Evolve increases exposure to copper through seven new royalty assets in Canada
Royalties has entered into binding agreements with certain private royalty holders pursuant to which Evolve will acquire a portfolio of five royalties and two rights to be granted a royalty, for an aggregate transaction value of $6.2-million.
Evolve will pay the consideration through a combination of cash and the issuance of common shares.
The portfolio that Evolve is acquiring has two royalties on projects controlled by Osisko Metals, giving the company a direct interest in the Gaspé copper district, in Canada, which is one of the region’s most promising emerging copper districts.
The Porphyry Mountain 1.5% net smelter return (NSR) royalty, for one, is particularly well aligned with Evolve’s focus on copper and offers significant exploration upside as Osisko Metals advances the Gaspé copper project. In turn, a 2% NSR royalty on the Red Brook copper property in New Brunswick, will enjoy a dedicated focus by Osisko Metals’ new spin-out company Osisko Critical Minerals.
“These assets strengthen Evolve’s Canadian footprint and position us to benefit from continued exploration success and long-term project development,” Evolve CEO and president Joseph de la Plante states.