Slide 1: Half Year Results
Half Year Results ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 3 September 2025
Slide 2: Disclaimer
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 concerning the
Slide 3: Highlights
Highlights Financial Highlights Strong growth in base metals portfolio Portfolio contribution: $17.9m (H1 24: $51.3m) Base metals portfolio contribution up 81% to $8.7m reflects timing difference in production on Group’s (H1 24: $4.8m) mining area at Kestrel (FY 25: heavily H2 weighted, FY 2024: H1
Slide 4: Fast growing critical minerals royalty portfolio
Fast growing critical minerals royalty portfolio Portfolio contribution(1) $’millions 100 High-growth portfolio projected c. 75% portfolio Bulks & other Base metals (in development) contribution growth over the next five years critical Specialty metals & uranium minerals portfolio growth of c. 300%
Slide 5: Dugbe sale highlights value in the portfolio
Dugbe sale highlights value in the portfolio Analyst consensus NAV/share(1) Near-term development GBP per share assets include Santo Domingo (Copper) £0.07 Phalaborwa (Rare Earths) (£0.32) West Musgrave (Copper- nickel) £0.73 Piauí (Nickel-cobalt) £0.80 Nifty (Copper) Value not Current currently sha
Slide 6: Financial Overview
FINANCIAL OVERVIEW ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 3 September 2025
Slide 7: Financial performance – 2025 weighted to H2
Financial performance – 2025 weighted to H2 Portfolio contribution Adjusted earnings per share(1) Free cash flow(2) ($m) ($c) ($m) 37.6 132.1 143.2 9.5 50.4 50.3 25.2 85.6 Research analyst 63.6 63.2 consensus forecast (3) Research 19.7 11.8 analyst 48.4 Research 62.6 19.1 11.9 28.1 11.4 consensus an
Slide 8: H1 Portfolio contribution
H1 Portfolio contribution ($m) H1 2025 H1 2024 H/H Base metals Voisey’s Bay (cobalt) 5.1 2.0 Base metals up 81% Mantos Blancos (copper) 3.8 2.8 Further volume growth expected in H2 Mimbula (copper) 0.7 n/a Carlota 0.3 0.4 Metal stream cost of sales(1) (1.2) (0.4) Sub-total 8.7 4.8 81% Voisey’s Bay r
Slide 9: Adjusted earnings bridge
Adjusted earnings bridge Change in earnings $m (1.6) (6.4) 17.9 (4.9) (1.8) 3.2 1.3c Portfolio McClean Lake Operating expenses Net finance costs Taxes Adjusted earnings Adjusted earnings contribution principal repayment per share Cost base is largely the same as FY 24 but the weakening of the USD ha
Slide 10: Summary balance sheet
Summary balance sheet ($m) 30 June 2025 31 Dec 2024 31 Dec 2023 Metal streams (inc deferred tax) 213.6 165.6 195.0 Kestrel (carried at fair value) 40.3 48.7 77.4 45% of royalty assets are Royalty financial instruments 34.3 40.6 32.8 intangible, which are not held at fair value Royalty and exploratio
Slide 11: Net debt reconciliation
Net debt reconciliation Change in net debt $m 5.9 3.0 3.9 (14.4) (11.5) 4.2 51.1 124.6 82.4 (1) 1 Jan 2025 Mimbula acquisition Finance costs, FX & Overheads Taxes Portfolio Narrabri Dividends Net debt - 30 June other contribution consideration 2025 Illustrative year-end net debt scenarios(2) Leverag
Slide 12: Portfolio Update
PORTFOLIO UPDATE ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 3 September 2025
Slide 13: Multiple near-term catalysts
Multiple near-term catalysts Near term includes: Medium term includes: (next 1-4 years) Voisey’s Bay LOM extension & Producing Voisey’s Bay ramp up production expansion Producing Mimbula brownfield expansion Santo Domingo FID & construction Mantos Blancos Phase II Study West Musgrave construction re
Slide 14: Voisey's Bay ramp up is accelerating
Voisey’s Bay ramp up is accelerating Voisey’s Bay volume ramp up(1) Historical cobalt prices(2) tonnes attributable to Ecora $/lb 300 Cobalt prices started 2025 at 50-year lows (assessed in real terms) Alloy grade Standard grade DRC introduced 4-month cobalt export ban in late February 2025; extende
Slide 15: Mantos Blancos: record performance
Mantos Blancos: record performance Throughput performance(1) ktpd Planned Three record quarters in succession in terms of maintenance and Chile power portfolio contribution outage Design throughput: 20ktpd(2) Successful debottlenecking project and asset 19.6 19.1 21.3 management by Capstone has: 14-
Slide 16: Mimbula acquisition increases copper exposure
Mimbula acquisition increases copper exposure Increased exposure to copper which is now 50% of NAV with income growth expected in 2025 and 2026 Phase II expansion continues to advance with crusher installation complete and in commissioning underway; expected to increase production from 14ktpa in 202
Slide 17: Kestrel overview
Kestrel overview LEGEND Production in 2025 heavily H2 weighted Royalty Area Mining moved into Ecora royalty area at H1-end 400kt of attributable production in H1 Area currently being mined 1.8-1.9Mt expected in H2 ECORA ROYALTY AREA ECORA RESOURCES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Critical
Slide 18: PCE tipped to be a generational uranium discovery
PCE tipped to be a generational uranium discovery Exploration campaign ongoing at Patterson Ecora’s royalty coverage at NexGen’s Rook I property Corridor East (PCE), located in Canada o Just over half the planned 43,000m program drilled to date in 2025 o >43% of drillholes to date have intersected h
Slide 19: US critical minerals policy potentially beneficial to Ecora's portfolio
US critical minerals policy potentially beneficial to Ecora’s portfolio Critical minerals designation new proposal to add copper to 2025 critical minerals list US Department of Defense to tender for purchase of up to $500m of alloy grade cobalt stockpile over five years; only four qualifying produce
Slide 20: A fast-growing critical minerals royalty company
A fast-growing critical minerals royalty company Attractive business model Proven business model offering lower risk exposure to mining sector Critical minerals focus Provides exposure to commodities driving electrification, digital infrastructure, robotics and energy demand growth High-quality port
Slide 21: Questions
QUESTIONS ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 3 September 2025
Slide 22: High quality portfolio
High quality portfolio Existing Royalty Portfolio Royalty Description Reserve Based Asset Commodity Operator Mine life 1 Voisey's Bay Cobalt Vale 15 years Producing royalties & streams 2 Mantos Blancos Copper Capstone Copper 14 years 3 Mimbula Copper Moxico Resources 11 years 4 Carlota Copper KGHM 4
Slide 23: Copper at the heart of portfolio
Copper at the heart of portfolio Key asset cost curve positioning (1) Commodity exposure(1) ~50% ~80% 1st Quartile 44% Base metals 80% Copper Specialty metals & uranium 11% 1st & 2nd 2nd Quartile 34% 3rd Quartile 18% Bulks & other 9% quartile 4th Quartile 3% Geographic exposure (1) Stage of developm
Slide 24: Peer valuation comparison
Peer valuation comparison Market Cap(1) P/NAV(1) EV/2025E EBITDA(1) 2025E EBITDA(1) 2025E FCF Yield(1) ($M) (x) (x) ($M) (%) LTM LTM Avg. Max Ecora $241 0.5x 0.4x 0.5x 8.6x $40 10.0% Deterra $1,450 0.9x 0.8x 1.0x 9.7x $167 1.7% LIORC $1,251 0.9x 0.9x 1.0x 8.3x $151 6.0% Altius $1,011 1.0x 1.1x 1.2x
Slide 25: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Research analyst consensus (Berenberg, Canaccord Genuity, Peel Hunt, RBC, Scotiabank) with the following price assumptions: Copper: 2025 $4.36/lb, 2030 $4.17/lb. Cobalt: 2025 $13.5/lb, 2030 $19.2/lb. Steel- making coal: 2025 $189/t, 2030 $206/t. Nickel: 2025
Slide 26: Endnotes (2/2)
Endnotes (2/2) • Largo Inc (“Largo”), the owner of the Maracás Menchen project, is listed on the Toronto Stock Exchange and reports in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the NI 43-101 standards. • Brazilian Nickel (private) Piauí project –