Ecora Royalties Plc · LSE:ECOR
Ecora Royalties — Ecora Resources — Merger or Acquisition (February 2025)
16 slides from Ecora Royalties's merger presentation, February 2025
Slide 1: Ecora Resources PLC Mimbula Copper Stream Acquisition
Providing capital to the Providing capital to the mining sector required mining sector required to supply the commodities to supply the commodities central to a sustainable future central to a sustainable future Ecora Resources PLC Mimbula Copper Stream Acquisition February 2025
Slide 2: US$50m stream over a high-margin producing copper mine
US$50m stream over a high-margin producing copper mine Highly Stream Immediately income accretive structure generating Stream on producing copper Accelerated payback & To adjusted earnings and free operation mitigated brownfield cashflow per share expansion risks Experienced Low-cost Deleveraging ma
Slide 3: Transaction summary
Transaction summary Mimbula Copper Mine • Copper mine producing LME grade A copper cathodes in Zambia • 2024 production of 14kt copper, with an expansion underway to increase capacity to 56ktpa copper • Located in an established mining area with robust sustainability credentials Mimbula pit pre-stri
Slide 4: Funding & financial impact
Funding & financial impact Upsized US$180m Revolving Credit Facility Financial impact • Committed RCF increased by $30m to $180m • Proforma net debt as of year-end 2024 of $126m(1) – $30m of permitted $75m accordion triggered • Proforma leverage ratio as of year-end 2024 of approximately 2.8x, with
Slide 5: Mimbula is a high margin producing copper mine with brownfield expansion underway
Mimbula is a high margin producing copper mine with brownfield expansion underway Located in the Zambian Copperbelt Province, surrounded by established operations of scale 1st quartile 2035 Mimbula Global copper cost curve Reserves-based mine life copper mine positioning(1) excl. extension potential
Slide 6: Copper is the metal most aligned to electrification
Copper is the metal most aligned to electrification Copper set to outperform as demand amplifies and supply forecast to remain tight(1) Established end-markets Non-traditional & new demand centres Attractive trends in traditional areas of consumption Increasing metal intensity in a more connected wo
Slide 7: Royalty sector leading organic copper growth pipeline
Royalty sector leading organic copper growth pipeline Illustrative annual copper production attributable to Ecora(1) Net of NSR deductions and stream payments, Mlbs 20 15 10 5 - M antos B lan cos M imbu la M antos B lan cos Phase II & Oxides Santo D omingo West M usgrave Nifty Vizcachitas Cañariaco
Slide 8: Copper at the core of Ecora's royalty portfolio
Copper at the core of Ecora’s royalty portfolio Proforma royalty portfolio NAV composition(1) Commodity exposure Cost curve positioning of our key assets Base metals 77% 1st Quartile 44% Speciality metals & uranium 13% 2nd Quartile 34% ~45% Bulks and other 10% ~80% 3rd Quartile 18% 4th Quartile 3% C
Slide 9: Appendix
Appendix
Slide 10: Moxico Resources overview
Moxico Resources overview Moxico Resources PLC • Unlisted public company headquartered in the UK • Experienced management team Head led by Alan Davies – previously office Chief Executive, Energy & Minerals at Rio Tinto • Principal activities include mining, development and exploration, with a focus
Slide 11: Mimbula asset overview & cost curve positioning
Mimbula asset overview & cost curve positioning Current operation – Phase 1 Global copper mines ranked by unit costs(1) Total cash cost in $/lb, co-product basis • Conventional open pit mining & heap leach circuit $4.0 First Second Third Fourth • Solvent Extraction / Electrowinning (SX/EW) plant pro
Slide 12: Base metals royalty portfolio
Base metals royalty portfolio Voisey’s Bay Cobalt Carlota Copper West Musgrave Piauí Nickel & Copper Nickel & Cobalt Cañariaco Santo Domingo Mimbula Nifty Copper Mantos Blancos Copper Copper Vizcachitas Voisey’s Mantos Santo West Mimbula Carlota Piauí Nifty Vizcachitas Cañariaco Bay Blancos Domingo
Slide 13: Speciality metals & uranium royalty portfolio
Speciality metals & uranium royalty portfolio SW2 Uranium McClean Salamanca Lake Mill Ring Uranium Uranium of Fire Chromite Maracás Menchen Phalaborwa Four Mile Vanadium Rare Earths Uranium McClean Maracás Four Mile Menchen Phalaborwa Salamanca Ring of Fire SW2 Lake Mill Stage Producing Producing Pr
Slide 14: Bulks & other commodities royalty portfolio
Bulks & other commodities royalty portfolio IOC Iron ore EVBC Gold Incoa Calcium carbonate Kestrel Steel-making coal Pilbara Iron ore Kestrel IOC EVBC Incoa Pilbara Stage Producing Producing Producing Development Early Stage Operator Royalty / 7% GRR 7 – 40% GRR 0.5 – 3% NSR ~1.23% GRR 1.5% GRR stre
Slide 15: Important disclaimer
Important disclaimer • This document has been prepared and issued by and is the sole responsibility of Ecora Resources PLC (the “Company”) and its subsidiaries (the “Group”) for selected recipients. It comprises the written materials for a presentation to investors and/or industry professionals conc
Slide 16: Endnotes
Endnotes Third party information As a royalty and streaming company, the Group often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions. As suc
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