Slide 1: 2026 Half Year Results
2026 Half Year Results ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF September 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: $31.3m 7.81c $74.9m 1.9c/sh $12.1m (H1 2025: (H1 2025: (Y/E 2025: (H1 2025: (H1 2025: $17.9m) 1.27c) $85.5m) 0.6c/sh) $2.0m) Continued DELIVERY Critical minerals Base Copper Accelerated Portfolio growth
Slide 4: Financial overview
FINANCIAL OVERVIEW ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 5: Financial performance – growth in portfolio contribution converting to adjusted earnings
Financial performance – growth in portfolio contribution converting to adjusted earnings Portfolio contribution Adjusted earnings per share (1) Free cash flow (2) ($m) ($c) ($m) 63.6 63.2 11.8 11.4 29.7 57.0 11.9 27.4 1.0 19.1 2.8 8.9 12.1 22.1 39.1 9.5 10.4 25.4 51.3 7.6 0 44.5 9.0 7.8 31.3 17.6 12
Slide 6: Portfolio contribution
Portfolio contribution ($m) H1 2026 H1 2025 H/H FY 2025 BASE METALS 159% increase YoY Voisey’s Bay (cobalt) 16.6 5.1 18.9 • 90% increase in cobalt Mantos Blancos (copper) 4.8 3.8 9.5 volumes from Voisey’s Bay Mimbula (copper) 5.0 0.7 4.0 • Receiving spot prices for copper and cobalt – both Carlota (
Slide 7: Adjusted earnings bridge
Adjusted earnings bridge Adjusted earnings bridge ($m) (0.8) (6.3) (3.8) (0.9) 31.3 19.5 7.8c Portfolio McClean Lake Operating expenses Net finance costs Taxes & other Adjusted earnings Adjusted earnings per contribution principal repayment share Operating expenses remain in line with H1 2025 – demo
Slide 8: Summary balance sheet
Summary balance sheet ($m) 30 June 2026 31 Dec 2025 Metal streams (inc deferred tax) 223.2 225.0 Kestrel (carried at fair value) 29.2 24.4 87% of royalty assets Royalty financial instruments 43.5 35.4 not carried at fair Royalty and exploration intangibles value under IFRS 251.8 250.4 Other long-ter
Slide 9: Net debt reconciliation
Net debt reconciliation Change in net debt ($m) 5.7 7.5 3.9 (29.2) 1.5 85.5 74.9 Net Debt - 1 January 2026 Finance Costs,FX & Other Operating expenses Taxes Portfolio Contribution Dividends Net Debt - 30 June 2026 Illustrative year-end net debt scenarios(1) Growth Deleveraging Returns 2026 2027 Stro
Slide 10: Portfolio overview
PORTFOLIO OVERVIEW ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 11: Cobalt: Strong Voisey's Bay performance
Cobalt: Strong Voisey’s Bay performance Base Metals Voisey’s Bay volume ramp up (1) Mine ramp-up largely completed: Ore milled (ktpd) ~2.8 Mtpa run rate (ytd) 266t of attributable cobalt received in H1 3 FY guidance 500-560t of attributable cobalt Maintenance schedule for H2 • Voisey’s Bay processin
Slide 12: Voisey's Bay Life of Mine extension potential (as of 2018)
Voisey’s Bay Life of Mine extension potential (as of 2018) Base Metals 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 explorati
Slide 13: Voisey's Bay Life of Mine extension potential (as of 2026)
Voisey’s Bay Life of Mine extension potential (as of 2026) Base Metals DISCOVERY HILL OVOID REID BROOK EASTERN DEEPS Historical/ Planned Mining Mineral Envelope Historical/ Planned Mining Mineralisation Trend Mineral Envelope Pit Depletion Mineralisation Trend Proposed Workings Pit Depletion LOOKING
Slide 14: Mantos Blancos expansion opportunities
Mantos Blancos expansion opportunities Base Metals Growth Opportunities: 2024 - 2026 Throughput Performance (ktpd) (1) Phase II Expansion EIA permit application Design throughput: 20 ktpd 21.3 21.4 submitted in Q2 2026 20.9 19.6 19.7 Project 19.1 18.1 Phase II study expected towards the end of tie-i
Slide 15: Other key base metals portfolio updates
Other key base metals portfolio updates Base Metals Phase II expansion continues to advance Restart of copper cathode production to ~6ktpa expected in H2 2026 Mimbula Commissioned additional SX Nifty capacity in June Studies ongoing to expand production to (copper) (copper) ~20ktpa of copper cathode
Slide 16: Specialty metals & uranium
Specialty metals & uranium Specialty Metals & Uranium Vanadium: Rare Earths: Uranium: Maracas Menchen Phalaborwa Patterson Corridor East Operational improvements driving ~$14.6m fundraising Exploration campaign ongoing at sales growth, debt facilities completed in March Patterson Corridor East (PCE)
Slide 17: Multiple near-term catalysts
Multiple near-term catalysts Near term includes: Medium term includes: (next 1-4 years) PRODUCING PRODUCING Voisey’s Bay – FY at steady state (cobalt) Voisey’s Bay production expansion & LOM extension (cobalt) Mimbula brownfield expansion (copper) Santo Domingo construction RESTART POTENTIAL (copper
Slide 18: 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 ~$70m Mimbula Kestrel EVBC Copper Steelmaking Coal Gold Brownfield Voisey’s Bay Ma
Slide 19: The next chapter: transformed portfolio, focused on copper & other critical minerals
The next chapter: transformed portfolio, focused on copper & other critical minerals 2015-2024 2025 onwards Revenue primarily derived from coal Critical minerals underpinning revenue Dependent on one asset Diversified cashflow sources (Kestrel steel making coal royalty) & organic growth Short mine l
Slide 20: Outlook
Outlook Volume growth in 2026 from key base metal royalties Multiple near-term catalysts in development portfolio Continued deleveraging accelerated by commodity price tailwinds Focus on growth & diversification Royalty model is defensive in inflationary environment ECORA ROYALTES PLC | LSE: ECOR |
Slide 21: Appendices
APPENDICES ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Slide 22: High quality portfolio
High quality portfolio Existing Royalty Portfolio Royalty Description Reserve Based Asset Commodity Operator Mine life 1 Voisey's Bay Cobalt Vale 19 years Producing royalties & streams 2 Mantos Blancos Copper Capstone Copper 15 years 3 Mimbula Copper Moxico Resources 11 years 4 Carlota Copper KGHM 4
Slide 23: A portfolio with strong fundamentals
A portfolio with strong fundamentals Commodity exposure(1) Key asset cost curve positioning (1) ~50% Copper 47% ~80% 1st Quartile 44% Cobalt 28% 1st & 2nd 2nd Quartile 34% Copper Nickel 10% quartile 3rd Quartile 18% Specialty metals & uranium 10% 4th Quartile 3% Bulks & other 5% Geographic exposure
Slide 24: Strong track record of capital allocation
Strong track record of capital allocation Acquisition Cumulative Consensus NAV + (Income Received + NAV) / (In US$m) Price Income1 NAV Estimate2 Income Received Purchase Cost3 Maracás Menchen 2014 $25 $31 $27 $58 232% McClean Lake 2017 $31 $41 $20 $61 196% Piauí 2017 $9.5 n/a $46 $46 483% Cañariaco
Slide 25: Royalty sector overview
Royalty sector overview NON-PRECIOUS METAL FOCUSED SINGLE COMMODITY FOCUSED (Combined market cap(1): US$5.1 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$169.0 billion) 1. As at 24 August 202
Slide 26: Attractive entry point relative to peers
Attractive entry point relative to peers P/NAV EV/EBITDA (2026E) FCF Yield (2026E) 1.6x 40.0x 10.0% 8.0% 1.2x 30.0x 6.0% 0.8x 20.0x 4.0% 0.4x 10.0x 2.0% 0.0x 0.0x 0.0% ECORA Ecora Evolve Deterra Precious Altius ECORA Ecora Deterra Precious Evolve Altius ECORA Ecora Deterra Precious Evolve Altius Roy
Slide 27: 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) Riley Venton 249,676,067 17.5% 1,204,000 Berenberg (London) Recent buying: 809,234 Richard Hatch No share purchase warr
Slide 28: 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 29: Endnotes (1/2)
Endnotes (1/2) Presentation Endnotes: i. Assumes no further acquisitions. Operator partner production guidance and broker consensus commodity price forecasts: Met coal: 2026 = $232/t, 2027 = $228/t: ; Copper: 2026 = $5.9/lb, 2017 = $5.9/lb; Cobalt: 2026 = $25.2/lb, 2027 = $24.2/lb; Uranium: 2026 = $
Slide 30: Endnotes (2/2)
Endnotes (2/2) Asset information: Voisey’s Bay stream entitlement of 22.82% of cobalt production until 7.6kt of finished Piauí project – Ecora has the right to acquire a further 2.65% GRR for US$62.5m to part cobalt is delivered, 11.41% thereafter; represents 70% share of the original stream fund co