Building Our Portfolio Through Accretive Acquisitions and Peer-Leading Organic Growth December 2025 Disclaimer Cautionary Note Regarding Forward-Looking Statements GoldRoyalty The information contained herein includes "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") concerning the business, operations and financial performance of Gold Royalty Corp. ("GRC" or the "Company") and, in so ...

Core Viewpoint - Voyageur Mineral Explorers Corp. is set to acquire Evolve Strategic Element Royalties Inc. through a statutory three-cornered amalgamation, which will enhance its position in the copper royalty sector and provide immediate cash flow and growth opportunities [1][5][10]. Transaction Details - The acquisition will involve Voyageur consolidating its shares on a 1-for-4 basis and changing its name to "Evolve Royalties Ltd." [3] - The transaction implies a purchase price of C$0.80 per Evolve Share, totaling approximately C$70.3 million, representing a 7% premium to Voyageur's 35-day volume-weighted average price [10]. - Upon completion, the Resulting Issuer is expected to have approximately 33,170,070 common shares outstanding, with 24.5% held by Voyageur shareholders and 75.5% by former Evolve shareholders [11]. Strategic Rationale - The merger is expected to create a stronger, diversified leader in copper mining royalties, enhancing growth potential and shareholder value [6]. - Evolve's portfolio includes royalties on two of Canada's largest copper mines and exposure to McIlvenna Bay, anticipated to be a major copper producer [5][9]. Leadership and Governance - The executive team of the Resulting Issuer will include Joseph de la Plante as CEO, with a strong background in building royalty businesses and capital raising [18][19][20]. - The board of directors will consist of key figures from both companies, ensuring continuity and strategic alignment [23][24]. Shareholder Support - The transaction has received unanimous approval from the boards of both companies, with significant shareholder support agreements in place [14][17]. - Shareholder meetings will be held to seek necessary approvals for the amalgamation and related matters [13]. Future Outlook - The Resulting Issuer aims to leverage its enhanced market presence and access to capital to pursue further growth opportunities in the copper sector [9]. - The completion of the transaction is expected in the fourth quarter of 2025, subject to regulatory approvals [27].