EMX Royalty Corporation (TSXV: EMX) has announced that one of its subsidiaries in Turkey has fallen victim to a cyber attack. The incident, which was discovered in April 2024, could potentially result in a loss of up to $2.325 million for the company.
In its first-quarter 2024 earnings news release, the company said that it is actively pursuing “all legally available means as appropriate” to recover the lost funds and mitigate the impact of the hack. The company is currently evaluating its cyber security risk profile and addressing issues related to personnel and operations in Turkey.
EMX also said that it is “bolstering existing controls throughout the organization” and monitoring for additional measures that can be implemented to enhance its cyber incident response protocols. The company also recognized that as these threats continue to evolve, it may need to invest additional resources to modify and improve its protective measures and investigate and remediate any security vulnerabilities.
Despite the setback, EMX remains focused on its growth and expansion plans. The company recently acquired an additional 0.0531% NSR royalty interest in the Caserones property, increasing its total NSR royalty interest to 0.8306%. Additionally, the company has announced the appointment of two new members to its Board of Directors, Dawson Brisco and Chris Wright.
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