Mr. Fraser Laschinger reports

VOYAGEUR AND EVOLVE ROYALTIES RECEIVE CONDITIONAL APPROVAL FOR PROPOSED REVERSE TAKE-OVER AND LISTING ON THE CSE AND ANNOUNCE BOARD OF DIRECTORS

Voyageur Mineral Explorers Corp. and Evolve Strategic Element Royalties Ltd. have received conditional approval from the Canadian Securities Exchange pursuant to CSE Policy 8, Fundamental Changes and Changes of Business, in connection with their previously announced business combination.

"The CSE's conditional approval is an important milestone in the launch of Evolve Royalties Ltd.," said Joseph de la Plante, president and chief executive officer. "Our upcoming listing will position Evolve to execute on our growth strategy as we work to build a significant new player in the copper royalty space. We're also pleased to welcome our new independent directors, Mathieu Gignac and Elif Levesque, whose deep technical and financial expertise will be invaluable as we advance our business."

Final approval of the business combination and listing on the CSE is subject to meeting certain conditions required by the CSE, including completing the business combination and the change of Voyageur's name to Evolve Royalties Ltd. Completion of the business combination remains subject to the satisfaction of certain closing conditions.

The parties expect to file the listing statement required by the CSE on Voyageur's profile on SEDAR+ and to complete the business combination, the name change and the previously announced brokered subscription receipt offering in the coming days.

Upon receipt of the final approval by the CSE, the Evolve Royalties shares will begin trading on the CSE under the symbol EVR.

Announcement of board of directors

Voyageur and Evolve are also pleased to announce that, upon closing of the business combination, Mr. Gignac and Ms. Levesque will be appointed as independent members of the board of directors, joining Mr. de la Plante, Vincent Metcalfe and Fraser Laschinger. Condensed biographies of each director are provided below.

Mr. de la Plante

Mr. de la Plante is an accomplished senior executive with over 15 years of experience building companies and developing structured royalty and stream financings in the mining sector. Mr. de la Plante is a co-founder and the president and chief executive officer of Evolve as well as a co-founder and strategic adviser of Pecoy Copper Corp. Prior to his involvement with Evolve, he was one of the founders and the former chief investment officer and director of Nomad Royalty Company Ltd., which was acquired by Sandstorm Gold Ltd. in August, 2022. Mr. de la Plante also previously played a key role in the creation of Osisko Gold Royalties Ltd., where he led the business development operations in his role as vice-president of corporate development. Prior thereto, he was with Osisko Mining Corp. through the development, operation and subsequent $4.3-billion sale of the Canadian Malartic mine in 2014 to Yamana Gold Inc. and Agnico Eagle Mines Ltd.

Mr. Metcalfe

Mr. Metcalfe is an accomplished senior executive with over 20 years of experience building companies and advancing mining projects. Mr. Metcalfe brings deep expertise in M&A (mergers and acquisitions), financial engineering and capital raising. Mr. Metcalfe is a co-founder and the chief investment officer, secretary and Treasurer of Evolve and was one of the founders and the former chief executive officer and chair of Nomad Royalty Company, which was acquired by to Sandstorm Gold in August, 2022. Mr. Metcalfe also serves as president and chief executive officer and director of Pecoy Copper Corp. and Comet Lithium Corp., two companies listed on the TSX Venture Exchange. Mr. Metcalfe is also the recipient of the YMP Peter Munk Award for leadership and innovation in mining.

Ms. Levesque

Ms. Levesque is a chartered professional accountant with over 25 years of experience in finance, treasury and strategic management in the mining industry. She was a co-founder and chief financial officer of Nomad Royalty Company, a company listed on the Toronto Stock Exchange and the New York Stock Exchange, until its acquisition by Sandstorm Gold in August, 2022, and later served on the board of Sandstorm Gold until its acquisition by Royal Gold Inc. in October, 2025. From 2014 to 2020, she was chief financial officer and vice-president, finance, of Osisko Gold Royalties. Previously, she held senior roles at Osisko Mining, including vice-president and controller, and earlier worked for intermediate gold producers Cambior Inc. (2002 to 2006) and Iamgold Corp. (2006 to 2008). Ms. Levesque is a member of the board of directors of G Mining Ventures Corp. and Cascades Inc. She holds a bachelor's degree in economics and an MBA from Clark University (Massachusetts, United States) and has an ICDD designation.

Mr. Gignac

Mr. Gignac is the president of G Mining Services, a mine development company known for its technical capabilities and high work quality with wide-ranging international projects. Mr. Gignac has more than 25 years of experience in the mining industry and is a McGill University graduate with a bachelor's degree in mining engineering. His responsibilities include providing project management expertise and leadership to mine development projects. He has proven leadership abilities in managing large mining projects through feasibility, construction and operations. He was project director of the highly successful Merian project (Newmont Mining), project director of the Fruta del Norte project (Lundin Gold) and Tocantinzinho (G Mining Ventures). He is a member of the Ordre des Ingenieurs du Quebec (OIQ) and the Canadian Institute of Mining, Metallurgy and Petroleum.

Mr. Laschinger

Mr. Laschinger has over 15 years of experience in capital markets and the mining sector. He currently serves as vice-president, investments, for Northfield Capital Corp. and as an executive for a number of portfolio companies. He was a co-founder of Mineral Streams Inc., a private mineral royalty company, where he played a pivotal role in its success, culminating in its acquisition by AuRico Metals Inc. in 2015. Previously, Mr. Laschinger worked in equity research for a Canadian investment dealer. He graduated with honours in business administration from the Richard Ivey School of Business at the University of Western Ontario in 2006.

About Voyageur Mineral Explorers Corp.

Voyageur is a Canadian junior mineral exploration company with a specific focus on mineral properties in northwestern Manitoba and northeastern Saskatchewan, Canada. Voyageur owns a valuable package of royalties in the prolific Flin Flon greenstone belt, including: a net tonnage royalty on a portion of Foran Mining Corp.'s McIlvenna Bay project, including the McIlvenna Bay deposit and the Tesla zone; a net smelter return royalty on Foran Mining's Bigstone deposit; and an NSR royalty on a portion of Callinex Mines Inc.'s Pine Bay project, including the Rainbow deposit.

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