Northfield Positions Shareholders for Copper Upside with Evolve RTO

Executive Summary

• Northfield Capital completed a reverse takeover of its subsidiary Voyageur Mineral Explorers Corp. with Evolve Strategic Element Royalties Ltd., creating the new issuer Evolve Royalties Ltd. (CSE: EVR).
• The transaction included a 4‑for‑1 share consolidation of Voyageur and an upsized brokered subscription receipt financing of $37.5 million (originally $20 M).
• Evolve Royalties will begin trading on the Canadian Securities Exchange on December 17, 2025, offering investors leveraged exposure to copper and other critical‑mineral royalties.

Key Details

• Resulting Issuer: Evolve Royalties Ltd. (CSE: EVR) – ~46.5 million shares outstanding post‑consolidation.
• Trading Launch: Expected on CSE 17 Dec 2025.
• Financing Component: Brokered subscription receipt financing of $37.5 M (upsized from $20 M).
• Share Consolidation: Voyageur underwent a 4:1 share consolidation as part of the RTO.
• Royalty Portfolio Highlights:
• Highland Valley Copper (BC): 0.51% net‑profits interest on Canada’s largest copper mine (Teck Resources).
• Copper Mountain (BC): 5% Cu NSR and 2.5% Au/Ag NSR on Alabama & Virginia deposits (Hudbay Minerals); first royalty payment expected Q4 2025/Q1 2026.
• McIlvenna Bay (SK): C$0.75/tonne ore‑mined royalty; commercial production anticipated mid‑2026 (Foran Mining).
• Sal de Los Angeles (Argentina): 2% NSR on lithium brine project.
• Bigstone Deposit (Canada): 2% NSR (Foran Mining Corp.).
• Rainbow Deposit (Canada): 1% NSR (Visionary Copper & Gold Mines Inc.).
• Strategic Rationale: Provides shareholders continued exposure to a diversified portfolio of copper and critical‑mineral royalties, aligning with anticipated copper supply deficits and electrification‑driven demand.
• Management Quote: “This transaction demonstrates what active, patient capital can achieve… we have delivered a premium transaction while creating a vehicle that gives investors direct exposure to copper.” – Robert D. Cudney, CEO/President/Founder, Northfield.

Notable Quotes

“We acquired Voyageur when the market saw little value in its royalty portfolio… we have delivered a premium transaction while creating a vehicle that gives investors direct exposure to copper—a metal critical to the energy transition and facing a significant supply deficit.” – Robert D. Cudney, CEO, President & Founder, Northfield Capital.