Evolve Royalties (EVR) Mining Forum Americas 2026 summary

Company overview and strategy

• Focused on copper royalties, with a target of 75% NAV from copper as the portfolio grows, but also holds lithium and tin assets.

• Built a portfolio of 15 royalties, expecting four producing royalties by year-end, mainly in Canada, with additional assets in Argentina and Namibia.

• Raised about CAD 70 million since inception, with a current market cap of CAD 150 million and a simple capital structure of 50 million shares.

• Secured a fully undrawn CAD 75 million revolving credit facility with BMO to support further acquisitions.

• Institutional shareholders hold about 40% of shares, with Orion Resource Partners as a key backer at 9%.

Portfolio highlights and growth drivers

• Highland Valley Copper royalty is the cornerstone asset, recently extended beyond 2045, with a 0.5% NPI royalty.

• Copper Mountain and McIlvenna Bay royalties are coming online, with significant resource growth expected at McIlvenna Bay.

• Uis tin mine in Namibia offers over 50 years of mine life and strong returns, with royalty payments exceeding initial forecasts due to higher tin prices.

• Lithium royalty in Argentina is permitted, with construction expected soon and phase 1 projected to pay CAD 5 million per year.

• Organic growth is expected from operator expansions and new resource discoveries, especially at McIlvenna Bay and Uis.

Financial outlook and transaction approach

• Forecasting CAD 7–9 million in free cash flow for 2026, growing to CAD 12–15 million in 2027.

• Actively pursuing M&A, with a focus on both new acquisitions and reinvesting with existing partners.

• Portfolio designed for tangible value and defined cash flow timelines, with most assets producing by year-end.

• Lean team with deep sector experience and strong technical and financial expertise.

• Believes current valuation is discounted versus peers and expects to close the gap as cash flow and transactions are delivered.