Mr. Joseph de la Plante reports

EVOLVE ROYALTIES PROVIDES UPDATE ON HIGHLAND VALLEY COPPER MINE ROYALTY

Evolve Royalties Ltd. has noted Teck Resources Ltd. had reported, on Oct. 21, 2026, that strike notice has been received in respect of the Highland Valley copper mine operations, entitling union workers to begin strike action starting on Oct. 24, 2026. Teck has further indicated that operations at the HVC mine continue, that contingency plans are in place to maintain safety and environmental management during labour action, and that it is committed to reaching a collective agreement with the union workers.

Evolve owns a 0.51-per-cent interest in net profits on the HVC mine. The company is closely monitoring developments and will provide further updates as deemed appropriate or as required under Canadian securities laws.

About Evolve Royalties Ltd.

Evolve Royalties is a copper-focused royalty company engaged in the acquisition and management of high-quality royalty, stream and other similar interests in base and critical metals that sustain both traditional and modern economic activity. 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 Market under the symbol EVRYF.

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