Slide 1: Corporate Overview
Corporate Overview ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF October 2026
Slide 2: Disclaimer
Disclaimer This document has been prepared and issued by and is the sole responsibility of Ecora Royalties 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 concerning the G
Slide 3: A differentiated royalty opportunity
A differentiated royalty opportunity Portfolio contribution(1,2) High-quality critical minerals royalty and stream portfolio with tier-1 operator US$ millions partners 120 Cash generation underpinned by diversified 100 multi-decade royalties 80 Strong organic growth profile base metals up 150% in 20
Slide 4: 2025: A landmark year
2025: A landmark year Critical minerals % of portfolio contribution(1) critical minerals coal 100% 75% 50% 25% 0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e 2028e 2029e 2030e 2031e 1. 2015-2025 actuals; 2026-2030 based on analyst consensus forecasts. Critical minerals inclusi
Slide 5: The next chapter: transformed portfolio, focused on copper & other critical minerals
The next chapter: transformed portfolio, focused on copper & other critical minerals 2015-2024 2025 onwards Revenue primarily derived from coal Critical minerals underpinning revenue Dependent on one asset Diversified cashflow sources (Kestrel steel making coal royalty) & organic growth Short mine l
Slide 6: A portfolio with strong fundamentals
A portfolio with strong fundamentals Commodity exposure(1) Key asset cost curve positioning (1) ~50% Copper 47% ~80% 1st Quartile 44% Cobalt 28% 1st & 2nd 2nd Quartile 34% Copper Nickel 10% 3rd Quartile 18% quartile Specialty metals & uranium 10% 4th Quartile 3% Bulks & other 5% Geographic exposure
Slide 7: Aligned to multi-decade trends
Aligned to multi-decade trends TRADITIONAL DIGITALISATION ELECTRIFICATION GEOPOLITICAL DEMAND & AUTOMATION Construction & Power generation, Artificial Supply chain urbanisation renewables, grids intelligence autonomy Electrical equipment EVs Digital infrastructure Defence sector & and appliances equ
Slide 8: High quality portfolio
High quality portfolio Existing Royalty Portfolio Royalty Description Reserve Based Asset Commodity Operator Mine life 1 Voisey's Bay Cobalt Vale 19 years Producing royalties & streams 2 Mantos Blancos Copper Capstone Copper 15 years 3 Mimbula Copper Moxico Resources 11 years 4 Carlota Copper KGHM 4
Slide 9: Producing royalties underpin layered organic growth profile
Producing royalties underpin layered organic growth profile Voisey’s Bay Maracas Menchen McClean Lake Mill Cobalt Vanadium Uranium Producing 2026 Contribution(1): Mantos Blancos Four Mile Carlota Copper Uranium Copper ~$70m Mimbula Kestrel EVBC Copper Steelmaking Coal Gold Brownfield expansion poten
Slide 10: Copper driving growth in portfolio contribution
Copper driving growth in portfolio contribution Critical Minerals Portfolio contribution(1,2) US$ millions, Research Analysts Consensus Forecasts Rare Earths & Vanadium Research analyst 120 forecasts exclude potential brownfield Uranium expansions: 100 Nickel Illustratrive 80 Cobalt Mantos Blancos P
Slide 11: Royalty model provides direct exposure to commodity price
Royalty model provides direct exposure to commodity price Mining companies Royalty / streaming companies Commodity price Commodity price Operating Costs Commodity price Operating Costs Costs CommodityCommodity price price Limited margin growth Margin expands as commodity price increases Costs increa
Slide 12: Strong track record of capital allocation
Strong track record of capital allocation Acquisition Cumulative Consensus NAV + (Income Received + NAV) / (In US$m) Price Income1 NAV Estimate2 Income Received Purchase Cost3 Maracás Menchen 2014 $25 $30 $27 $57 228% McClean Lake 2017 $31 $41 $20 $61 196% Piauí 2017 $9.5 n/a $46 $46 483% Cañariaco
Slide 13: Net debt reconciliation
Net debt reconciliation Change in net debt ($m) 5.7 7.5 3.9 (29.2) 1.5 85.5 74.9 Net Debt - 1 January 2026 Finance Costs,FX & Other Operating expenses Taxes Portfolio Contribution Dividends Net Debt - 30 June 2026 Illustrative year-end net debt scenarios(1) Growth Deleveraging Returns 2026 2027 Stro
Slide 14: Royalty sector overview
Royalty sector overview NON-PRECIOUS METAL FOCUSED SINGLE COMMODITY FOCUSED (Combined market cap(1): US$5.1 billion) (Combined market cap(1): US$1.7 billion) Few listed peers focused on critical minerals strategy: PRECIOUS METAL FOCUS (Combined market cap(1): US$169.0 billion) 1. As at 24 August 202
Slide 15: Multiple near-term catalysts
Multiple near-term catalysts Near term includes: Medium term includes: (next 1-4 years) PRODUCING Voisey’s Bay ramp up Voisey’s Bay LOM extension & production expansion PRODUCING (cobalt) (cobalt) Mimbula brownfield expansion (copper) Santo Domingo construction (copper) DEVELOPMENT RESTART POTENTIAL
Slide 16: Attractive entry point relative to peers
Attractive entry point relative to peers P/NAV: EV/EBITDA (2026E) 1.5x 37x Peer group average = 1.0x Peer group 22x 0.8x 0.8x 0.8x average = 20x 0.7x 11x 10x 10x Evolve ECORA Ecora Deterra LIORC Altius Deterra LIORC Ecora ECORA Evolve Altius Source: Bloomberg and broker research as at 30 September 2
Slide 17: Re-rate opportunity
Re-rate opportunity × 15x to 20x = ILLUSTRATIVE 2030E EBITDA(1) Peer EV/EBITDA Range Implied market cap ~$100m ~$1,500m to ~$2,000m $2,000m ~ 3x to 4x potential upside in five-year horizon Excludes: Capital returns Inflation & commodity price upside Value accretion from life of mine & $1,500m produc
Slide 18: Capital structure
Capital structure(1) SHARE KEY ANALYST DIRECTORS STRUCTURE SHAREHOLDERS COVERAGE OWNERSHIP (2) Ordinary shares in issue South32 Atrium Research (Toronto) Marc Bishop Lafleche (CEO) Riley Venton 249,676,067 17.5% 1,204,000 Berenberg (London) Recent buying: 809,234 Richard Hatch No share purchase warr
Slide 19: Outlook
Outlook Volume growth in 2026 from key base metal royalties Multiple near-term catalysts in development portfolio Continued deleveraging accelerated by commodity price tailwinds Focus on growth & diversification Royalty model is defensive in inflationary environment ECORA ROYALTIES PLC | LSE: ECOR |
Slide 20: Appendices
APPENDICES ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 21: Portfolio contribution
Portfolio contribution ($m) H1 2026 H1 2025 H/H FY 2025 BASE METALS 159% increase YoY Voisey’s Bay (cobalt) 16.6 5.1 18.9 • 90% increase in cobalt Mantos Blancos (copper) 4.8 3.8 9.5 volumes from Voisey’s Bay Mimbula (copper) 5.0 0.7 4.0 • Receiving spot prices for copper and cobalt – both Carlota (
Slide 22: Four mega-trends driving unprecedented copper demand
Four mega-trends driving unprecedented copper demand The scale of copper demand(1) Net change in global copper demand by vector (Mt Cu) By 2040, 14Mtpa of additional 4% copper supply 10% required to balance demand – 50% supply 50% growth in 15 years 42Mt Electrification, data centers and defence dri
Slide 23: Royalty sector leading organic copper growth profile
Royalty sector leading organic copper growth profile Illustrative annual copper production attributable to Ecora(1) Net of NSR deductions and stream payments, Mlbs 20 15 10 5 - Mantos Blancos Mimbula Mantos Blancos Nifty Santo Domingo West Musgrave Vizcachitas Cañariaco Phase II & tailings In Produc
Slide 24: Cobalt: Strong Voisey's Bay performance
Cobalt: Strong Voisey’s Bay performance Base Metals Voisey’s Bay volume ramp up (1) Mine ramp-up largely completed: Ore milled (ktpd) ~2.8 Mtpa run rate (ytd) 266t of attributable cobalt received in H1 3 FY guidance 500-560t of attributable cobalt Maintenance schedule for H2 • Voisey’s Bay processin
Slide 25: Voisey's Bay Life of Mine extension potential (as of 2018)
Voisey’s Bay Life of Mine extension potential (as of 2018) Base Metals DISCOVERY HILL OVOID REID BROOK EASTERN DEEPS Historical/ Planned Mining Mineral Envelope Mineralisation Trend Pit Depletion Proposed Workings LOOKING NORTH Note: Possible exploration upside refers to potential areas of explorati
Slide 26: Voisey's Bay Life of Mine extension potential (as of 2026)
Voisey’s Bay Life of Mine extension potential (as of 2026) Base Metals DISCOVERY HILL OVOID REID BROOK EASTERN DEEPS Historical/ Planned Mining Mineral Envelope Historical/ Planned Mining Mineralisation Trend Mineral Envelope Pit Depletion Mineralisation Trend Proposed Workings Pit Depletion LOOKING
Slide 27: Mantos Blancos expansion opportunities
Mantos Blancos expansion opportunities Base Metals Growth Opportunities: 2024 - 2026 Throughput Performance (ktpd) (1) Phase II Expansion EIA permit application Design throughput: 20 ktpd 21.3 21.4 submitted in Q2 2026 20.9 19.6 19.7 Project 19.1 18.1 Phase II study expected towards the end of tie-i
Slide 28: Other key base metals portfolio updates
Other key base metals portfolio updates Base Metals Phase II expansion continues to advance Restart of copper cathode production to ~6ktpa expected in H2 2026 Mimbula Commissioned additional SX Nifty capacity in June Studies ongoing to expand production to (copper) (copper) ~20ktpa of copper cathode
Slide 29: Board of Directors
Board of Directors Andrew Marc Bishop Kevin Varda Christine Graeme Michael James Webb Lafleche Flynn Shine Coignard Dacomb Falconer Rutherford Chairman Chief Executive Chief Financial Senior Independent Independent Non-Executive Independent Officer Officer Independent Non-Executive Non-Executive Dir
Slide 30: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Research analyst consensus (Atrium, Berenberg, Canaccord Genuity, Peel Hunt, RBC, Scotiabank, Stifel) with the following price assumptions: Copper: 2026 $5.71/lb, 2030 $4.77/lb. Cobalt (alloy grade): 2026 $25.1/lb, 2030 $21.0/lb. Steel- making coal: 2026 $213
Slide 31: Endnotes (2/2)
Endnotes (2/2) Asset information: Voisey’s Bay stream entitlement of 22.82% of cobalt production until 7.6kt of finished Piauí project – Ecora has the right to acquire a further 2.65% GRR for US$62.5m to part cobalt is delivered, 11.41% thereafter; represents 70% share of the original stream fund co