Evolve Royalties Ltd. · CSE:EVR
Evolve Royalties — Merger or Acquisition (September 2025)
44 slides from Evolve Royalties's merger presentation, Sep 4, 2025
Slide 1: Creating a Copper Royalty Champion
CREATING A COPPER ROYALTY CHAMPION September 4, 2025
Slide 2: Cautionary Statements
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 in connection with the Company's proposed going public transaction, whi
Slide 3: Cautionary Statements
3 Cautionary Statements The forward-looking events and circumstances discussed in this Presentation may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding royalties or similar instruments, market pric
Slide 4: Cautionary Statements
4 Cautionary Statements Market and Industry Data Market and industry data presented throughout this Presentation was obtained from third-party sources, industry reports and publications, websites and other publicly available information, as well as industry and other data prepared by the Company or
Slide 5: Reverse Takeover Transaction Overview
5 Reverse Takeover Transaction Overview Transaction Type • Reverse Takeover (RTO) with concurrent subscription-receipt financing Acquirer • Voyageur Mineral Explorers Corp. (“Voyageur”) Target • Evolve Strategic Element Royalties Ltd. (“Evolve”) Transaction Structure • All-share transaction Share Ex
Slide 6: A Unique Way to Invest in Copper
6 ▪ 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 embedded de
Slide 7: The Copper Royalty Opportunity
7 The Copper Royalty Opportunity “Evolve strives to be one of the first to apply the royalty and streaming model to the next generation of strategic mines— moving early to secure premium assets and build value in the low-carbon and digital economy.”
Slide 8: A Team With A Track Record in Building Royalty Companies
8 A Team With A Track Record in Building Royalty Companies Nomad Royalty Company 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$333 million Listing Price • 8 acquisitions • 9 royalty assets
Slide 9: Evolve Momentum
9 Evolve Momentum Teck receives Teck sanctions EIA release for Sal de Los environmental construction of HVC 3-month LME Angeles Phase 1 (10ktpd)3 permits for HVC Mine Mine Life Extension5 Copper1 (US$/lb) Acquired HVC and Copper Life Extension4 US$10 million $5.50 Mountain royalties from acquisition
Slide 10: Voyageur Mineral Explorers - 100% Canadian Portfolio
10 Voyageur Mineral Explorers - 100% Canadian Portfolio A Diversified Portfolio of Canadian McIlvenna Bay Royalties and Properties $0.75/T • Voyageur owns royalties on a total of 7 properties being ROYALTY explored and/or developed by 3 operators • Also holds one of the largest portfolios of mineral
Slide 11: Why Invest in A New Royalty Co
11 Why Invest in A New Royalty Co Royalty Model has Outperformed Producers Less Competition As A Result of Recent Royalty M&A Since Year-end 2021 Royalty Corporate Precedent Transaction Equity Value (US$B) 3 1 2 $3.9 $1.4 $0.6 $0.1 $0.2 2021 2022 2023 2024 2025YTD 1. Royalty Co. peer group includes
Slide 12: Diversified Royalty Exposure to Canada's Leading Copper Mines
12 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 13: Evolve Portfolio Anchored by Major Canadian Copper Mines
13 Evolve 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 copper Canada’s 3rd large
Slide 14: Robust Pipeline With Visibility on Cash Flow Growth
14 Robust Pipeline With Visibility on Cash Flow Growth HIGHLAND VALLEY COPPER MOUNTAIN MCILVENNA BAY SAL DE LOS COPPER (ALABAMA AND VIRGINIA ANGELES DEPOSITS) 2025 ~2025/26 2026 ~2025/26 2027+ CURRENTLY IN CURRENTLY IN CURRENTLY IN SMALL-SCALE LARGE-SCALE PRODUCTION PRODUCTION WITH CONSTRUCTION WITH
Slide 15: Cornerstone Royalty on Canada's Largest Copper Mine
15 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 will exten
Slide 16: Teck Sanctions Construction Of Highland Valley Copper Mine Life Extension
16 Teck Sanctions Construction Of Highland Valley Copper Mine Life Extension1 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 execution wi
Slide 17: Copper Mountain Canada's 3rd Largest Copper Mine
17 Copper Mountain Canada’s 3rd Largest 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 mirro
Slide 18: McIlvenna Bay Canada's Newest Copper Mine
18 McIlvenna Bay Canada’s Newest Copper Mine – Saskatchewan, Canada Copper Under Construction, Backed by OPERATOR Agnico Eagle FORAN MINING CORPORATION • McIlvenna Bay mine is currently in construction, having ROYALTY TERMS achieved 50% completion1 C$0.75/T ORE MINED • Development included approxima
Slide 19: A Suite of Royalties on Foran's Property
19 A Suite of Royalties on Foran’s Property HANSON LAKE Package • Voyageur’s royalties cover the McIlvenna Bay and McIlvenna BAY Tesla deposits BALSAM • They also cover the regional properties surrounding the main deposit areas as well as new regional areas of interest and deposits that will see exp
Slide 20: A Royalty On A Growing Deposit
20 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 of drill
Slide 21: McIlvenna Bay Construction Progress
21 McIlvenna Bay Construction Site layout looking north Progress July progress update (August 26, 2025): • Construction progress crosses 50% completion threshold, tracking to plan with project on time and on budget Primary crusher and ore • Key milestones achieved for the month of July 2025: bin con
Slide 22: McIlvenna Bay Project Development Timeline
22 McIlvenna Bay Project Development Timeline 2024 2025 2026 Underground Development Surface Construction Transmission Line Construction Process Plant Commissioning Ore Stockpiling on Surface Mill Ramp Up Commercial Production Source: Foran Mining Corporation Investor Presentation available at www.f
Slide 23: McIlvenna Bay Catalysts
23 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 2026 2026 / 2027 Early 4Q 2025/Early 2025 2026 Source: Foran Mining Corporation Investor Presentation a
Slide 24: Hanson Lake Option
24 Hanson Lake Option • The Hanson Lake Property is under option to Foran Mining Corporation, whereby Foran may acquire a 100% interest in the property. • In order to exercise the option under the Option Agreement (the “Option”), Foran must make a C$10,000,000 payment in cash or common shares of For
Slide 25: Sal de Los Angeles Shovel-Ready Project in The Heart of The Lithium Triangle
25 Sal de Los Angeles 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 & balances imminent p
Slide 26: Located In The Heart Of The Lithium Triangle
26 Located In The Heart Of The Lithium Triangle1 • Bolivia, Chile, and Argentina have the world’s largest estimated reserves • Resources comprise brine deposits typically extracted using solar evaporation • Sociopolitical conditions have affected access to Bolivia’s resources, while Chile and Argent
Slide 27: Portfolio of Early-Stage Royalties
27 Portfolio of Early-Stage Royalties OBALSKI SCOTT LAKE MORGAN/COOK PINE BAY Operator: TomaGold Operator: Yorbeau Operator: Hudbay Operator: Visionary Copper & Gold Location: Chibougamau Location: Chibougamau Location: Manitoba (Snow Lake camp) Location: Manitoba Royalty: Royalty: Royalty: Royalty
Slide 28: Portfolio Value Components & Catalysts
28 Portfolio Value Components & Catalysts 2027-2029 First production from HVC Mine Life Extension 2026 First full year of royalty payment from Copper Successful Current Mountain optimization of Copper Mountain mill Royalty Payments from First production from Highland Valley Copper McIlvenna Bay Tesl
Slide 29: Share Structure (PF Financing)
29 Share Structure (PF Financing) Ownership Pro Forma Cap. Table2 Resulting Issuer Voyageur Mineral Explorers Cap. Table Share Structure 65% Post Share Evolve Cap. Table Consolidation + Equity Financing Evolve BASIC SHARES OUTSTANDING 87.8 MILLION 32.5 MILLION 33.2 MILLION FOUNDER WARRANTS 12 MILLIO
Slide 30: Immediate and Significant Re-Rating Potential
30 Immediate and Significant Re-Rating Potential Royalty Sector P/NAV Multiples Medium-term Re-Rating Potential as Scale Increases Immediate Re-Rating Potential to Junior Royalty Multiple 1.6x 1.5x 1.2x 1.1x 1.0x 1.0x 1.0x 1.0x 0.9x 0.8x 0.6x Triple Flag OR Royalties Sandstorm Elemental Altius Vox R
Slide 31: Royalty Leadership
31 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 mining ex
Slide 32: A Unique Way to Invest in Copper
32 ▪ 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 embedded d
Slide 33: Contact
33 @evolveroyalties www.evolveroyalties.com | [email protected] | +1 514 546 1070
Slide 34: Evolve Portfolio Summary
34 Evolve Portfolio Summary ROYALTY DESCRIPTION STATUS COUNTRY COMMODITY HIGHLAND VALLEY COPPER NPI ▪ EFFECTIVE ~0.51% NPI PRODUCING CANADA (BC) CU, MO, AG, AU ▪ 5% NSR ON CERTAIN CLAIMS (EXCLUDING THE NEXT $10 COPPER MOUNTAIN ROYALTY PRODUCING CANADA (BC) CU, AG, AU MILLION IN PRE-TAX AGGREGATE ROY
Slide 35: Voyageur Royalty Portfolio Summary
35 Voyageur Royalty Portfolio Summary Royalties on McIlvenna Bay Camp ROYALTY DESCRIPTION STATUS COUNTRY OPERATOR MCILVENNA BAY ▪ C$0.75/T ORE MINED CONSTRUCTION CANADA (SK) FORAN BALSAM ▪ 2% NSR1 EXPLORATION CANADA (SK) FORAN HANSON LAKE ▪ $10M + 2% NSR2 EXPLORATION CANADA (SK) FORAN BIGSTONE ▪ 2%
Slide 36: Risk Factors
36 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 risks whi
Slide 37: Risk Factors
37 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 Company’s and Voyageur’s asset portfolios and the future profitability of th
Slide 38: Risk Factors
38 RISK FACTORS • The Company may be subject to reputational damage • The Company can provide no assurance that it will be able to obtain adequate financing in the future or that the terms of such financing will be favorable • The Company may experience difficulty attracting and retaining qualified man
Slide 39: Statutory Rights of Action
39 STATUTORY RIGHTS OF ACTION STATUTORY RIGHTS OF ACTION Securities legislation in certain of the provinces and territories of Canada provides purchasers with rights of rescission or damages, or both, where an offering memorandum or any amendment to it contains a misrepresentation. A “misrepresentat
Slide 40: Statutory Rights of Action
40 STATUTORY RIGHTS OF ACTION Saskatchewan Investors Under Saskatchewan securities legislation, certain purchasers who purchase securities offered by an offering memorandum during the period of distribution will have a statutory right of action for damages against the Company, every director and pro
Slide 41: Statutory Rights of Action
41 STATUTORY RIGHTS OF ACTION Manitoba Investors If an offering memorandum or any amendment thereto, sent or delivered to a purchaser contains a misrepresentation, the purchaser who purchases the security is deemed to have relied on the misrepresentation if it was a misrepresentation at the time of
Slide 42: Statutory Rights of Action
42 STATUTORY RIGHTS OF ACTION Nova Scotia Investors Under Nova Scotia securities legislation, certain purchasers who purchase securities offered by an offering memorandum during the period of distribution will have a statutory right of action for damages against the Company and the directors of the
Slide 43: Statutory Rights of Action
43 STATUTORY RIGHTS OF ACTION Prince Edward Island Investors If an offering memorandum, together with any amendment thereto, is delivered to a purchaser and the offering memorandum, or any amendment thereto, contains a misrepresentation, a purchaser has, without regard to whether the purchaser relie
Slide 44: Statutory Rights of Action
44 STATUTORY RIGHTS OF ACTION Alberta, British Columbia and Quebec To the extent securities legislation in Alberta, British Columbia and Quebec do not entitle purchasers of securities under an offering memorandum, or any amendment thereof, to statutory rights equivalent to those described above, the
Evolve Royalties — Merger or Acquisition (September 2025) on 6ix