Evolve Royalties (EVR) Emerging Growth Conference 92 summary

Business model and strategy

• Focuses on applying the Royalty and streaming model to copper and other strategic mines, aiming for early asset acquisition in the low carbon and digital economy.

• Operates with a lean team and diversified portfolio, investing in top-line revenues of mines to reduce volatility and operational risk.

• Seeks to become the leading copper Royalty platform, leveraging over 15 years of sector experience and a proven track record.

• Targets assets owned by large, well-capitalized operators to maximize value creation and portfolio growth.

• Launched in December last year, with no debt and a focus on sustainable, cash-generating growth.

Portfolio highlights and recent developments

• Holds Royalties on major Canadian copper mines, including Highland Valley Copper and Copper Mountain, as well as McIlvenna Bay, a new copper mine.

• Recently acquired a tin Royalty on the Uis mine in Namibia, expected to generate $4–4.5 million in annual cash flow starting imminently.

• Portfolio also includes lithium and tin assets, with four mines expected to be in production and paying Royalties by year-end.

• Royalties provide exposure to exploration upside without additional capital requirements.

• Anticipates first payments from Copper Mountain Royalty later this year, with McIlvenna Bay commissioning underway.

Market outlook and growth plans

• Expects strong copper demand over the next 5–10 years, driven by supply challenges and global disruptions.

• Sees a need for higher copper prices to incentivize new mine development, positioning itself as a key financier through Royalties and streams.

• Projects cash flow of $5–7 million this year, growing to over $10 million next year, supported by ongoing and new Royalty payments.

• Plans to use cash flow and balance sheet strength to pursue further acquisitions and financing tools.

• Anticipates portfolio improvements and multiple catalysts from exploration and expansion activities over the next few years.