Evolve Royalties (EVR) Corporate Presentation summary

Investment strategy and business model

• Focuses on acquiring high-quality royalties on Canadian copper mines with strong ESG standards and a simple, proven business model.

• Provides direct leverage to copper through royalty cash flow and embedded deposit growth.

• Targets a portfolio mix of 75% copper and 25% other strategic metals.

• Strives to apply the royalty and streaming model to next-generation strategic mines, securing premium assets early for long-term value.

Portfolio highlights and growth pipeline

• Anchored by royalties on major Canadian copper mines: Highland Valley Copper (largest in Canada), Copper Mountain (third largest), and Mcllvenna Bay (newest, under construction).

• Additional exposure to Sal de Los Angeles lithium project in Argentina and early-stage royalties in the Flin Flon-Snow Lake Greenstone Belt.

• Robust pipeline with visibility on cash flow growth from producing, developing, and exploration-stage assets.

• Key catalysts include mine life extension at Highland Valley, optimization at Copper Mountain, and first production at Mcllvenna Bay and Sal de Los Angeles.

Financial performance and capital structure

• Closed $22.1M equity financing and $37.5M sub-receipt financing, with total cash and investments of ~$40M and no debt.

• Fully diluted market cap of C$143.9M (US$102.7M) with 46.5M basic shares outstanding.

• Outperformed global base metals index and producers since 2021, with royalty model showing strong relative returns.

• Immediate and medium-term re-rating potential as scale increases, with current P/NAV multiples below sector leaders.