Slide 1: Rule Symposium, Boca Raton
Rule Symposium Boca Raton ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF July 6-10, 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 25% 1st & 2nd 2nd Quartile 34% Copper Nickel 11% 3rd Quartile 18% quartile Specialty metals & uranium 10% 4th Quartile 3% Bulks & other 8% 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: 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 9: 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 10: 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 11: Royalty sector overview
Royalty sector overview DIVERSIFIED CRITICAL MINERALS FOCUSED SINGLE COMMODITY FOCUSED (Combined market cap(1): US$4.5 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$129.0 billion) 1. As at 23
Slide 12: 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 13: 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 ~$70m Mimbula Kestrel EVBC Copper Steelmaking Coal Gold Brownfield expansion poten
Slide 14: Copper driving growth in portfolio contribution
Copper driving growth in portfolio contribution Critical Minerals Portfolio contribution(1,2) US$ millions, Research Analysts Consensus Forecasts Rare Earths & Vanadium Research analyst 120 forecasts exclude potential brownfield Uranium expansions: 100 Nickel Illustrative 80 Cobalt Mantos Blancos Ph
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 (2) EV/EBITDA (2026E) FCF Yield (2026E) 2.0x 40.0x 10.0% 9.0% 8.0% 1.5x 30.0x 7.0% 6.0% 1.0x 20.0x 5.0% 4.0% 3.0% 0.5x 10.0x 2.0% 1.0% 0.0x 0.0x 0.0% Ecora ECORA Evolve Deterra Precious Altius Ecora ECORA Evolve Deterra Precious Altius Ecora Deterra Evo
Slide 17: What is priced in today?
What is priced in today? Analyst consensus NAV/share(1) Near-term development USD per share assets include $0.30 $0.31 Santo Domingo (Copper) Phalaborwa (Rare Earths) Value not West Musgrave (Copper-nickel) $1.26 $1.18 currently reflected in Piauí (Nickel-cobalt) market value Nifty (Copper) Current
Slide 18: 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 19: Record of delivery
Record of delivery Rick Rule Conference 2025 Today Ramp-up in cash generation from Base metals royalties up ~150% critical mineral in 2025 to $29m from $11m royalties Debt reduction following $50m Net debt Q1 26 of ~$85m, from copper stream $128m at transaction close in acquisition in March 2025 Mor
Slide 20: Outlook
Outlook Volume growth in 2026 from key base metal royalties Multiple near-term catalysts in development portfolio Continued deleveraging accelerated by commodity price tailwinds Focus on growth & diversification Royalty model is defensive in inflationary environment ECORA ROYALTIES PLC | LSE: ECOR |
Slide 21: Appendices
APPENDICES ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 22: Capital structure
Capital structure(1) SHARE KEY ANALYST DIRECTORS STRUCTURE SHAREHOLDERS COVERAGE OWNERSHIP (2) Ordinary shares in issue South32 Atrium Research (Toronto) Marc Bishop Lafleche (CEO) 249,453,553 17.5% Riley Venton 1,204,000 Recent buying: 809,234 Berenberg (London) Treasury shares Aberforth Partners R
Slide 23: Strong track record of capital allocation
Strong track record of capital allocation Acquisition Cumulative Consensus NAV + (Income Received + NAV) / (In US$m) Price Income1 NAV Estimate2 Income Received Purchase Cost3 Maracás Menchen 2014 $25 $30 $28 $58 230% McClean Lake 2017 $31 $40 $21 $61 196% Piauí 2017 $9.5 n/a $41 $41 432% Cañariaco
Slide 24: Net debt reconciliation
Net debt reconciliation Change in net debt ($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 25: 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 Shipping timelines pushed some Q1 26 volumes into Q2 500 - 560 t 26;
Slide 26: Voisey's Bay Life of Mine extension potential (as of 2026)
Voisey’s Bay Life of Mine extension potential (as of 2026) DISCOVERY HILL OVOID REID BROOK EASTERN DEEPS LOOKING NORTH Historical/ Planned Mining Mineral Envelope Mineralisation Trend Pit Depletion Proposed Workings Note: Possible exploration upside refers to potential areas of exploration and does
Slide 27: Voisey's Bay Life of Mine extension potential (as of 2018)
Voisey’s Bay Life of Mine extension potential (as of 2018) 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 exploration and does
Slide 28: Mantos Blancos: record year
Mantos Blancos: record year Record portfolio Volume expected to be c. 10% Phase II study due Q3 2026 contribution in 2025 lower in 2026 • Low capex expansion of sulphide mill following successful • Mining in zone with lower • Potential to increase copper cathode debottlenecking project copper grades
Slide 29: 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 contribution private royal
Slide 30: 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 31: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Research analyst consensus (Atrium, Berenberg, Canaccord Genuity, Peel Hunt, RBC, Scotiabank, Atrium) with the following price assumptions: Copper: 2026 $5.77/lb, 2030 $5.41/lb. Cobalt (alloy grade): 2026 $26.3/lb, 2030 $22.6/lb. Steel-making coal: 2026 $220/
Slide 32: Endnotes (2/2)
Endnotes (2/2) Piauí project – Ecora has the right to acquire a further 2.65% GRR for US$62.5m to part fund construction to increase capacity to 27,000t nickel & 1,000t cobalt per annum (over the first 10 years). Cameco Corporation (“Cameco”), the majority owner of the Cigar Lake project (“Cigar Lak