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

Evolve to commence trading on the CSE on December 17, 2025 under the ticker symbol "EVR"

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TORONTO, Dec. 15, 2025 -- Evolve Royalties Ltd. (CSE: EVR) ("Evolve" or the "Company") (formerly Voyageur Minerals Explorers Corp.) is pleased to announce that it has completed its previously-announced business combination (the "Business Combination") with Evolve Strategic Element Royalties Ltd. and its listing on the Canadian Securities Exchange ("CSE").

Evolve's common shares (the "Evolve Shares") are expected to commence trading on the CSE on December 17, 2025 under the symbol "EVR". The Company's listing statement is available on its SEDAR+ profile at www.sedarplus.ca.

"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.", said Joseph de la Plante, President and Chief Executive Officer. "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, with the aim of generating long-term value for our shareholders."

Further to the Business Combination and as previously announced, Voyageur Minerals Explorers Corp. ("Voyageur") completed a consolidation of its shares on a 4 to 1 basis ("Consolidation"), changed its corporate name from "Voyageur Mineral Explorers Corp." to "Evolve Royalties Ltd.", and was continued under the Canada Business Corporations Act. As of the date of this press release, there are 46,529,423 Evolve Shares issued and outstanding.

As part of the closing of the Business Combination, holders of subscription receipts of Evolve Strategic Element Royalties Ltd. (the "Subscription Receipts") will receive 0.285 Evolve Share for each subscription receipt held, with such Evolve Share having a cost base of $2.81 per share (being the subscription receipt issue price of $0.80 divided by the exchange ratio of 0.285, in accordance with the Business Combination and taking into account the Consolidation).

Information for Shareholders

Voyageur shareholders who hold their shares through a securities broker or dealer, a bank or a trust company, will not be required to take any measures and will automatically receive their new Evolve Shares. Registered Voyageur shareholders will be required to submit a duly completed letter of transmittal with share certificates representing their Voyageur shares to the Company's transfer agent, TSX Trust Company, to receive their Evolve Shares.

Shareholders of Evolve Strategic Element Royalties Ltd. who hold uncertificated shares will not be required to take any measures and will automatically receive their Evolve Shares. All registered shareholders who hold certificates in their name, or whose shares are held through a broker who holds a certificate on their behalf, will be required to submit a duly completed letter of transmittal with share certificates representing their shares of Evolve Strategic Element Royalties Ltd. to the Company's transfer agent, TSX Trust Company, to receive their Evolve Shares. Holders of Subscription Receipts will not be required to take any measures and will automatically receive their Evolve Shares.

Additional information or copies of letters of transmittal can be obtained by contacting TSX Trust Company by phone at 1-866-600-5869 (toll-free in North America) or 416-342-1091 (outside of North America) or by email at tsxtis@tmx.com.

Advisors

Evolve Strategic Element Royalties Ltd. was represented by Fasken Martineau DuMoulin LLP and Voyageur Mineral Explorers Corp. was represented by Cassels Brock & Blackwell LLP.

About Evolve Royalties Ltd.

Evolve is a royalty company that strives to be one of the first to apply the royalty and streaming model to the next generation of strategic mines, moving early to secure premium assets and build value in the low-carbon and digital economy. Evolve's portfolio consists of a valuable package of royalties, including a net profit interest on Teck Resources Limited's Highland Valley Copper Operation in British Columbia, net smelter returns ("NSR") royalties on copper and on all other metals produced on a portion of the claims of Hudbay Minerals Inc.'s Copper Mountain Mine in British Columbia, an NSR royalty on the Sal de Los Angeles Lithium Brine Project in Argentina, a net tonnage royalty on a portion of Foran Mining Corporation's McIlvenna Bay Project, including the McIlvenna Bay Deposit and the Tesla Zone, an NSR royalty on Foran Mining Corporation's Bigstone Deposit, and an NSR royalty on a portion of Visionary Copper and Gold Mines Inc.'s Pine Bay Project, including the Rainbow Deposit, as well as various exploration stage royalties and production payment rights.

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Forward-Looking Information

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain, and the actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of the parties, including in respect of future acquisitions of royalties and streaming assets. Readers are cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the parties. Readers are further cautioned not to place undue reliance on any forward-looking statements, as such information, although considered reasonable by the respective management of the Company at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

The forward-looking statements contained in this press release are made as of the date of this press release and are expressly qualified by the foregoing cautionary statement. Except as expressly required by securities law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise.

The CSE has neither approved nor disapproved the contents of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States or in any other jurisdiction, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the U.S. Securities Act of 1933, or any state securities laws, and accordingly, may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act of 1933 and applicable state securities requirements or pursuant to exemptions therefrom.