Evolve Royalties Ltd. · CSE:EVR
Evolve Royalties — Investor Presentation (November 2026)
44 slides from Evolve Royalties's investor presentation, November 2026
Slide 1: Creating a Copper Royalty Champion
CREATING A COPPER ROYALTY CHAMPION November 2026 C S E EVR O T C Q X EVRYF
Slide 2: Cautionary Statements
C S E EVR O T C Q X EVRYF 2 Cautionary Statements This confidential corporate presentation (the “Presentation”) is a confidential document and is being provided to you by Evolve Technical and Third-Party Information Royalties Ltd. (the “Company”) solely for your information and may not be reproduced
Slide 3: A Unique Way to Invest in Copper
C S E EVR O T C Q X EVRYF 3 ▪ Portfolio of high-quality royalties on Canadian copper mines A Unique Way to ▪ An experienced team building on a track Invest in Copper record of success in the royalty sector ▪ Simple, proven business model ▪ Leverage to Copper through royalty cash flow and embedded de
Slide 4: Evolve Royalties Highlights
C S E EVR O T C Q X EVRYF 4 Evolve Royalties Highlights ~US$105M Copper Focused 231 Royalties Including 4 cash flowing market cap1 3 Producing Canadian royalties by year-end (C$ 149 M) Copper Royalties 2026 Experienced Supportive Major US$75 M2 Management Shareholder Credit facility capacity Backing
Slide 5: A Lean, Proven Royalty Team
C S E EVR O T C Q X EVRYF 5 A Lean, Proven Royalty Team The team that built and sold Nomad, now building Evolve EXECUTIVE TEAM Joseph de la Plante Vincent Cardin- Annie Dutil Chair, President & Tremblay Chief Financial Officer CEO Chief Operating Former Director, Capital NOMAD ROYALTY CASE STUDY Co-
Slide 6: The Case for Copper
C S E EVR O T C Q X EVRYF 6 The Case for Copper Electrification is accelerating demand while mine supply struggles to keep pace 01 DEMAND IS ACCELERATING 02 SUPPLY IS GETTING HARDER 03 A GROWING DEFICIT ~10% Annual growth in copper demand from grid, EVs and ~35% 2.6 Mt renewables to 2030 Decline in
Slide 7: Why We Built Evolve
C S E EVR O T C Q X EVRYF 7 Why We Built Evolve A proven royalty skill set, applied where competition is lower LME copper (US$/lb) 01 02 03 A Crowded Gold Market The Copper Opportunity Off to a Fast Start $6.00 More competition. More capital chasing fewer Lower competition. Few dedicated base 23 roy
Slide 8: Recent Acquisition Anchored by Gaspé Copper
C S E EVR O T C Q X EVRYF 8 Recent Acquisition Anchored by Gaspé Copper Seven Québec and New Brunswick royalties added to the portfolio, announced October 19, 2026 GASPÉ COPPER: PORPHYRY MOUNTAIN (DPEX) 1.5% NSR 7 2 Royalty interests Copper royalties on Osisko projects US$6.2M ~74% Transaction value
Slide 9: Low-Risk Jurisdictions, Strong Operators
C S E EVR O T C Q X EVRYF 9 Low-Risk Jurisdictions, Strong Operators A Canadian-anchored copper portfolio, operated by established mining companies OPERATING PARTNERS McIlvenna Bay 231 Copper Royalty Highland Valley Copper Copper Royalty Gaspé Copper Copper Royalty1 Royalties in total Highland Valle
Slide 10: A Cash Flow Focused Portfolio with Copper Exploration Upside
C S E EVR O T C Q X EVRYF 10 A Cash Flow Focused Portfolio with Copper Exploration Upside Assets with tangible value and a visible timeline to cash flow CASH FLOW Core of every acquisition Highland Valley Copper Uis Copper Mountain McIlvenna Bay Sal de Los Angeles Teck Andrada Mining Hudbay · North
Slide 11: Cornerstone Royalty on Canada's Largest Copper Mine
C S E EVR O T C Q X EVRYF 11 Highland Valley Copper Cornerstone Royalty on Canada’s British Columbia, Canada Copper Largest Copper Mine One of the lowest cost operations in the Americas OPERATOR Mine Life Extension extends operations from 2028 TECK RESOURCES LTD. to 2046, averaging ~132 kt Cu per ye
Slide 12: Canada's Largest Open Pit Copper Mine
C S E EVR O T C Q X EVRYF 12 HIGHLAND VALLEY COPPER Canada’s Largest Open Pit Copper Mine Operated by Teck since 1962, with the mine life now extended to 2046 Open pit copper mine in south-central British Columbia, producing copper and molybdenum concentrates 127.1 kt Cu produced in 2025, up from 10
Slide 13: McIlvenna Bay Canada's Newest Copper Mine
C S E EVR O T C Q X EVRYF 13 McIlvenna Bay Canada’s Newest Copper Mine Saskatchewan, Canada • Declared a “Nation-Building project” by Canada’s Major Projects Office in Copper September 2025 • First copper concentrate achieved June 7, 2026, with first zinc concentrate in July OPERATOR • Full processi
Slide 14: A Royalty on a Growing Deposit
C S E EVR O T C Q X EVRYF 14 MCILVENNA BAY A Royalty on a Growing Deposit Evolve’s royalty covers both the McIlvenna Bay deposit and the Tesla zone Covers McIlvenna Bay and Tesla. 160+ km drilled since 1998, with expansion drilling ongoing Tesla zone: discovered in 2022, 300 m from the main resource
Slide 15: Royalties Across Eldorado's Property Package
C S E EVR O T C Q X EVRYF 15 MCILVENNA BAY Royalties Across Eldorado’s Property Package Regional royalty coverage with active drilling on near-mine targets Regional coverage: royalties extend to properties surrounding the main deposits Bigstone (2% NSR): ~25 km southwest of McIlvenna Bay; 1.98 Mt In
Slide 16: Copper Mountain Top Canadian Copper Mine
C S E EVR O T C Q X EVRYF 16 Copper Mountain Top 5 Canadian Copper Mine British Columbia, Canada Copper • Hudbay advancing optimization plans at the Copper Mountain mine, OPERATOR including opening up and optimizing the mine ore feed to the plant and implementing plant improvement initiatives that m
Slide 17: Cash Flowing, Long-life Tin Royalty With Exploration Upside
C S E EVR O T C Q X EVRYF 17 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 • Recommissioned production in 2022 following modernization of the processing
Slide 18: A Large Pegmatite District with Expansion Upside
C S E EVR O T C Q X EVRYF 18 UIS TIN-TANTALUM MINE A Large Pegmatite District with Expansion Upside Resource growth across multiple pegmatite clusters on the royalty ground Current resource: ~135 Mt across the V1/V2 orebody and surrounding clusters Target resource: ~200 Mt with continued validation
Slide 19: Copper Royalty in an Emerging Canadian Copper District
C S E EVR O T C Q X EVRYF 19 Gaspé Copper Copper Royalty in an Emerging Porphyry Mountain, Québec Copper Canadian Copper District • Covers the DPEX target area and ground south of the current mineral footprint, where OPERATOR follow-up drilling is planned OSISKO METALS INC. • Re-assayed historical h
Slide 20: A Large, Deep Porphyry Target
C S E EVR O T C Q X EVRYF 20 GASPÉ COPPER A Large, Deep Porphyry Target Porphyry Mountain is being re-evaluated through Osisko Metals’ DPEX program Discovered in 1994; re-evaluated through the DPEX program launched in February 2026¹ DPEX program: new deep drilling, re-analysis of historical core and
Slide 21: Copper Royalty on Osisko's NB Copper Project
C S E EVR O T C Q X EVRYF 21 Red Brook Copper Royalty on Osisko’s NB Copper New Brunswick, Canada Copper Project • 2.0% NSR on the mining claims of the Red Brook copper property, a significant portion OPERATOR of Osisko Metals’ NB Copper Project OSISKO METALS INC. (OPTION) • Optioned by Osisko Metal
Slide 22: A Large, Untested Porphyry-Skarn System
C S E EVR O T C Q X EVRYF 22 RED BROOK A Large, Untested Porphyry-Skarn System Osisko’s NB Copper Project shares the geological setting of Gaspé Copper ~430 km² land package on Crown land, accessible by paved highways and gravel roads Gaspé-style geology: Devonian porphyries intruded into calcareous
Slide 23: Copper Exploration Optionality Next to a Major Mine Build
C S E EVR O T C Q X EVRYF 23 Sunnyside Copper Exploration Optionality Next Santa Cruz, Arizona Copper, Silver to a Major Mine Build OPERATOR • Immediately adjacent to South32's Hermosa Project, one of the largest mine builds currently underway in the United States ARIZONA STANDARD COPPER • Multiple
Slide 24: Next Door to Hermosa, with Drilling Under Way
C S E EVR O T C Q X EVRYF 24 SUNNYSIDE Next Door to Hermosa, with Drilling Under Way Copper exploration on the boundary of one of the largest US mine builds South32 Hermosa: Taylor and Peake deposits next door; first Taylor production expected in 2027, 28-year initial mine life, 4.3 Mtpa milling Pot
Slide 25: Shovel-Ready Project in The Heart of The Lithium Triangle
C S E EVR O T C Q X EVRYF 25 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 lithium producing regions in the world TIBET SUMMIT RESOURCES • EIA released for a
Slide 26: In the Heart of the Lithium Triangle
C S E EVR O T C Q X EVRYF 26 SAL DE LOS ANGELES In the Heart of the Lithium Triangle A permitted brine project in mining-friendly Salta, visited by Evolve in February 2026 Strong jurisdiction: Salta offers supportive permitting, political backing and established international mining activity Fraser
Slide 27: Portfolio of Early-Stage Royalties
C S E EVR O T C Q X EVRYF 27 Portfolio of Early-Stage Royalties Existing Royalties OBALSKI SCOTT LAKE MORGAN/COOK PINE BAY Acquired: Québec and New Brunswick Portfolio +3 Additional royalties in Québec and New Brunswick GRANDE VALLÉE PRUD’HOMME 1.5% GMR 2.0% GMR (RIGHT TO) Acquired royalties subject
Slide 28: Building Momentum
C S E EVR O T C Q X EVRYF 28 Building Momentum 2027-2029 First production from HVC Mine Life Extension 2026 Updated MRE at Gaspé Copper First Drill Results at Current First royalty payment from Red Brook Copper Mountain Royalty Payments from McIlvenna Bay Highland Valley Copper First Royalty Payment
Slide 29: US$75M Revolving Credit Facility
C S E EVR O T C Q X EVRYF 29 C A P I T A L R E S O U R C E S US$75M REVOLVING CREDIT FACILITY New three-year credit facility with Bank of Montreal supports Evolve’s acquisition-led growth strategy US$50M US$25M US$75M 3 YRS INITIAL COMMITMENT ACCORDION FEATURE TOTAL CAPACITY MATURITY KEY TERMS STRAT
Slide 30: Capital Structure and Valuation
C S E EVR O T C Q X EVRYF 30 Capital Structure and Valuation A clean balance sheet, broad research coverage and room for re-rating as we scale P/NAV MULTIPLES CAPITALIZATION3,4 Medium-term, as the portfolio scales Immediate re-rating potential Basic shares outstanding 53.7 M 1.8x Options / warrants
Slide 31: A Unique Way to Invest in Copper
C S E EVR O T C Q X EVRYF 31 ▪ Portfolio of high-quality royalties on Canadian copper mines A Unique Way to ▪ An experienced team building on a track Invest in Copper record of success in the royalty sector ▪ Simple, proven business model ▪ Leverage to Copper through royalty cash flow and embedded d
Slide 32: @evolveroyalties
C S E EVR O T C Q X EVRYF 32 @evolveroyalties www.evolveroyalties.com | jdelaplante@evolveroyalties.com | +1 514 546 1070
Slide 33: Royalty Leadership
C S E EVR O T C Q X EVRYF 33 Royalty Leadership Executive Team Chair, President & CEO 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
Slide 34: Evolve Portfolio Summary
C S E EVR O T C Q X EVRYF 34 Evolve Portfolio Summary Key Royalties ROYALTY DESCRIPTION STATUS COUNTRY COMMODITY HIGHLAND VALLEY COPPER ▪ EFFECTIVE ~0.51% NPI PRODUCING CANADA (BC) CU, MO, AG, AU ▪ 5% NSR ON CERTAIN CLAIMS AND 2.5% NSR ON ALL OTHER METALS COPPER MOUNTAIN (EXCLUDING THE NEXT US$10M I
Slide 35: Evolve Royalty Portfolio Summary
C S E EVR O T C Q X EVRYF 35 Evolve Royalty Portfolio Summary Other Royalties on McIlvenna Bay Camp ROYALTY DESCRIPTION STATUS COUNTRY OPERATOR BALSAM ▪ 2% NSR1 EXPLORATION CANADA (SK) ELDORADO HANSON LAKE ▪ C$10M + 2% NSR2 EXPLORATION CANADA (SK) ELDORADO BIGSTONE ▪ 2% NSR1 EXPLORATION CANADA (SK)
Slide 36: Evolve Royalty Portfolio Summary
C S E EVR O T C Q X EVRYF 36 Evolve Royalty Portfolio Summary Québec and New Brunswick Royalties1 ROYALTY DESCRIPTION STATUS COUNTRY OPERATOR GRANDE VALLÉE ▪ 1.5% GMR + CLAY ROYALTY2 EXPLORATION CANADA (QC) TUILEBEC LUCKY PRUD’HOMME ▪ RIGHT TO 2.0% GMR3 EXPLORATION CANADA (QC) MINERALS Three additio
Slide 37: Appendix A: Uis Royalty Sliding Scale Structure
C S E EVR O T C Q X EVRYF 37 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 lith
Slide 38: Uis Royalty Agreement Summary
C S E EVR O T C Q X EVRYF 38 Uis 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 a
Slide 39: Grande Vallée Royalty
C S E EVR O T C Q X EVRYF 39 Grande Vallée Royalty Location Gaspésie, Québec ▪ 1.5% GMR on all minerals Royalty ▪ C$1.875/t production royalty on clay Grande-Vallée Commodity Alumina-rich clay Grande Vallée Acquired royalty Murdochville Highlights Porphyry Mountain ▪ Hosts alumina-rich clay deposits
Slide 40: Prud'homme Royalty
C S E EVR O T C Q X EVRYF 40 Prud’homme Royalty Location Nunavik, Québec ▪ Right to be granted a 2.0% GMR Royalty ▪ Operator may repurchase 1.0% for C$2.0M Commodity Copper, zinc, gold, silver Highlights Tasiujaq ▪ GMR granted once the optionee earns a 100% interest; if the option terminates, the cu
Slide 41: Morgan/Cook Royalty
C S E EVR O T C Q X EVRYF 41 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 Rockcliff Metals ▪ T
Slide 42: Scott Lake Production Payment
C S E EVR O T C Q X EVRYF 42 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 significan
Slide 43: Pine Bay Royalty
C S E EVR O T C Q X EVRYF 43 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, Visionary Copper & Gold (formerly Ca
Slide 44: Obalski Royalty
C S E EVR O T C Q X EVRYF 44 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 know
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