Ecora Royalties Plc · LSE:ECOR
Ecora Royalties — Ecora Resources — Investor Presentation (February 2024)
16 slides from Ecora Royalties's investor presentation, February 2024
Slide 1: Ecora Resources PLC Corporate Overview
Providing capital to the Providing capital to the mining sector required mining sector to supply to supply the commodities the commodities central central to a sustainable future to a sustainable future Ecora Resources PLC Corporate Overview February 2024
Slide 2: 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 3: Commodities central to a sustainable future
Commodities central to a sustainable future Our vision Our strategy To be globally recognised as the To acquire royalties and streams royalty company synonymous over low-cost mining operations with commodities that support a sustainable and projects with strong management future by continuing to gro
Slide 4: Commodity selection
Commodity selection Required to achieve the electrification Mining operations & of energy consumption commodities that support a sustainable future ✓ Copper ✓ Zinc ✓ Tin ✓ Nickel ✓ Manganese ✓ Hydrogen ✓ Lithium ✓ Graphite ✓ Rare Earths ✓ Cobalt ✓ Vanadium ✓ Uranium Current Commodity Exposure Encomp
Slide 5: Delivering against strategic objectives
Delivering against strategic objectives 2014 2022 2023 Onwards OBJECTIVE 1 ✓ Voisey’s Bay Replace the income from Kestrel coal royalty with income from future facing commodities acquisition completed Maracás McClean LIORC Mantos Voisey’s strategic Menchen Lake Iron Ore Blancos Bay objective Vanadium
Slide 6: Capital allocation priorities
Capital allocation priorities Strong financial position with a focus on reducing debt, growth and shareholder returns Other Balance Funding for Quarterly shareholder sheet strength further acquisitions dividends returns • Deployed • Strong banking • Quarterly dividend of • Dependent on business ~$42
Slide 7: Diversified portfolio of producing royalties
Diversified portfolio of producing royalties Market cap of listed producing royalty counterparties ~ $200bn Voisey’s Bay IOC McClean Lake Mill EVBC Carlota Maracás Menchen Kestrel Mantos Blancos Four Mile Producing Voisey’s Mantos Maracás McClean Asset / IOC Kestrel EVBC Four Mile Carlota Commodity
Slide 8: Supported by a strong growth pipeline
Supported by a strong growth pipeline Ring of Fire Salamanca Incoa Piauí West Cañariaco Musgrave Nifty Santo Domingo Pilbara Vizcachitas Development Early Stage West Santo Incoa Asset / Piauí Nifty Vizcachitas Salamanca Pilbara Cañariaco Ring of Fire Commodity (1) Musgrave Domingo Nickel & Cobalt Ca
Slide 9: 2023 performance and 2024 outlook
2023 performance and 2024 outlook ($m) Q4 2023 Q3 2023 FY 2023 FY 2022 Core portfolio 2024 Outlook Voisey’s Bay (cobalt)(1) 1.5 0.4 4.2 14.5 Volume growth is expected across the royalty Mantos Blancos (copper) 1.4 1.4 6.1 6.0 portfolio which, at current spot prices, is forecast to Maracás Menchen (v
Slide 10: Portfolio catalysts
Portfolio catalysts 2024 2025 2026 Voisey’s Bay Underground ramp up West Musgrave Construction Santo Domingo Integration study Construction Phase 2 Feasibility Mantos Blancos Potential expansion Study Construction Piauí Construction financing Expansion of producing mine Construction phase Developmen
Slide 11: Growing future facing commodities portfolio
Growing future facing commodities portfolio Revenue growth from future facing commodities(1) ($’s million) 120 Future facing commodities (producing) Development(2) 100 Other commodities • Santo Domingo: targeted Future facing commodities (construction) first production 2027-28 Future facing commodit
Slide 12: The leading copper growth pipeline in the royalty sector
The leading copper growth pipeline in the royalty sector Illustrative annual copper production(1) (In tonnes 000s) 600 500 400 300 200 100 - Producing In Construction Brownfield Shovel ready Brownfield restart Medium-term Longer-term 1.525% NSR 2.0% NSR 1.525% NSR 2.0% NSR 1.5% GRR 0.25 - 0.55% NSR
Slide 13: Current share price at a significant discount to NAV
Current share price at a significant discount to NAV Analyst Consensus NAV/Share(1) (p/share) £0.09 (£0.23) £0.22 £0.30 Value not currently £0.31 £1.08 reflected in £1.28 market value Current share price 90p Current Ecora Piaui share price of £0.90 West Musgrave Santo Domingo Estimated first 90p per
Slide 14: Investment case
Investment case A leading future-facing commodities royalty company World class royalty Strong growth Track record of portfolio profile capital returns Proven track Robust Attractive record sustainability valuation profile Corporate overview – February 2024 14
Slide 15: Investor information
Investor information Top Shareholders (as at 31 Dec 2023) (1) Analyst coverage Bank of America South32 16.9% Cameron Needham (London) Berenberg Aberforth Partners 7.8% Richard Hatch (London) Canaccord Genuity Schroder Investment Management 6.2% Alex Bedwany (London) Peel Hunt Hargreaves Lansdown 4.1
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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