Evolve Royalties Ltd. Announces Completion of its Business Combination and Listing on the CSE

Executive Summary

• Evolve Royalties Ltd. completed its previously announced business combination with Evolve Strategic Element Royalties Ltd., resulting in a name change from Voyageur Minerals Explorers Corp. and the commencement of trading on the Canadian Securities Exchange (CSE) under ticker “EVR” on December 17, 2025.
• The transaction included a 4‑to‑1 share consolidation, issuance of 46,529,423 Evolve Shares, and conversion of subscription receipts at an exchange ratio of 0.285 Evolve Share per receipt (cost base $2.81 per share).
• The company now holds a diversified portfolio of copper, battery‑metal, and lithium royalties/streams, positioning it for growth in the low‑carbon and digital economy.

Key Details

• Business Combination: Completion of merger between Voyageur Minerals Explorers Corp. and Evolve Strategic Element Royalties Ltd.; corporate name changed to Evolve Royalties Ltd.
• Share Consolidation: 4 to 1 consolidation of Voyageur shares; total outstanding Evolve Shares post‑consolidation: 46,529,423.
• Listing Information: Evolve Shares to begin trading on the CSE on 2025‑12‑17 under ticker “EVR”. Listing statement available on SEDAR+.
• Subscription Receipt Conversion: Holders receive 0.285 Evolve Share per receipt; cost base $2.81 per share (derived from $0.80 issue price ÷ 0.285).
• Shareholder Actions:
• Brokerage‑held Voyageur shareholders – automatic conversion, no action required.
• Registered Voyageur shareholders – must submit letter of transmittal with certificates to TSX Trust Company.
• Uncertificated holders of Evolve Strategic Element Royalties Ltd. shares – automatic conversion.
• Certified holders of those shares – must submit letter of transmittal to receive new shares.
• Advisors: Fasken Martineau DuMoulin LLP (Evolve Strategic Element Royalties Ltd.) and Cassels Brock & Blackwell LLP (Voyageur Mineral Explorers Corp.).
• Portfolio Highlights: Net profit interest in Teck Resources’ Highland Valley Copper; NSR royalties on Hudbay Minerals’ Copper Mountain Mine; NSR royalty on Sal de Los Angeles Lithium Brine Project (Argentina); net tonnage royalty on Foran Mining’s McIlvenna Bay and Bigstone deposits; NSR royalty on Visionary Copper & Gold’s Pine Bay project, among other exploration‑stage royalties.

Notable Quotes

• “The completion of the Business Combination and listing on the CSE has allowed us to launch Evolve Royalties Ltd., a new growth‑oriented player in the copper royalty and base and battery metals space.” – Joseph de la Plante, President & CEO
• “Evolve is now well capitalized to execute on its business plan to build a diversified portfolio of royalties and streams with long‑life, high‑margin mining assets delivering consistent returns across commodity cycles…” – Joseph de la Plante