Ecora Royalties Plc · LSE:ECOR
Ecora Royalties — FY 2024 Earnings Presentation
22 slides from Ecora Royalties's earnings presentation, Mar 27, 2025
Slide 1: Critical Minerals Royalties & Streams FY 2024 Results
Critical Minerals Royalties & Streams ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF FY 2024 Results
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 Portfolio highlights Portfolio contribution: $63.2m, up 9% (2023: $58.2m)(1) Volume growth: at Kestrel, Voisey’s Bay and Mantos Blancos, momentum we expect to continue into 2025 AEPS: 11.43c (2023: 11.82c) Voisey’s Bay: underground mine expansion project Updated capit
Slide 4: Portfolio snapshot
Portfolio snapshot Key asset cost curve positioning (1) Commodity exposure(1) ~50% Base metals 80% ~80% 1st Quartile 44% 1st & 2nd 2nd Quartile 34% Copper Specialty metals & uranium 12% quartile 3rd Quartile 18% Bulks & other 8% 4th Quartile 3% Geographic exposure (1) Stage of development (1) ~85% O
Slide 5: 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 Santo Domingo West Musgrave Nifty Vizcachitas Cañariaco Phase II & tailings In Produc
Slide 6: Critical minerals driving revenue growth
Critical minerals driving revenue growth Analyst consensus revenue forecast(1) $m Expansions underway at producing assets 120 Base metals (in production) Base metals (in development) Voisey’s Bay: UG ramp up 2025-26 Specialty metals & uranium 100 Bulks & other Mimbula: brownfield expansion 2025-26 8
Slide 7: What's priced into the shares?
What’s priced into the shares? Analyst consensus NAV/share(1) GBP per share £0.19 (£0.39) £0.72 Value not currently £1.06 reflected in market value £1.20 Current share price: 66p Current Ecora share £0.66 price of 66p per share Producing Near Term Other Growth Net debt Total NAVPS Assets Development
Slide 8: Financial Overview
FINANCIAL OVERVIEW ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF FY 2024 Results
Slide 9: Financial performance
Financial performance Portfolio contribution Adjusted earnings per share(1) Free cash flow(2) ($m) ($c) ($m) 143.2 132.1 37.6 25.2 85.6 63.6 63.2 15.7 48.4 47.5 11.8 11.4 29.7 25.4 22.1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 • When adjusted for Four Mile in FY 23,
Slide 10: Portfolio contribution
Portfolio contribution ($m) 31 Dec 2024 31 Dec 2023 % Base metals Voisey’s Bay volumes Mantos Blancos (copper) 5.8 6.1 up 36% YoY Voisey’s Bay (cobalt)(1) 5.0 4.3 Volume growth of 60%+ Carlota 0.6 0.6 expected in FY25 based on latest guidance Sub-total 11.4 11.0 4% Specialty metals & uranium McClean
Slide 11: Adjusted earnings bridge
Adjusted earnings bridge Change in earnings (US$m) ($3.0) ($11.0) ($8.6) $11.7 $63.2 $28.9 $11.4c Portfolio McClean Lake Operating expenses Net finance costs Taxes Adjusted earnings Adjusted earnings contribution principal repayment per share • Overheads in line with the previous period despite abov
Slide 12: Summary balance sheet
Summary balance sheet ($m) 31 Dec 2024 31 Dec 2023 Metal streams (inc deferred tax) 165.6 195.0 Kestrel (carried at fair value) 48.7 77.4 Kestrel Reduction primarily reflects Royalty financial instruments 40.6 32.8 the income received during Royalty and exploration intangibles 245.9 269.8 FY24 Other
Slide 13: Net debt reconciliation
Net debt reconciliation Change in net debt ($m) 10 23 (63) 8 10 19 (8) 11 (2) (1) 75 82 1 Jan 2024 Acquisitions & Net finance Overheads Taxes Share buy back Portfolio LIORC disposal Narrabri FX and other Dividends 31 Dec 2024 deferred costs contribution consideration consideration • $10m invested in
Slide 14: Upsized Revolving Credit Facility to $180m
Upsized Revolving Credit Facility to $180m Upsized $180m RCF following $50m Mimbula Continued support from existing syndicate stream acquisition Committed RCF increased by $30m to $180m Lending • $30m of permitted $75m accordion triggered syndicate: • Incremental $45m accordion feature remains in pl
Slide 15: Portfolio Overview
PORTFOLIO OVERVIEW ECORA RESOURCES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF FY 2024 Results
Slide 16: Volume outlook
Volume outlook Steady state annual Commodity 2023A 2024A 2025 forecast production Base Metals Mantos Blancos(1) Copper 49.5 kt 44.6 kt 49 – 59 kt 54 kt Mimbula Copper n/a 14 kt 15 – 20 kt 56 kt Voisey’s Bay Cobalt 154 t 210 t 335 – 390 t c. 560 t(2) (Volumes attr. to Ecora) Specialty Metals & Uraniu
Slide 17: Development milestones
Development milestones Recent achievements Near-Term Medium-Term within 2 yrs 2-5 yrs Voisey’s Bay Underground Mine Expansion (Completed Dec 2024) Ramp up to steady state (H2 2026) Life of mine extension Mantos Blancos Phase II expansion study (H2 2025) Achieved nameplate throughput capacity (H2 202
Slide 18: Voisey's Bay cobalt stream
Voisey’s Bay cobalt stream Voisey’s Bay ore production ramp-up profile(1) Historical cobalt prices(2) (million tonnes per year) ($/lb) • Cobalt prices started 2025 at 50-year lows (assessed in real terms) ~3.0 Open pit 2.8 • DRC introduced 4-month cobalt export ban in late February 2025 Underground
Slide 19: $50m Mimbula copper stream acquisition
$50m Mimbula copper stream acquisition Increased exposure to copper which is now 50% of NAV Income growth in 2025 and expected in 2026 Brownfield expansion underway; expected to increase production from 14ktpa in 2024 to 56ktpa by mid-2026 Deal structured to accelerate cash flow and Heap leach pads
Slide 20: Outlook
Outlook Proven royalty model; Base metals focused, offers de-risked exposure to copper at the core mining sector Copper and cobalt price Production volume growth over tailwinds short and medium term Attractive entry point; Balance sheet flexibility; material discount to NAV of focus on deleveraging
Slide 21: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Ecora research analyst consensus NAV as at 10 March 2025. Cost curve positioning weighted to analyst consensus NAV with producing assets at 2024 positions; ramp-up, construction and development assets at 2027 positions. Cost curve sourced from S&P Global Mark
Slide 22: 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 –