Northfield Positions Shareholders for Copper Upside with Evolve RTO

Core Viewpoint - The completion of the reverse takeover (RTO) between Northfield Capital's subsidiary Voyageur Mineral Explorers and Evolve Strategic Element Royalties marks a significant milestone, leading to the establishment of Evolve Royalties Ltd., which will begin trading on the Canadian Securities Exchange on December 17, 2025 [1][2]. Group 1: Transaction Details - The RTO involved a 4:1 share consolidation of Voyageur and a brokered subscription receipt financing that raised $37.5 million, increased from the initially planned $20 million [8]. - Evolve Royalties will have approximately 46.5 million shares outstanding and will trade under the ticker "EVR" [8]. Group 2: Strategic Positioning - Northfield's active management approach has transformed Voyageur from a dormant exploration company into a transaction-ready royalty vehicle, enhancing shareholder value through strategic guidance and board representation [4]. - The transaction is seen as a premium opportunity, providing investors with direct exposure to copper, a critical metal for the energy transition facing a significant supply deficit [3][5]. Group 3: Portfolio Highlights - Evolve Royalties' portfolio includes royalties on three major Canadian copper operations: - Highland Valley Copper: 0.51% net profits interest on Canada's largest copper mine operated by Teck Resources [5]. - Copper Mountain: 5% Cu NSR and 2.5% Au/Ag NSR on deposits operated by Hudbay Minerals, with first royalty payments expected in Q4 2025/Q1 2026 [6]. - McIlvenna Bay: C$0.75/tonne ore mined royalty on Canada's newest copper mine, with commercial production anticipated in mid-2026 [6]. - The portfolio also features royalties on lithium and other critical minerals, including a 2% NSR on the Sal de Los Angeles lithium brine project in Argentina and a 1% NSR on Visionary Copper and Gold Mines Inc.'s Rainbow deposit [7].