Evolve Royalties Ltd. · CSE:EVR
Evolve Royalties — Investor Presentation (February 2026)
66 slides from Evolve Royalties's investor presentation, February 2026
Slide 1: Creating a Copper Royalty Champion
CSE | EVR CREATING A COPPER ROYALTY CHAMPION February 2026
Slide 2: Cautionary Statements
CSE:EVR 2 Cautionary Statements This confidential corporate presentation (the “Presentation”) is a confidential document and is being provided to you by Evolve Strategic Element Royalties Ltd. (the “Company”) solely for your information and may not be reproduced, in whole or in part, in any form or
Slide 3: Cautionary Statements: Technical and Third-Party Information
CSE:EVR 3 Cautionary Statements Technical and Third-Party Information Except where otherwise stated, the disclosure in this Presentation relating to properties and operations on the properties in respect of which the Company will acquire royalties or similar instruments or other interests is based o
Slide 4: Uis Royalty Transaction Summary
CSE:EVR 4 Unique opportunity to acquire a cash-flowing royalty on a producing tin mine Uis Royalty ▪ ✓ The Uis Tin royalty is a rare cash-flowing tin royalty in the sector ▪ Provides investors with rare exposure to tin, a commodity linked to electrification Transaction ▪ with strong supply-demand fu
Slide 5: Cash Flowing, Long-life Tin Royalty With Exploration Upside
CSE:EVR 5 Uis Tin-Tantalum Mine Cash Flowing, Long-life Tin Royalty Namibia Tin-Tantalum With Exploration Upside • The Uis Tin Mine is one of the world’s largest hard-rock open pit tin deposits OPERATOR • Originally developed and operated by Iscor beginning in the late 1960s ANDRADA MINING LIMITED •
Slide 6: Transaction Overview
CSE:EVR 6 Transaction Overview Transaction Structure • Royalty Purchase in Canada by Evolve Royalties Ltd. Acquirer • Evolve Royalties Ltd. (“Evolve”) Seller • OMF Fund III (F) Ltd Total Consideration • US$32.5 million Cash Consideration • US$22.5 million Share Consideration • US$10 million Share Is
Slide 7: Namibia – An Established Mining Jurisdiction
CSE:EVR 7 Namibia – An Established Mining Jurisdiction • Political & Regulatory Stability • Long-standing democratic system with strong rule of law and independent judiciary Port of Walvis Bay • Transparent, well-defined mining legislation with secure tenure and clear permitting processes • Pro-inve
Slide 8: Uis Mine Location
CSE:EVR 8 Uis Mine Location Brandberg West UIS Tin-Tantalum Mine Lithium Ridge 230 km by road from UIS to Walvis Bay Port Walvis Bay Port Producing Assets Exploration
Slide 9: Resources Summary
CSE:EVR 9 Resources Summary Source: Andrada Mining Limited Investor Presentation Date July 2025 available at https://andradamining.com/investors/presentations
Slide 10: Property Details
CSE:EVR 10 Property Details Royalty covers mining license ML-134 Source: Andrada Mining Limited Investor Presentation Date July 2025 available at https://andradamining.com/investors/presentations
Slide 11: Resources Summary
CSE:EVR 11 Resources Summary 1 V1V2 Pegmatite Resources (February 2025) Tonnes Grade Contained Mt % Sn % Li2O kt Sn kt LCE Measured 27.3 0.15 0.82 40.0 554.5 Indicated 17.5 0.15 0.79 26.5 340.4 Measured & Indicated 44.8 0.15 0.81 66.5 895.1 Inferred 32.7 0.16 0.76 51.6 611.9 Total 77.5 0.15 0.79 118
Slide 12: Process Plant
CSE:EVR 12 Process Plant Source: Andrada Mining Limited Investor Presentation Date July 2025 available at https://andradamining.com/investors/presentations
Slide 13: Tin Concentrate Production History
CSE:EVR 13 Tin Concentrate Production History Achieved Nameplate Capacity during 2025 Source: Andrada Mining Limited Investor Presentation Date July 2025 available at https://andradamining.com/investors/presentations
Slide 14: Historical Uis Royalty Payments
CSE:EVR 14 Historical Uis Royalty Payments Royalty Rate $5.0 5.13% 8.74% 9.0% to 9.63% $4.0 Royalty Payment (US$ M) $3.8 $3.0 $4.0 to $4.5 $2.0 $1.9 $2.8 $1.0 $1.3 -- 2024 2025 2026 Royalty Payment Historical Payment @ $45k/t Sn Uis Royalty expected to pay between $4-4.5 million per year at current
Slide 15: Royalty Agreement Summary
CSE:EVR 15 Royalty Agreement Summary Royalty • Sliding-scale Royalty on Gross Revenue Mining Area • The royalty covers the geographic area to which Mining Licence 134 relates • Gross Revenue means the aggregate of, in US Dollars or US Dollar Equivalent: 1. the aggregate gross amount of all Products
Slide 16: Tin Price History
CSE:EVR 16 Tin Price History LME Tin (k US$/t) LME Copper (k US$/t) $60k $16k LME Tin LME Copper $14k $50k $12k $40k $10k $30k $8k $6k $20k $4k $10k $2k $0k $0k Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Source: Bloomberg
Slide 17: Tin Market Fundamentals
CSE:EVR 17 Tin Market Fundamentals Demand — Driven by Connectivity & Electrification • Small market, with demand of ~379 kt in 2025 • ~50% of consumption is solder used in electronics manufacturing • Key growth drivers: • Data centers & AI infrastructure • Electric vehicles & power electronics • Sol
Slide 18: Tin & Copper Demand: Two Sides of the Same Electrification Stack
CSE:EVR 18 Tin & Copper Demand: Two Sides of the Same Electrification Stack • Tin directly amplifies copper’s role in electrification and digital infrastructure • Copper moves electrons; tin connects them • Copper is the conductor in power generation, grids, EVs and data centers • Tin solder is miss
Slide 19: A Unique Way to Invest in Copper
CSE:EVR 19 ▪ Portfolio of high-quality royalties on Canadian copper mines with strong ESG standards A Unique Way to ▪ An experienced team building on Invest in Copper a track record of success in the royalty sector ▪ Simple, proven business model ▪ Leverage to Copper through royalty cash flow and em
Slide 20: The Copper Royalty Opportunity
CSE:EVR 20 The Copper Royalty Opportunity “Evolve strives to be first to apply the royalty and streaming model to the next generation of strategic mines—moving early to secure premium assets and build decades of value in the low-carbon and digital economy.”
Slide 21: Royalty Leadership
CSE:EVR 21 Royalty Leadership Executive Team President & CEO, Director Chief Operating Officer Chief Financial Officer Accomplished senior executive with over 15 Accomplished geologist with extensive Has held a number of positions at years experience building companies and exploration, geology and m
Slide 22: A Team With A Track Record in Building Royalty Companies
CSE:EVR 22 A Team With A Track Record in Building Royalty Companies Nomad Royalty Case Study MAY 2020 24 MONTHS: 2020-2022 AUG. 2022 JULY 2025 INITIAL LISTING BUILD OUT EXIT: ACQUIRED BY SANDSTORM ACQUIRED BY SANDSTORM GOLD ROYAL GOLD • US$333 million Listing Price • 8 acquisitions • 9 royalty asset
Slide 23: Evolve Momentum
CSE:EVR 23 Evolve Momentum LME Copper (US$/lb) Teck receives Teck sanctions Acquired HVC and Copper environmental construction of HVC $6.50 Mountain royalties from permits for HVC Mine Mine Life Extension Sandstorm EIA release for Sal de Los Completed Life Extension Angeles Phase 1 (10ktpd) $6.00 Cl
Slide 24: Diversified Royalty Exposure to Canada's Leading Copper Mines
CSE:EVR 24 Diversified Royalty Exposure to Canada’s Leading Copper Mines ▪ Portfolio of high-quality royalties on Canadian copper mines ▪ Direct exposure to rising copper prices through portfolio cash-flows Target 75% Copper 25% Other Strategic Metals
Slide 25: Portfolio Overview
CSE:EVR 25 Portfolio Overview Diversified portfolio of royalties in Canada & Argentina McIlvenna Bay Copper Royalty Hanson Highland Valley Copper Copper Royalty Copper Royalty 14 Total Assets Pine Bay Copper Royalty CANADA Big Island (East and West) 2 Producing Assets Highland Valley Copper and Copp
Slide 26: Strong Operating Partnerships
CSE:EVR 26 Strong Operating Partnerships Highland Valley Copper Mountain Uis Operating Assets Market Capitalization: Market Capitalization: Market Capitalization: US$67.8 B1 US$9.0 B US$150M McIlvenna Bay Litio Angeles Argentina Development Assets Market Capitalization: Market Capitalization: Market
Slide 27: Portfolio Anchored by Major Canadian Copper Mines
CSE:EVR 27 Portfolio Anchored by Major Canadian Copper Mines 0.51% 5% CU | 2.5% AU/AG $0.75/T NET PROFITS INTEREST NSR ROYALTY ROYALTY Highland Valley Copper Copper Mountain McIlvenna Bay British Columbia, Canada British Columbia, Canada Saskatchewan, Canada Canada’s largest Top 5 Canadian copper Ca
Slide 28: Robust Pipeline With Visibility on Cash Flow Growth
CSE:EVR 28 Robust Pipeline With Visibility on Cash Flow Growth HIGHLAND VALLEY UIS COPPER MOUNTAIN MCILVENNA BAY LITIO ANGELES COPPER (NORTH PIT AREA) ARGENTINA 2026 2026 ~2026 2026 2028-2030+ CURRENTLY IN CURRENTLY IN CURRENTLY IN CURRENTLY IN EIA RELEASED FOR PRODUCTION PRODUCTION PRODUCTION WITH
Slide 29: Cornerstone Royalty on Canada's Largest Copper Mine
CSE:EVR 29 Highland Valley Copper Cornerstone Royalty on Canada’s British Columbia, Canada Copper Largest Copper Mine OPERATOR • One of the lowest cost operations in the Americas TECK RESOURCES LTD. • Recently announced construction decision for the ROYALTY TERMS Mine Life Extension program which wi
Slide 30: Highland Valley Copper
CSE:EVR 30 Highland Valley Copper Canada’s Largest Open Pit Copper Mine Operated by a Tier 1 Operator • Open pit copper mine located in south-central British Columbia • Owned and operated by Teck since 1962 • Produces both copper and molybdenum concentrates • Produced 102.4kt of Cu and 0.9 Mlbs of M
Slide 31: Teck Sanctions Construction Of HVC Mine Life Extension
CSE:EVR 31 Teck Sanctions Construction Of Highland Valley Copper Mine Life Extension Highland Valley Copper Pit Map2 • Mine life extension of Highland Valley Copper from 2028 through to 20461. • Average copper production of 132,000 tonnes per year over the life of mine1. • Positioned for solid execu
Slide 32: History of Successful Mine Life Extension at HVC
CSE:EVR 32 History of Successful Mine Life Extension at HVC Experience executing on multiple successful extensions at HVC over 50+ year history Source: Teck 2024 Strategy Day presentation, November 5 2024
Slide 33: McIlvenna Bay: Canada's Newest Copper Mine
CSE:EVR 33 McIlvenna Bay Canada’s Newest Copper Mine – Saskatchewan, Canada Copper Under Construction, Backed by OPERATOR Agnico Eagle FORAN MINING CORPORATION • Declared a “Nation-Building project” by Canada’s Major ROYALTY TERMS Projects Office in September 2025 C$0.75/T ORE MINED • McIlvenna Bay
Slide 34: A Royalty On A Growing Deposit
CSE:EVR 34 A Royalty On A Growing Deposit • Evolve’s royalty covers both the McIlvenna Bay and Tesla zones • Over 160 km of drilling since 1998, with ongoing expansion through new drilling1 • The Tesla zone, located 300m from the main resource area, was discovered in 2022 and has since seen 86,000m
Slide 35: McIlvenna Bay Construction Progress
CSE:EVR 35 McIlvenna Bay Construction Process Plant Looking South Progress Progress update (January 31 2026): Process Plant – • Construction progress crosses 88% completion threshold, tracking to plan with Comminution Circuit project on time and on budget • Wet commissioning commence on February 14
Slide 36: McIlvenna Bay Catalysts
CSE:EVR 36 McIIvenna Bay Catalysts First Tesla Maiden Tesla Zone Mill McIlvenna Bay Production Zone Resource Economic Commissioning Commercial Stoping Announcement Study Production Late Q3 / Late Mid 2026 H2 2026 2026 / 2027 Early 4Q 2025/Early 2025 2026 Source: Foran Mining Corporation Investor Pre
Slide 37: A Suite of Royalties on Foran's Property
CSE:EVR 37 A Suite of Royalties on HANSO N LAKE Foran’s Property McIlvenna Package BAY BALSAM • Evolve’s royalties cover the McIlvenna Bay and Tesla deposits • They also cover the regional properties surrounding the main deposit areas as well as new regional areas of interest and deposits that will
Slide 38: Hanson Lake Property
CSE:EVR 38 Hanson Lake Property A Shallower Extension of Tesla? • The Hanson Lake Property contains the historic Hanson Lake Mine, which was in production from 1967 to 1969 and saw 162,000 tons of ore extracted with an average grade of 10% Zn, 5.8% Pb, 0.5% Cu and 125 g/t Ag • Located on the main ac
Slide 39: Hanson Lake Property – South Bay Target
CSE:EVR 39 Hanson Lake Property – South Bay Target • The South Bay showing consists of copper and zinc mineralization located 1 km northwest of the Hanson Lake Mine on the south end of Bertram Bay on Hanson Lake. The showing has been interpreted as a series of small lenses hosted in mainly sheared f
Slide 40: Bigstone Royalty
CSE:EVR 40 Bigstone Royalty • 2% NSR Royalty, subject to 1% buyback • Bigstone is envisioned to be a high-grade satellite operation to a potential central milling facility at McIlvenna Bay • Marconi Target • Marconi, historically known as the East Zone, is similar in character to the copper-rich por
Slide 41: Near Mine Prospects on Royalty Ground
CSE:EVR 41 Near Mine Prospects on Royalty Ground • The current winter drilling program is focused on testing the expansion potential of two high priority historic target areas along the McIlvenna Bay – Tesla trend: the Thunder Zone and Flinty North • Thunder Zone (2% NSR Royalty) • The Thunder Zone,
Slide 42: Cash Flowing, Long-life Tin Royalty With Exploration Upside
CSE:EVR 42 Uis Tin-Tantalum Mine Cash Flowing, Long-life Tin Royalty Namibia Tin-Tantalum With Exploration Upside • The Uis Tin Mine is one of the world’s largest hard-rock open pit tin deposits OPERATOR • Originally developed and operated by Iscor beginning in the late 1960s ANDRADA MINING LIMITED
Slide 43: Copper Mountain: Top 5 Canadian Copper Mine
CSE:EVR 43 Copper Mountain Top 5 Canadian Copper Mine British Columbia, Canada Copper • Hudbay advancing optimization plans at the Copper OPERATOR Mountain mine, including opening up and optimizing the mine HUDBAY MINERALS ore feed to the plant and implementing plant improvement initiatives that mir
Slide 44: North Pit Exploration Potential
CSE:EVR 44 North Pit Exploration Potential Infill drilling programs to convert inferred mineral resource to mineral reserve estimates in the North Pit Source: NI 43-101 Technical Report on the Copper Mountain Mine dated December 4, 2023
Slide 45: Shovel-Ready Project in The Heart of The Lithium Triangle
CSE:EVR 45 Litio Angeles Argentina Shovel-Ready Project in The Heart of Salta, Argentina Lithium Brine The Lithium Triangle OPERATOR • Located in the lithium triangle in Argentina, one of the largest TIBET SUMMIT RESOURCES lithium producing regions in the world • Royalty covers 2 operations & balanc
Slide 46: Located In Mining Friendly Salta, Argentina
CSE:EVR 46 Located In Mining Friendly Salta, Argentina The Heart Of The Lithium Triangle • Located in Salta, with strong permitting, political support and international mining activity • Salta ranked #1 for Investment Attractiveness in Latin America in 2023 by the Fraser Institute • Bolivia, Chile,
Slide 47: Tibet Summit Resources
CSE:EVR 47 Tibet Summit Resources Trading Summary (Last 3 Years) • Founded in 1998, Tibet Summit Resources, (“Tibet Summit”) is a Shanghai-listed Volume Share Price (US$) company engaging in lithium extraction from brine resources • Total resources of 12 Mt LCE as of December 2024 $5.00 Obtained DIA
Slide 48: Largest Argentinian Lithium Assets
CSE:EVR 48 Largest Argentinian Lithium Assets Expected Annual Capacity (kt LCE) 150 100 Evolve 66 60 2% Li NSR Royalty 50 50 43 40 32 30 Pozuelos-Pastos Hombre Muerto Sal de Oro Rincon Kachi Tres Quebradas Olaroz Cauchari-Olaroz Fenix Sal de Los Angeles Grandes Sal de Los Angeles within the top 10 l
Slide 49: February 2026 Site Visit
CSE:EVR 49 February 2026 Site Visit Project view Diablillos Salar Equipment for Phase 1 line 1 of 5 Production Wells Equipment Garage SESA JV Lithium Equipment for Phase 1 line Equipment for Phase 1 line Evaporation Pond
Slide 50: Recent Project Developments
CSE:EVR 50 Recent Project Developments1 FEBRUARY 2022 AUGUST 2022 OCTOBER 2022 NOVEMBER 2022 FEBRUARY 2023 MARCH 2023 AUGUST 2023 JULY 2024 JANUARY 2026 Signing of Signing of EIA Submission for Termination Project Salta Development EIA Resubmission EIS Granted for a Tibet Summit major construction 5
Slide 51: Portfolio of Early-Stage Royalties
CSE:EVR 51 Portfolio of Early-Stage Royalties OBALSKI SCOTT LAKE MORGAN/COOK PINE BAY
Slide 52: Morgan/Cook Royalty
CSE:EVR 52 Morgan/Cook Royalty Operator Hudbay Minerals Location Manitoba, Canada ▪ 2% NSR on the Morgan property Royalty ▪ 1% NSR on the Cook property Highlights ▪ Hudbay conducting the largest geophysics program in Hudbay’s history on the claims acquired from Rockliff Metals ▪ The Morgan property
Slide 53: Scott Lake Production Payment
CSE:EVR 53 Scott Lake Production Payment Operator Yorbeau Resources Location Chibougamau, Québec, Canada ▪ Advanced royalty ($35 K per annum) Royalty ▪ C$1-$4 M upon feasibility and commercial production Highlights ▪ VMS (Cu Zn Au Ag) with existing resources of 18Mt with significant potential to gro
Slide 54: Pine Bay Royalty
CSE:EVR 54 Pine Bay Royalty Pine Bay Project Rainbow Deposit Long Section Operator Visionary Copper & Gold Location Manitoba, Canada Royalty ▪ 1% NSR Highlights ▪ Existing high-grade resource ▪ Since the Rainbow Deposit discovery in August 2020, Callinex has drilled 71 drillholes for a total of 40,0
Slide 55: Obalski Royalty
CSE:EVR 55 Obalski Royalty Operator TomaGold Location Chibougamau, Québec, Canada ▪ 1.5% NSR on Cossette and Ramsay (Buyback 1% for C$1 M) Royalty ▪ 1.0% NSR on Obalski and Staked claims (Buyback 0.5% for C$500 K) Highlights ▪ Former High Grade Au-Cu producer ▪ Seven currently known mineralized zone
Slide 56: Portfolio Value Components & Future Catalysts
CSE:EVR 56 Portfolio Value Components & Future Catalysts 2027-2029 First production from HVC Mine Life Extension 2026 First royalty payment from Copper Mountain Successful Current optimization of Copper First production from Mountain mill Royalty Payments from McIlvenna Bay Highland Valley Copper Te
Slide 57: Pro Forma Share Structure
CSE:EVR 57 Pro Forma Share Structure Subject to Closing of the Uis Royalty Acquisition Pro Forma Capitalization Table1 Shareholder Types BASIC SHARES OUTSTANDING 50.9 M OPTIONS/WARRANTS 4.8 M CASH & INVESTMENTS (C$ M)2 ~$9 M DEBT (C$ M) NIL BASIC MARKET CAP (C$)3 $163 M BASIC MARKET CAP (US$)3 $119
Slide 58: Immediate and Significant Re-Rating Potential
CSE:EVR 58 Immediate and Significant Re-Rating Potential Royalty Sector P/NAV Multiples Medium-term Re-Rating Potential Immediate Re-Rating as Scale Increases Potential to Junior Royalty Multiple 1.70x 1.60x 1.50x 1.50x 1.30x 1.20x 1.10x 1.00x 1.00x 0.75x Triple Flag OR Royalties Versamet Empress Al
Slide 59: A Unique Way to Invest in Copper
CSE:EVR 59 ▪ Portfolio of high-quality royalties on Canadian copper mines with strong ESG standards A Unique Way to ▪ An experienced team building on Invest in Copper a track record of success in the royalty sector ▪ Simple, proven business model ▪ Leverage to Copper through royalty cash flow and em
Slide 60: Contact
CSE:EVR 60 @evolveroyalties www.evolveroyalties.com | [email protected] | +1 514 546 1070
Slide 61: Appendix A: Uis Royalty Sliding Scale Structure
CSE:EVR 61 Appendix A: Uis Royalty Sliding Scale Structure The Uis Royalty is a sliding-scale gross revenue royalty payable on all tin products produced from Mining License ML-134, covering approximately 19,700 hectares hosting numerous pegmatites with mineralization including lithium, tin, tantalum
Slide 62: Evolve Portfolio Summary
CSE:EVR 62 Evolve Portfolio Summary Key Royalties ROYALTY DESCRIPTION STATUS COUNTRY COMMODITY HIGHLAND VALLEY COPPER ▪ EFFECTIVE ~0.51% NPI PRODUCING CANADA (BC) CU, MO, AG, AU MCILVENNA BAY ▪ C$0.75/T ORE MINED CONSTRUCTION CANADA (SK) CU, ZN, AG, AU ▪ 5% NSR ON CERTAIN CLAIMS AND 2.5% NSR ON ALL
Slide 63: Evolve Royalty Portfolio Summary
CSE:EVR 63 Evolve Royalty Portfolio Summary Other Royalties on McIlvenna Bay Camp ROYALTY DESCRIPTION STATUS COUNTRY OPERATOR BALSAM ▪ 2% NSR1 EXPLORATION CANADA (SK) FORAN HANSON LAKE ▪ $10M + 2% NSR2 EXPLORATION CANADA (SK) FORAN BIGSTONE ▪ 2% NSR1 EXPLORATION CANADA (SK) FORAN Exploration Royalti
Slide 64: Risk Factors
CSE:EVR 64 RISK FACTORS Before investing, prospective investors should carefully consider the information contained in this Presentation and the risk factors listed below. Those risk factors are those the Company currently believes to be material as of the date of this Presentation, but additional r
Slide 65: Risk Factors
CSE:EVR 65 RISK FACTORS Risk related to the Company’s Business and Industry • Changes in commodity prices and the global and local demand for the energy transition elements or base metals will affect the revenues generated from the asset portfolios to be acquired by the Company and the future profit
Slide 66: Risk Factors
CSE:EVR 66 RISK FACTORS Changes in or in the interpretation of tax legislation or accounting rales could affect the profitability of the Company • The Company may be unable to repay its indebtedness and comply with its obligations under future credit facility • The Company’s operations depend on info
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