performance or prospects, but rather a factual reporting of a significant stake.
Future Outlook
NA
Industry Context
This filing is a standard disclosure of a significant ownership stake by an investment firm in a royalty company. It does not provide broader industry trends or specific competitive analysis.
Stakeholder Impact
- This filing informs shareholders and the market about a significant ownership stake held by Extract Advisors LLC, Extract Capital Master Fund Ltd., and Darin Milmeister, potentially signaling confidence from these investors. It does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 2025-09-25 | Date as of which EMX Royalty Corporation reported 108,964,292 common shares outstanding in its Form 6-K. |
| 2025-09-30 | Date of event requiring the filing of this statement. |
| 2025-11-07 | Date of signing and filing of this Schedule 13G Amendment No. 3. |
Keywords
EMX Royalty Corporation, Extract Advisors LLC, Extract Capital Master Fund Ltd., Darin Milmeister, Schedule 13G, Beneficial Ownership, Common Shares, Royalty Company, Investment Management
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