C R E A T I N G A C O P P E R R O Y A L T Y C H A M P I O N F e b r u a r y 2 0 2 6 C S E | E V R C S E : E V R Cautionary Statements This confidential corporate presentation (the "Presentation") is a confidential document and is being provided to you by Evolve Strategic Element Royalties Ltd. (the "Company") solely for your information and may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. By accepting and reviewing this Presentation, you acknow ...

Fourth Quarter and Full Year 2025 Results February 19, 2026 Cautionary Statements Forward-Looking Statements: This presentation and the accompanying webcast include "forward-looking statements" within the meaning of U.S. federal securities laws. Forward- looking statements are any statements other than statements of historical fact. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from these statements. Forward-looking statements are often identif ...

Core Viewpoint - Voyageur Mineral Explorers Corp. and Evolve Strategic Element Royalties Ltd. have received conditional approval from the Canadian Securities Exchange for their business combination, marking a significant step towards establishing Evolve as a key player in the copper royalty sector [1][2]. Company Overview - Voyageur is a Canadian junior mineral exploration company focused on mineral properties in Northwest Manitoba and Northeast Saskatchewan, owning royalties in the Flin Flon greenstone belt [11]. - Evolve is a private strategic metals royalty company aiming to apply the royalty and streaming model to emerging strategic mines, with a focus on low-carbon and digital economy assets [12]. Business Combination Details - The business combination will result in Voyageur changing its name to Evolve Royalties Ltd., with shares expected to trade under the symbol "EVR" upon final approval [2][3]. - The completion of the business combination is contingent upon meeting specific conditions set by the CSE, including the finalization of the business combination and the name change [2][3]. Board of Directors Announcement - Upon closing of the business combination, Mathieu Gignac and Elif Lévesque will join the Board of Directors, enhancing the board's expertise alongside existing members Joseph de la Plante, Vincent Metcalfe, and Fraser Laschinger [4]. Leadership Profiles - Joseph de la Plante has over 15 years of experience in the mining sector, previously serving as Chief Investment Officer of Nomad Royalty Company Ltd. and playing a key role in the development of Osisko Gold Royalties Ltd. [5]. - Vincent Metcalfe has over 20 years of experience in M&A and capital raising, previously serving as CEO of Nomad Royalty Company Ltd. [6]. - Elif Lévesque, a Chartered Professional Accountant, has over 25 years of experience in finance and was previously CFO of Nomad Royalty Company Ltd. [7][8]. - Mathieu Gignac has over 25 years of experience in the mining industry, known for his project management expertise in significant mining projects [9]. - Fraser Laschinger has over 15 years of experience in capital markets and was a co-founder of Mineral Streams Inc., which was acquired by AuRico Metals Inc. [10]. Royalty Portfolio - Evolve's royalty portfolio includes a 0.51% net profit interest on Teck Resources Limited's Highland Valley Copper Operation, a 5% NSR royalty on copper from Hudbay Minerals Inc.'s Copper Mountain Mine, and a 2% NSR royalty on the Sal de Los Angeles Lithium Brine Project in Argentina [13].

Core Insights - Royal Gold, Inc. announced the sale of 23,654,545 common shares of Versamet Royalties Corporation, which represents a complete exit from its 25% ownership position in Versamet [1][8] Group 1: Sale of Versamet Shares - Royal Gold's subsidiary, International Royalty Corporation, sold 11,827,273 shares to Tether Investments and 11,827,272 shares to Nemesia S.à.r.l. at a price of C$8.75 ($6.23) per share, aiding in debt repayment [1][8] - The Versamet shares were identified as non-core assets following the merger with Sandstorm Gold, aligning with the company's strategy to optimize its portfolio [2][8] Group 2: Financial Performance - Royal Gold reported adjusted earnings per share (EPS) of $2.06 for Q3 2025, an increase from $1.47 in the same quarter the previous year, but below the Zacks Consensus Estimate of $2.30 [4] - The company achieved record revenues of $252 million, a 30% year-over-year increase, driven by higher average metal prices and increased gold sales from Andacollo and Rainy River, although offset by lower sales from Xavantina [5] Group 3: Stock Performance - Over the past year, Royal Gold's shares have increased by 27.2%, while the industry has seen a growth of 109.9% [7]

Statement Regarding Third-Party Information: Certain information provided in this presentation, including information about mineral resources and reserves, historical production, production estimates, property descriptions, and property developments, has been provided to us by the operators of the relevant properties or is publicly available information filed by these operators with applicable securities regulatory bodies, in certain cases including the Securities and Exchange Commission. Royal Gold has not ...

Core Insights - Royal Gold, Inc. is a prominent player in the gold streaming and royalty sector, focusing on acquiring and managing precious metal streams and royalties, which allows for steady income without direct mining risks [1] - The company has received an upgrade from Raymond James, with a new price target set at $257, reflecting a positive outlook on its stock performance [2] Acquisitions - The Supreme Court of British Columbia approved a $3.5 billion all-stock acquisition of Sandstorm Gold and a $196 million cash purchase of Horizon Copper, which are significant for expanding Royal Gold's precious metal portfolio [3] - The acquisition of Sandstorm Gold involves exchanging 0.0625 Royal Gold shares for each Sandstorm share, amounting to $3.5 billion in equity value [3] Growth Potential - The recent acquisitions will introduce 40 producing assets into Royal Gold's portfolio, with an anticipated 26% increase in gold equivalent output by 2025, enhancing its gold exposure [4] - These strategic moves position Royal Gold as a leading growth entity in the gold streaming and royalty sector, aiming to strengthen its market presence [4]

Core Points - Horizon Copper Corp. has completed a plan of arrangement with Royal Gold, Inc. and its subsidiary, AcquireCo, resulting in Royal Gold acquiring all issued and outstanding Horizon shares and warrants [1][2] - Shareholders will receive C$2.00 for each Horizon Share held, while Warrantholders will receive C$2.00 minus the applicable exercise price for each underlying share [2] - Horizon Shares are expected to be delisted from the TSX Venture Exchange effective October 21, 2025, and the company will apply to cease being a reporting issuer [3] Arrangement Details - The Arrangement involves Royal Gold acquiring Horizon's shares and warrants, with specific consideration outlined for both Shareholders and Warrantholders [1][2] - Shareholders and Warrantholders are advised to review the Circular for procedures on receiving their Consideration [4][5] - Registered Shareholders and Warrantholders must submit necessary documentation to Computershare Investor Services Inc. for processing [5][6] Additional Information - The company is addressing potential delays due to the ongoing Canada Post strike, advising Shareholders and Warrantholders to use courier services for documentation submission [6] - For inquiries regarding the procedures for receiving Consideration, Shareholders and Warrantholders can contact Computershare Investor Services Inc. [7]

Core Viewpoint - Horizon Copper Corp. has received final approval from the Supreme Court of British Columbia for its arrangement with Royal Gold, Inc., which will result in Royal Gold acquiring all outstanding shares and warrants of Horizon Copper [1][2]. Group 1: Transaction Details - The Horizon Transaction will see Horizon shareholders receive C$2.00 for each share held and C$2.00 minus the applicable exercise price for each warrant held [1]. - The completion of the Horizon Transaction is expected on October 20, 2025, pending customary closing conditions [2]. - Following the transaction, Horizon shares will be delisted from the TSX Venture Exchange, and the company will apply to cease being a reporting issuer [2]. Group 2: Company Overview - Horizon Copper holds significant copper assets, including a 1.66% net profits interest in the Antamina copper mine, a 24% equity ownership in Entrée Resources Ltd. related to the Oyu Tolgoi copper mine, and a 30% interest in the Hod Maden project [4].

Core Points - Bear Creek Mining Corporation has drawn down US$1.2 million from the 2025 Sandstorm Note, bringing the total drawn to US$5.4 million out of a maximum of US$6.5 million [1][2] - The remaining amount of US$1.1 million can be drawn down subject to Sandstorm's approval [1] - The interest rate on the 2025 Sandstorm Note is 7% per annum, maturing on September 22, 2028, with deferred interest payments until December 31, 2025 [2] Financial Condition - As of June 30, 2025, the company reported a working capital deficiency of US$91.7 million, raising concerns about its ability to continue as a going concern [4] - The financial statements were prepared under the assumption that the company can continue operations for at least twelve months from the reporting date [4] - There is material uncertainty regarding the company's ability to generate sufficient cash flow from the Mercedes mine to meet ongoing obligations [4]

Core Viewpoint - Horizon Copper Corp. is urging its shareholders and warrantholders to vote on a special resolution for a transaction involving Royal Gold, which will lead to Royal Gold acquiring all outstanding shares and warrants of Horizon Copper, excluding those held by Sandstorm Gold Ltd. [1][2] Company Updates - The Board of Directors of Horizon Copper unanimously recommends that Securityholders vote in favor of the Arrangement Resolution [2] - Royal Gold has received all necessary government regulatory approvals for the Horizon Transaction and its acquisition of Sandstorm [3] - The completion of the Horizon Transaction is subject to customary closing conditions, including Securityholder approvals and the approval of the Supreme Court of British Columbia, with an anticipated closing in early Q4 2025 [4] Meeting Details - The Special Meeting of Securityholders is scheduled for October 9, 2025, at 8:00 a.m. Vancouver time, at the Company's head office [5] - The deadline for proxy voting is set for October 7, 2025, at 8:00 a.m. Vancouver time [5][8] Voting Assistance - Due to the ongoing Canada Post strike, Securityholders are encouraged to vote online and may contact Laurel Hill Advisory Group for assistance [6][8] - Registered Securityholders are advised to use courier services or hand delivery for submitting required documentation during the strike [7] Company Profile - Horizon Copper holds a portfolio of significant copper assets, including a 1.66% net profits interest in the Antamina copper mine, a 24% equity ownership in Entrée Resources Ltd. related to the Oyu Tolgoi copper mine, and a 30% interest in the copper-gold Hod Maden project [11]