Evolve Royalties (EVR) Precious Metals & Critical Minerals Virtual Investor Conference summary

Strategy and market

• Royalties provide top-line mine revenue exposure, generally insulated from operating costs and mine capex; management described the model as less volatile than mining investments.

• Copper demand is expected to rise over the next 10-15 years with AI, EVs and electrification, while fewer new sources are entering the long-term supply picture.

• Copper remains the primary focus, with selective lithium, tin and other base-metal or critical-mineral royalties; management cited less competition and growth potential beyond precious metals.

• Portfolio exposure was mainly in Canada and the U.S., with assets in Argentina and Namibia; management expects to focus on North America, Australia and selected countries in South America and Europe.

Portfolio and catalysts

• Portfolio reached 15 royalties; one was cash flowing at the start of the year, with four expected to be cash flowing by year-end.

• First royalty payments from Copper Mountain and McIlvenna Bay were expected before year-end; McIlvenna Bay resource growth was also expected before year-end.

• Over the next 2-3 years, catalysts include lithium project construction, potential McIlvenna Bay and Highland Valley expansions, and new royalty investments.

• McIlvenna Bay was expected to reach commercial production before year-end; Eldorado had increased exploration activity and was studying a mill expansion.

Selected asset exposures

• Highland Valley Copper: 0.5% NPI; Teck-sanctioned mine-life extension to 2045 was under construction; annual royalty receipts were expected at $2m-$3m.

• McIlvenna Bay: $0.75/ton net-tonnage royalty over main ore bodies plus NSR royalties on exploration ground; exploration and expansion offer potential organic growth.

• Uis tin royalty: mine produces ~1,000 tons/year; annual payment estimated at ~$4m at current tin prices, with mine-life potential exceeding 100 years; royalty acquired for just over $39m.

• Copper Mountain North Pit royalty: first payment expected in Q4 after a $10m earn-out; payments estimated at ~$1m/quarter for 3-4 years, with resource upside on royalty claims.