Mr. Joseph de la Plante reports

EVOLVE ROYALTIES ENTERS INTO DEFINITIVE AGREEMENT IN CONNECTION WITH PREVIOUSLY ANNOUNCED ACQUISITION OF A ROYALTY ON THE SUNNYSIDE PROJECT IN ARIZONA, USA

Evolve Royalties Ltd., further to its previously announced binding letter of intent, has entered into a definitive royalty purchase agreement with MinQuest Ltd. to acquire a 0.5-per-cent net smelter return (NSR) royalty on production from claims comprising the Sunnyside project, operated by Barksdale Resources Corp., in Arizona, U.S.

Pursuant to the royalty purchase agreement, the total consideration to be paid by Evolve for the acquisition of the Sunnyside royalty is $2.25-million, payable in two instalments comprising a mix of cash and shares, the first of which is a payment at closing of $500,000 in cash and the issuance of 363,750 common shares of the company at a price of $2.92 per share, having an aggregate value of $750,000, and the second of which is a payment to be completed by Jan. 2, 2027, of $500,000 in cash and the issuance of 242,500 common shares of the company at the issue price, having an aggregate value of $500,000.

The transaction is subject to customary closing conditions and is expected to close in the coming weeks.

"The Sunnyside royalty fits squarely within our strategy of acquiring high-quality royalties on base metal assets in top-tier mining jurisdictions. We view this royalty as particularly attractive given its location in a district that is seeing meaningful development activity. As Barksdale continues to advance drilling, we believe this royalty provides a cost-effective way for Evolve to participate in potential exploration success and long-term copper upside," said Joseph de la Plante, president and chief executive officer of Evolve.

About Evolve Royalties Ltd.

Evolve is a royalty and streaming company focused on acquiring high-quality royalties in base and critical metals that support electrification and the global energy transition. The company's strategy is to build a diversified portfolio of long-life cash-flowing royalties while maintaining exposure to long-term commodity upside. The company's common shares are listed and posted for trading on the Canadian Securities Exchange under the symbol EVR and on the OTCQX Best Markets under the symbol EVRYF.

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