Hello, welcome to Virtual Investor Conferences. On behalf of OTC Markets, we are very pleased you have joined us for our Energy and Precious Metals Summit. The next presentation of the day is from Evolve Royalties. Please note, you may submit questions for the presenter at any time. You can also view a company's availability for a one-on-one meeting by clicking Book a Meeting. At this point, I'm very pleased to welcome Joseph de la Plante, President and Chief Executive Officer of Evolve Royalties, which trades on the OTCQX Best Market under the symbol EVRYF, and on the CSE under the symbol EVR. Welcome, Joseph. Thanks, Greg. It's a pleasure to be here presenting as part of this conference today. Thanks to everyone joining in to listen to the Evolve Royalties story. It's a very exciting story, in my opinion. Evolve is a brand-new company that just listed late last year in December. We've been trading for just about six months. What we are, we are a copper-focused royalty company. Evolve is building a diversified portfolio of copper and base metals and critical minerals royalties on mining projects across the globe. The royalty model is, in mining, a wonderful business model that has shown time and time again why it's an investment that deserves a fit in investors' portfolios. The reason being, we are able to build low-risk revenues that give access to commodity exposure, in particular copper, over long periods of time. It's a very simple business model. We're able to run our business with a very lean team and aggressively grow our portfolio in such a way that gives our investors leverage to copper, as well as underlying deposit growth to the assets within our portfolio. Before diving into the deck, the royalty model may be new to some of you, I'll spend just a minute explaining exactly what it is that we do. What a mining royalty is, it's an investment by our company into a specific mine or a project that give us exposure to the top line of these mines. For example, we could have a 2% net smelter return royalty on a copper mine in Canada, whereby we get 2% of the mine's net revenues perpetually. Okay? The nuance here between a royalty and a typical mining investment, when you invest in a typical mining equity, what you get access to is the underlying profits in an operator's portfolio. The difference is with a royalty, because we're exposed to the revenues, our revenue profile has no exposure to the mine's operating costs or ongoing capital costs. All right? Again, contrast that with typical profits, where those profits will vary, not just as a function of the commodity price, but also as a function of how those operating costs and CapEx profiles change over time. The result of this, as we grow our portfolio and add royalties into the portfolio, we are developing a revenue profile that has less volatility than you'll typically find in a mining company, but it gives us full exposure to the commodity price. Just as importantly, when the underlying operators continue to explore or expand their operations, our royalties benefit from all of that investment and that growth on the underlying assets without us having to contribute more capital into those investments. What you typically find with royalty companies over long periods of time, it's a really great way to play a certain commodity or basket of commodities through different cycles, because our royalties grow over time, and really, you get that exposure in your portfolio. Typically, my advice to investors, if you're looking to get exposure to certain commodities as part of your portfolio, think about royalty companies as one way to play that, and you typically want to add at least one royalty name within that basket of commodities that you're targeting in your portfolio. Our team, we've been in the royalty space for over 15 years. Long track record in building royalty companies. Evolve is our third company that we're building. Our last company was called Nomad Royalty. It was a precious metals royalty company that was listed on the TSX and the New York Stock Exchange, and over a two and half year period, went from standstill to ultimately we were acquired by Sandstorm Gold in August of 2022. This is a business model that we know well. The difference here is that we're applying this known business model to a new commodity set, being copper, base metals, and critical minerals. It's a playbook that we know well. We've done it before. The playbook here with Evolve is really the same thing, but just taking our knowhow and applying it into a different context. Evolve has been, as I mentioned, we've been listed since December of 2025. We started the company in 2024. We've been on an aggressive path to grow the business. We've done a number of transactions already. We're a new company, but we have an established portfolio, and one that I think is really high quality and gives you exposure to some of the best copper mines in the world already with a growing cash flow profile. When you're looking at Evolve today, you're buying into a portfolio that, in my mind, has all the ingredients that we need to keep aggressively growing our business and delivering new accretive transactions into our portfolio along the way. When we think about the different commodities that we want to target as part of our portfolio, copper is the main one. I think copper is at a really interesting moment in time, with all the growth that we're seeing in AI, EVs, even just traditional economic growth. That's going to open up a lot of opportunities for us as a company to go and finance new teams in the mining sector looking to discover, develop, and build new copper mines. That's really what this platform is meant to do. Our business model, we invest in royalties, but the way that we do that is we finance mining companies to develop their projects, and we do that by acquiring royalties or royalty-like instruments on their projects. Over time, the goal for us is to add as many as possible of these revenue streams into our portfolio and take advantage of what I think is a really great opportunity in the market to grow within this segment of the royalty space. For those of you who are less familiar with the mining royalty model, you will know that it is well established in precious metals. When you go outside of precious metals into commodities like copper, we are one of the first businesses really growing our business around this emerging market thematic. I think it is a really unique moment in time, and we are very fortunate to be launching now with already high-quality portfolio, already a lot of cash flow in our portfolio, and the ability to seize this opportunity that we see coming. Outside of copper, we are also looking at other base metals, other critical minerals. We have a tin royalty in the portfolio. We have a lithium royalty in the portfolio. We are looking at all other kinds of commodities in a smaller way, more opportunistically to build around this core of copper that we have within the portfolio. Moving on to the portfolio. We have 11 royalties in the portfolio today. We also have a small property package in a greenstone camp in Manitoba, which we are actively looking to find partners on. As I mentioned, our portfolio is a high-quality one. We are fortunate to have a lot of royalties on good copper mines that are producing in Canada, which is among the top mining jurisdictions in the world. Maybe [Shif] would comment on geographies that we are targeting. We are not looking to go to really high-risk areas as part of the portfolio. We look to invest globally, we are not going into high-risk jurisdictions, we are trying to stick with established mining jurisdictions like Canada, the U.S., certain countries in South America, Australia, certain countries in Europe. We have one royalty on a mine in Namibia, generally speaking, I'm not looking for too much exposure to the African continent beyond Namibia. Within the portfolio, we have five royalties that form the basis or really the core of our value. The main royalty thus far for us has been a royalty on the Highland Valley copper mine, which is Canada's largest copper mine. It's located in British Columbia, owned by Teck Resources. It's a mine that's been producing for decades, and it's still going to produce for decades. Beyond that, we have a tin royalty on a mine in Namibia called Uis. This is an acquisition that we recently closed. It's a tin royalty, it gives us a slightly different commodity exposure in the portfolio, I can talk at length on why tin is an exciting commodity just like copper, underpinned by a lot of the similar thematics. Both these royalties today are the ones that are cash flowing to us. As 2026 goes along, we expect to receive our first payments from the McIlvenna Bay royalty, which is Canada's newest copper mine coming online. They just started production on this mine. We are going to see a growing revenue inflow from that royalty, as well as from a royalty on the Copper Mountain mine, which is a mine owned by Hudbay, also located in British Columbia, Canada. A very exciting core of copper and one tin royalty. Beyond that, we also were able to acquire a royalty on a pre-construction lithium brine in the lithium triangle in Argentina. This mine is permitted, essentially waiting to move forward with construction. These assets really form the basis of our business. If you know us and you know our team, you know that we are trying to build tangible value in the portfolio. The royalty model is wonderful because we can deliver two things at the same time within the portfolio. We can deliver tangible value. These are royalties that are cash flowing today or that are going to be cash flowing within the next 24 or 36 months, which is what you see on the page. We can also build in optionality. These are royalties on mines that are perhaps longer term, still need some exploration, still need some capital to come together. All of that is what we're trying to deliver to you, our investors, within our portfolio. When you're looking at us, whether you should really think of us as a diversified way to play a broad portfolio of assets. This is why a royalty investment fits so well in any portfolio, because on top of some of the names you may choose as an investor, we can add a whole bunch of other different diversified investments to your portfolio. The main thing when we're looking to invest is we're buying royalties on deposits, but we're also investing in a company that's operating those deposits. This is a very important dynamic to understand. Generally speaking, the more deep-pocketed our partners are on these royalty properties, the more we're going to see value increase over time, because those companies will be, as most companies do, spending money on the properties to explore, to look at expansions. There's a lot of value that comes from having strong operating partners. It reduces the operating risk, and it increases the likelihood that we see more value out of our investments over time. We have a really good situation with our portfolio with operators like Teck, Agnico Eagle, Eldorado, and some other ones that are more emerging, but we think have tremendous potential. All of these operators will continue to invest on our royalty properties over the coming years and they'll make our royalties better, which is what typically we find within the royalty portfolios. To spend a couple of minutes talking about some of our key assets, Highland Valley Copper, it's been our flagship royalty within the portfolio. This is a wonderful copper mine. It's been producing since the 1960s. They've extended the mine life now for the fourth time. That was recently approved and sanctioned. This will take the mine life beyond 2045. I also think that the potential for that to go well beyond that is there. This is a huge resource base on an established mining project in a great jurisdiction. Typically what we see is that those projects tend to continue on as long as there's more resources to mine. The royalty will pay to us between CAD 2 million and CAD 3 million in cash flow per year. Some of the best years for this mine are lying ahead of it, where we're going to see some higher-grade areas of the pit being mined. This is as simple as it gets for us. Big operator, big long mine life asset in a great commodity, it's the reason why we acquired it, acquired this royalty in 2024. Since then, we've seen a substantial increase in the resource base. We've seen a substantial increase in the copper price, from when we invested. It's doing exactly what we hoped for it to do in our portfolio, and we're going to be glad to continue to rely on it for the next 20+ years. We also recently acquired a royalty on McIlvenna Bay. This is a new mine in Saskatchewan, Canada. It was previously being advanced by Foran Mining, who have now recently been acquired by Eldorado Gold. This is a really exciting property with not just an existing resource and a brand new mine that already has a 20-year life based on that resource, the property has so much potential, and we already see new zones being drilled out where we expect the existing resources to likely double this year based on what the operators are guiding. Beyond that, there's a whole trend where there's exploration happening, where the operator is spending capital on these properties. When we look forward, we think that this is going to become a cornerstone royalty in our portfolio. It's the type of deposit that is known to be company makers, we have a wonderful operator in Eldorado Gold that's now leading the charge, we think will demonstrate why they acquired this asset. We also recently acquired a royalty on the [Uis] Tantalum mine. This is a mine located in Namibia, also a new producer that came online within the past couple of years. Namibia is a wonderful mining jurisdiction. For those of you who are not so familiar, it's a sparsely populated country in the southern part of the African continent. Our team had the chance to visit this operation. It's a very simple mine with a huge resource base. Tantalum, at this operation, is mined in pegmatites, which also hosts lithium. This is an operation that was built to produce, at the outset, about 1,000 tons of Tantalum per year. At that pace, this mine could be operational for 40, 60, 80 years. There's a very long mine life because there's a very large resource base that is still being drilled out here. For us, what this royalty represents to us is between CAD 4 million and CAD 5 million a year in cash flow. Substantial cash flow for what we think is a great mining jurisdiction, I think it's just the beginning. There's a lot of untested areas on this really large property. There's potential for resource expansion, there's potential for expansion of the actual mine. All the elements here are in place for us to benefit for a very long time, from this investment here. To give you a sense, this is an investment where we paid CAD 32.5 million. The royalty will pay about between CAD 4 million and CAD 5 million a year. At current tin prices, we would see a payback somewhere between five and seven years on a mine that could produce 50+ years. These are the types of opportunities that as a business, we're positioning ourselves to capture. What's important to understand, as I've mentioned already in the presentation, the precious metal royalty space has Really become, it's not dominated by a lot of players. There's a lot of competition. These types of royalties, generally, we see much less competition, and it's why we're able to come in and acquire these assets at significantly higher returns than what we see in the precious metals part of the royalty space. We can create a lot of value in our business if we can deliver more acquisitions like this, and that's what we are positioned to do, and that's what our team is focused on. We also have a royalty on Copper Mountain. Copper Mountain is the third largest copper mine in Canada. The royalty doesn't cover the entire pit, but it covers interesting areas that we see a lot of potential for reserve growth over the coming years. We expect our first royalty payment to come from this mine sometime in the early part of next year or later this year, Q4 2026 or Q1 2027. The royalty's currently paying about CAD 1 million a quarter. Once it starts paying to Evolve, it'll be a great contributor to the portfolio. Again, couldn't hope for a better operator in Hudbay on what ultimately is a very significant copper mine and a great jurisdiction. Finally, last asset that I'm going to touch upon is Litio Angeles, Argentina. This is a lithium brine located in the heart of the lithium triangle, in Salta, in Argentina. It's a 2% NSR on a mine that's permitted for a 30,000 ton per annum lithium carbonate operation. We know the operator is currently going through the motions applying for the reduced framework in Argentina, which is going to allow them to invest as part of the investment framework that they've put in place there. We expect once that approval is received, we may see start of construction at this mine. At the 30,000 ton level, the royalty would generate to us at current lithium prices about $15 million a year. A very interesting asset for us, potentially a game-changing asset within our portfolio, one that I don't think we get really much value in the market for today, but does have tangible value to it. These brines, if you know anything about the lithium space, are really well-understood assets with a well-defined market. There's lots of speculation about where the lithium industry is going to go, where the lithium price is going to go. This part of Argentina, in particular, supplies a lot of the world's lithium, and this is not new technology. This is not a new market or a new transformation we're trying to develop. This is as proven as it gets. We're very excited about this one. We're following it closely, and start of construction here I think would represent a major milestone for us in terms of the evolution of our portfolio. We have other assets within the portfolio that offer more that optionality type of return for us. This is a royalty that we picked up, and we're still in the process of closing this transaction on a property in Arizona called Sunnyside. It's owned by Barksdale Resources. It sits right adjacent to Hermosa, which is South32's brand new zinc mine that they are bringing into production, and finishing construction on. About CAD 4 billion of infrastructure has been sunk here on the neighboring property, there is a lot of interesting potential here for not only the Hermosa deposit to extend onto this ground and some of the new copper discoveries that South32's currently exploring at depth, but also new discoveries or new zones that Barksdale is currently drilling that we think could represent a major new copper discovery here. These are the types of investments that we add on the margins in our portfolio. Ultimately, this is a small investment for us, where we're investing CAD 2 million, but that could deliver substantial returns if there is a discovery. As you can imagine, if there's a significant copper discovery in Arizona right next to established infrastructure, it's the kind of situation that'll get the attention of some of the major companies. Very excited about this one. I think we're going to see lots of new results coming out of Barksdale over the coming weeks and months, following it closely, but very glad that we were able to get this in the portfolio. By now, through the presentation, you've gathered there's a lot of tangible value in our portfolio. We expect this year, 2026, we should generate between CAD 5 million and CAD 7 million in cash flow from the royalty portfolio. That will grow between CAD 10 million and CAD 12 million next year as Copper Mountain comes online, as McIlvenna Bay hits its first full year of production. Beyond that, each of these assets has more upside, and it's going to come from either exploration or other initiatives taken by the operators. What's important to understand with royalty companies, there's two ways that we deliver value to you. We deliver value through the portfolio, and that only happens if you have quality assets with quality operators. We have that, and I've given you a number of reasons why I think that's the case. There's a lot of catalysts over the coming two, three, four years where we think just the portfolio itself will deliver organic value for our shareholders. Also our team is out there looking for new acquisitions constantly, and that's where a lot of the second part of the value comes from, is us accretively deploying capital into new acquisitions, growing the portfolio, growing the revenue profile. That's why royalty investments work so well, because you get that dual growth coming from not just the portfolio, but us going out and capturing these new opportunities in the market. We're about to hit the 25-minute mark here, I'll end quickly on a couple of last points. Very simple share structure or capital structure. About 51 million shares outstanding. Currently sitting at about CAD 110 million market cap. With the amount of capital we're generating, we think there's a lot of room for our business to re-rate once we can demonstrate that. We have a very simple shareholder base. We've been able to attract a lot of institutional shareholders so far. The management team, we own a significant portion of the company. One of our largest shareholders is Orion Resource Partners, a mining private equity firm, located in New York, who we have a longstanding relationship with. It's a great setup for us to continue to build on. We have a good amount of cash on the balance sheet. We're currently working to establish new credit facilities that are going to be one of the main ways that we continue to finance our growth going forward. If I draw the parallel between our last company, Nomad, and Evolve, I'd say we have all the ingredients we need to continue this growth and keep the story going. One last thought from around the questions from a valuation point of view, we're still sitting at a nice discount versus the rest of the peer set. Nice for prospective investors. Obviously, our job over the next 12 months is to close this valuation gap. I'm very confident with the portfolio that we have and that we sit at the very least in the middle of this pack, if not at the higher end. In my years in the royalty space, I can tell you, finding good cash flowing royalties on significant mines like Highland Valley, Copper Mountain, McIlvenna Bay, this is a very difficult task to achieve. A portfolio like this is coveted in our sector. We're proud of what we achieved so far. Again, it's really just the beginning. That's the most exciting part about all of this, is we've done our listing, and we're excited about some of the opportunities that we're chasing to continue to grow our business. I'd be saying this is a really amazing business model. If you haven't invested in a royalty company in the past, I highly encourage it. These companies can deliver significant growth, in short amounts of time, actually. It's a business model we know well, and our team has been successful doing this before. On that note, there's a few minutes left, but I see a lot of questions have already stacked up here. I'm going to move on to the Q&A part of the presentation. Okay, question number one, "Is the CAD 2.7 million year-to-date royalty number a good run-rate proxy, or should we be thinking higher in Q4?" What we've generated so far, that CAD 2.7 million comes from two assets, Copper Mountain and, sorry, not Copper Mountain. Sorry, Highland Valley Copper and Uis. By Q3, Q4, we will be getting a third royalty adding on to this being McIlvenna Bay. We do think that our payments will be increasing as we get towards the end of the year, and then next year in Copper Mountain if it's then, we'll have a fourth royalty adding on to that. I've mentioned in the presentation about CAD 5 million to CAD 7 million this year, growing to CAD 10 million to CAD 12 million next year. Next question, "What kind of uplift do you see to long-term portfolio value from adding large, long-life tenure royalty like these?" I think the main thing that you have to understand with our business is we're building, every transaction we do, we're building a portfolio, but we're also building our business, right? When we add a royalty that generates CAD 5 million a year in cash flow, it significantly increases our credit capacity to finance new acquisitions. Keep in mind, we are a provider of capital to the mining space, having the ability to find and finance new acquisitions is a very core part of our strategy and one that if we're able to continue to increase that, we will be successful in delivering new acquisitions down the road. I see, obviously excited about the asset itself. I think there's tremendous growth within that project, but also in the long run, it just makes our business better. Next question, "If Barksdale keeps hitting at Triple C, how big could Sunnyside realistically become for your portfolio?" Great question. We have a view on what Triple C may become. We don't necessarily think it's a shallow deposit. We think there's a potential for this to be a deeper, significantly larger tonnage deposit. These things take time to establish, we're going to be patiently watching this evolution. Certainly, theoretically or hypothetically, if there was a discovery of a 1 billion-2 billion ton deposit here, in a great jurisdiction like Arizona, I don't think you could think of a more valuable type of asset to bring into the portfolio. These royalties on those big deposits can be worth, well, I don't want to speculate, but it can be worth an amount that would be very impactful to our overall business. It's the reason why we pursue these opportunities. Of course, they're not without risk, that's why we try and invest small upfront and deliver outsized return. It is worth placing those bets because the returns can be really enormous. Okay. On that note, we've run out of time. I appreciate the questions. We'll be receiving the rest of the questions and I'll be answering those individually following the call. I appreciate everyone's time today. If you have any questions with respect to Evolve, please feel free to reach out directly. My contact information is here on the page. I'd be very pleased to speak individually with any of you that have questions. We're very excited about what we're building. I think copper is at a unique moment in time, the royalty model, we couldn't think of a better way to get exposure to these commodities for the long run. On that note, thank you very much for joining us for the presentation today, we'll speak soon. Thank you.