Ecora Royalties Plc · LSE:ECOR
Ecora Royalties — FY2025 Earnings Presentation
31 slides from Ecora Royalties's earnings presentation, Mar 26, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF March 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: Highlights
Highlights FINANCIAL Portfolio Free cash flow: Highlights AEPS: Net debt: Dividend: contribution: $57.0m 8.86c $85.5m 2.00c/sh $27.4m (2024: $63.2m) (2024: 11.43c) (2024: $82.3m) (2024: 2.81c/sh) (2024: $22.1m) A year of DELIVERY Critical minerals Base Increased Accelerated Portfolio growth: metals
Slide 4: A landmark year
A landmark year Critical minerals comprise Critical minerals % of portfolio contribution(1) critical minerals coal majority of portfolio 100% contribution for first time Base metals comprised 50% of portfolio contribution in 75% 2025 and expected to grow to ~ 85% by 2030 50% Coal % of portfolio cont
Slide 5: Strong growth profile
Strong growth profile High-growth portfolio Portfolio contribution(1,2) $’millions Illustrative portfolio 150 contribution at higher Speciality Metals & Uranium copper prices Changing commodity Base metals (in production) complexion underlying portfolio Base metals (in development) contribution Bulk
Slide 6: Multiple near-term catalysts
Multiple near-term catalysts Near term includes: Medium term includes: (next 1-4 years) PRODUCING PRODUCING Voisey’s Bay ramp up Voisey’s Bay LOM extension & production expansion (cobalt) (cobalt) Mimbula brownfield expansion (copper) Santo Domingo construction (copper) NEAR-TERM EXPANSIONS & BROWNF
Slide 7: Financial Overview
FINANCIAL OVERVIEW ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 8: Financial performance
Financial performance Portfolio contribution Adjusted earnings per share(1) Free cash flow(2) ($m) ($c) ($m) 143.2 37.56 130.8 25.18 85.6 63.6 63.2 57.0 11.82 45.9 11.43 8.86 29.7 27.4 22.1 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Critical Minerals made up c. 65% of
Slide 9: Portfolio contribution
Portfolio contribution ($m) 31 Dec 2025 31 Dec 2024 % BASE METALS Voisey’s Bay (cobalt) 18.9 6.2 150% increase YoY Mantos Blancos (copper) 9.5 5.8 • Volume increases of 113% and Mimbula (copper) 4.0 n/a 40% at Voisey’s Bay and Mantos Blancos respectively Carlota 0.8 0.6 • 43% increase in cobalt pric
Slide 10: Adjusted earnings bridge
Adjusted earnings bridge Adjusted earnings bridge (US$m) ($2.6) ($12.2) ($10.4) $57.0 ($9.9) $22.1 $8.9c Portfolio McClean Lake Operating expenses Net finance costs Taxes Adjusted earnings Adjusted earnings per contribution principal repayment share Recurring overheads in line with the previous peri
Slide 11: Summary balance sheet
Summary balance sheet ($m) 31 Dec 2025 31 Dec 2024 Metal streams (inc deferred tax) 225.0 165.6 88% of royalty assets Kestrel (carried at fair value) 24.4 48.7 not carried at fair Royalty financial instruments 35.4 40.6 value under IFRS – Royalty and exploration intangibles 250.4 245.9 implying sign
Slide 12: Net debt reconciliation
Net debt reconciliation Change in net debt ($m) 7.5 9.8 12.0 (55.0) 50.0 (16.5) (11.5) 6.9 82.3 85.5 Net Debt - 1 Mimbula Finance Costs,FX Overheads Taxes Portfolio Dugbe disposal Narrabri Dividends Net Debt - 31 January 2025 acquisition & Other Contribution consideration December 2025 Growth $50m i
Slide 13: Portfolio Overview
PORTFOLIO OVERVIEW ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 14: Strong price performance from our key commodities
Strong price performance from our key commodities Alloy grade cobalt Ecora’s key commodity prices rebased to 100 (1)(2) prices have doubled 225 Met Coal from the beginning Copper of 2025 driven by 200 Cobalt Uranium DRC export ban and Rare Earths subsequent quota 175 Nickel Met Coal 150 Copper has s
Slide 15: Volume outlook
Volume outlook 2026 Operator Partner Steady state Commodity 2024A 2025A Guidance annual production Mantos Blancos(1) Copper 44.6 kt 61.9kt 48 – 56kt 54kt Mimbula Copper 14kt 20 kt exit rate 30 – 35kt 56kt Voisey’s Bay Cobalt 210t 448t 500 – 560t c. 560 t(2) (Volumes attr. to Ecora) McClean Lake Mill
Slide 16: Cobalt: Voisey's Bay continues to ramp up
Cobalt: Voisey’s Bay continues to ramp up Voisey’s Bay volume ramp up(1) Cobalt volumes increased to 448t (2024: 210t); 2026 tonnes attributable to Ecora guidance 500t-560t (up 12%-25%) 600 Life of mine extended by 4 years to 2044 500 - Shipping timelines pushed some Q1 26 volumes into Q2 560 t 26;
Slide 17: Mantos Blancos: record year
Mantos Blancos: record year Record portfolio Volume expected to be Phase II study due mid-2026 contribution in 2025 c. 10% lower in 2026 • Low capex expansion of sulphide mill following successful • Mining in zone with lower copper grades • Potential to increase copper cathode debottlenecking projec
Slide 18: Other key base metals portfolio updates
Other key base metals portfolio updates Exited 2025 at 20ktpa / guidance Board of Cyprium approved cathode Mimbula of 30-35ktpa in 2026 Nifty production restart (copper) Building toward nameplate (copper) Continue working towards potential capacity of 56ktpa reactivation of the open pit Strategic pa
Slide 19: 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 20: Key assets: Specialty metals & uranium
Key assets: Specialty metals & uranium Derisked the flow sheet Added Yttrium to mineral resource Rare Earths: estimate Phalaborwa Targeting DFS in 2026 NdPr oxide prices up 60% in 2025 Exploration campaign ongoing at Patterson Corridor East (PCE), located in Canada High-grade uranium is at shallower
Slide 21: Bulks & other
Bulks & other Area expected to be mined H2 2026 Volumes marginally up in 2025 but portfolio contribution down 58% due to lower realised average price of Met Coal: $143/t (2024: $223/t) KESTREL 2026 is last meaningful year (> 1Mt) with 2030 expected to be last year of Ecora private contribution royal
Slide 22: Outlook
Outlook Volume growth in 2026 from key base metal royalties Multiple near-term catalysts in development portfolio Continued deleveraging accelerated by commodity price tailwinds Focus on growth & diversification Inflationary environment benefits royalty model ECORA ROYALTES PLC | LSE: ECOR | TSX: EC
Slide 23: Appendices
APPENDICES ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 24: High quality portfolio
High quality portfolio Existing Royalty Portfolio Royalty Description Reserve Based Asset Commodity Operator Mine life 1 Voisey's Bay Cobalt Vale 19 years Producing royalties & streams 2 Mantos Blancos Copper Capstone Copper 15 years 3 Mimbula Copper Moxico Resources 11 years 4 Carlota Copper KGHM 4
Slide 25: Copper at the heart of portfolio
Copper at the heart of portfolio Key asset cost curve positioning (1) Commodity exposure(1) ~50% ~80% 1st Quartile 44% Base metals 82% Copper Specialty metals & uranium 10% 1st & 2nd 2nd Quartile 34% 3rd Quartile 18% Bulks & other 8% quartile 4th Quartile 3% Geographic exposure (1) Stage of developm
Slide 26: Strong track record of capital allocation
Strong track record of capital allocation (Income Received + Acquisition Cumulative Consensus NAV + Income NAV) / (In US$m) Price Income1 NAV Estimate2 Received Purchase Cost3 Maracás Menchen $25 $30 $29 $59 236% 2014 McClean Lake $31 $40 $21 $61 197% 2017 Piauí $9.5 n/a $41 $41 431% 2017 Mantos Bla
Slide 27: Royalty market overview
Royalty market overview Few listed peers focused on critical minerals strategy: DIVERSIFIED CRITICAL MINERALS FOCUSED PRECIOUS METAL FOCUS (Combined market cap(1): US$3.7 billion) (Combined market cap(1): US$134.0 billion) SINGLE COMMODITY FOCUSED (Combined market cap(1): US$1.8 billion) 1. As at 23
Slide 28: Attractive entry point relative to peers
Attractive entry point relative to peers (2) P/NAV EV/EBITDA (2026E) FCF Yield (2026E) 1.5x 40.0x 10.0% 9.0% 8.0% 30.0x 1.0x 7.0% 6.0% 20.0x 5.0% 4.0% 0.5x 3.0% 10.0x 2.0% 1.0% 0.0x 0.0x 0.0% ECORA Ecora Evolve Deterra Altius Precious ECORA Ecora Deterra Evolve Precious Altius Deterra Ecora ECORA Pr
Slide 29: Capital structure
Capital structure(1) SHARE KEY ANALYST DIRECTORS STRUCTURE SHAREHOLDERS COVERAGE OWNERSHIP (2) Ordinary shares in issue South32 Berenberg (London) Marc Bishop Lafleche (CEO) 249,054,749 17.5% Richard Hatch 1,108,511 Recent buying: 773,622 Treasury shares Aberforth Partners Canaccord (London) Kevin F
Slide 30: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Research analyst consensus (Atrium, Berenberg, Canaccord Genuity, Peel Hunt, RBC, Scotiabank) 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/t, 2030
Slide 31: Endnotes (2/2)
Endnotes (2/2) • Cameco Corporation (“Cameco”), the majority owner of the Cigar Lake project (“Cigar Lake”), 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. Ecora loan of C