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Update on the Phalaborwa Rare Earths Project DFS
Ecora Royalties PLC has noted an update from Rainbow Rare Earths Limited regarding the Definitive Feasibility Study for the Phalaborwa rare earths project, where test work and pilot plant operations have optimized the flow sheet, with 75% now in the engineering phase. Ecora holds a 0.85% Gross Revenue Royalty on this project, which will increase to 1.10% if commercial production does not commence before July 1, 2028. Disclaimer*
About this update from Ecora Royalties Plc
1 July 2026 Ecora Royalties PLC ("Ecora") Update on the Phalaborwa Rare Earths Project DFS Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press release issued today by Rainbow Rare Earths Limited ("Rainbow") providing a detailed update on the Definitive Feasibility Study (DFS) for its Phalaborwa rare earths project. Highlights of the release include: · Test work and pilot plant operations have optimised and simplified the flow sheet at Phalaborwa · Major process decisions and optimisations have been delivered and implemented by Rainbow's in-house laboratory · Pilot plant has operated successfully during H1 2026 with data recovered feeding into the process design for the DFS · 75% of flowsheet now in engineering phase of DFS, final optimisation of the solvent extraction (SX) circuit underway. Ecora holds a 0.85% Gross Revenue Royalty on the Phalaborwa project, increasing to 1.10% if commercial production does not occur prior to 1 July 2028. The full announcement from Rainbow can be viewed here. For further information: Ecora Royalties PLC +44 (0) 20 3435 7400 Geoff Callow - Head of Investor Relations Website: www.ecoraroyalties.com FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis +44 (0) 20 3727 1000 [email protected] About Ecora Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core of our portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security. Our cash generative portfolio includes producing royalties and streams, and has a strong organic growth profile that is expected to generate substantial additional cash flow in the medium term. We take a disciplined approach to investments and acquisitions, focusing on high quality opportunities, in established mining jurisdictions and with experienced management teams. These investments have the potential to deliver enhanced returns through life of mine extension and commodity price outperformance. Our management team has a long and proven track record of originating, completing...
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