Evolve Royalties (EVR) Emerging Growth Virtual Conference summary

Business model and strategy

• Focuses on royalty and streaming contracts for copper and strategic metals, leveraging a proven model from prior ventures in the gold sector.

• Targets copper due to its central role in electrification and anticipated long-term supply deficits.

• Maintains a lean team to minimize overhead and maximize capital deployment into new acquisitions.

• Raised nearly CAD 70 million, completed three acquisitions, and listed publicly in December 2025.

• Plans to remain copper-dominant but selectively adds other strategic metals like lithium and tin.

Portfolio and asset highlights

• Holds 14 assets, with 11 royalties primarily in Canada and one lithium royalty in Argentina.

• Main royalties are operated by large, well-capitalized companies such as Teck, Hudbay, and Foran.

• Key assets include Highland Valley Copper (cash flowing, mine life extended to 2046), Copper Mountain (expecting first payments in 2024), and McIlvenna Bay (in construction, long mine life potential).

• Lithium brine project in Argentina offers medium-term cash flow potential.

• Portfolio is positioned for low geopolitical risk and high-quality jurisdictions.

Growth outlook and catalysts

• Expects significant portfolio transformation and increased cash flow over the next 12-24 months as new mines come online.

• Focuses on acquiring cash-flowing royalties to access revolving credit facilities and finance new projects.

• Institutional ownership exceeds 40%, supporting ambitions to scale market cap from CAD 100 million to over CAD 1 billion.

• Trades below peer group on price-to-NAV, with potential for rerating as portfolio matures.

• Pipeline is full, with anticipated acquisitions at higher returns than typical in precious metals.