Evolve Royalties Ltd. (CSE: EVR; OTCQX: EVRYF) announced on October 19, 2026 that it has entered into binding letter agreements to acquire a portfolio of five royalties and two rights to be granted a royalty for an aggregate transaction value of approximately US$6.2 million, payable in a combination of cash and Evolve common shares. The portfolio's headline assets are a 1.5% net smelter returns (NSR) royalty on the Porphyry Mountain sector of Osisko Metals' Gaspé Copper Project in Québec and a 2% NSR royalty on the Red Brook copper property in New Brunswick. The transactions remain subject to customary closing conditions, including execution of definitive agreements and receipt of required approvals.

Key Points

  • Evolve Royalties Ltd. (CSE: EVR; OTCQX: EVRYF) — copper-focused royalty company headquartered in Vancouver, British Columbia
  • Binding letter agreements signed to acquire seven royalty interests for approximately US$6.2 million in cash and Evolve Shares
  • Consideration comprises $2,250,000 cash and 2,416,666 Evolve Shares at a deemed price of $2.68 per share, for a total of $8,726,665 (approximately US$6,165,389)
  • Investors may be watching for CSE approval of the share issuance and execution of definitive agreements to confirm closing

Porphyry Mountain and Gaspé Copper Project NSR Royalty Terms

The flagship acquisition is a 1.5% NSR royalty covering the Porphyry Mountain deposit sector of Osisko Metals' Gaspé Copper Project in Murdochville, Québec, as well as areas south of the current mineral footprint where additional drilling is planned. The operator retains the right to repurchase half of the royalty — 0.75% — for $1.5 million. Osisko Metals disclosed in a February 2026 release that drill hole 30-0943 at Porphyry Mountain intersected 852 metres grading 0.70% Cu, 2.92 g/t Ag, and 0.062% Mo. A 2011 geological report references a historical mineral inventory estimate that is not compliant with current NI 43-101 standards and should not be relied upon as current mineral resources.

Red Brook Copper Royalty and Osisko Critical Minerals Spin-Out Exposure

Evolve will also acquire a 2% NSR royalty on the Red Brook copper property located approximately 60 kilometres west of Bathurst, New Brunswick. Osisko Metals optioned the property from Vision Lithium Inc. on September 9, 2026, and has announced a proposed spin-out of the asset into a new entity, Osisko Critical Minerals, which has announced an offering of special warrants of up to $250 million. The spin-out remains subject to Osisko Metals shareholder approval. The operator may repurchase 1% of the Red Brook Royalty for $1.0 million. The release states that Red Brook forms a significant portion of Osisko Metals' NB Copper Project.

Additional Royalties in Québec and New Brunswick Round Out the Portfolio

Beyond the two copper royalties linked to Osisko Metals, the portfolio includes a production royalty and 1.5% gross metals return royalty on the Grande Vallée property near Gaspé, Québec — a site hosting the historical Orbite Alumina deposit. Evolve will also acquire a right to be granted a 2% gross metals return royalty on the Prud'homme copper-zinc-gold-silver property in Nunavik, northern Québec, contingent on an optionee earning a 100% interest in the property. Each of the seven royalties carries a buy-back right enabling the applicable operator to reduce its royalty by 50% for payments ranging from $1.0 million to $3.0 million, with 50% of any buy-back proceeds payable to the original vendor.