Kendrick Resources PLC (LSE:KEN) signed a sale and purchase agreement to acquire EV Metals AB from EMX Royalty Corporation (TSXV:EMX) for SEK 19.6 million on August 7, 2023. Kendrick are acquiring EV Metals AB for SEK110,780 and the issue of 15 million 5 year options to EMX to acquire ordinary shares in the Company (Kendrick Shares) at 1.3 pence per Kendrick Share (EMX Options) which is at a premium of approximately 67% to Kendrick's closing share price on 4 August 2023 of 0.7750 pence. The EMX Options if exercised will allow EMX to increase its Kendrick shareholding.

On or before 13 January 2024, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project ceasing upon the Commencement of Commercial Production ("Advance Royalty").; and on or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project Royalty Agreement: The Parties shall at closing of the Acquisition enter into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Projects. A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the date of the Royalty Agreement. For the year ended 31 December 2022, EV Metals AB made an audited profit of SEK343,630.