Q4 2024 Trading Update

Ecora Resources PLC (LSE/TSX: ECOR) issues the following trading update for the period 1 October to 31 December 2024.

Fourth Quarter and Full Year 2024 Portfolio Contribution

Increased production volumes at Voisey's Bay and Mantos Blancos underpinned a portfolio contribution of US$6.7m in Q4 2024, 29% up on Q3 2024. FY 2024 total portfolio contribution increased 9% year on year to US$63.2m (FY 2023: US$58.2m - adjusted for US$5.4m one-off Four Mile receipt in Q4 2023 following the favourable Court ruling with respect to royalty payments due between 2014 and Q3 2023).

Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:

"Fourth quarter performance was underpinned by a record quarterly portfolio contribution from Mantos Blancos, coupled with record production from the underground mine at Voisey's Bay, which saw streamed cobalt entitlements for the year at the top of our guidance range. We carry this momentum into 2025 with both operations expected to deliver further production volume growth in the year ahead.

"The fundamental outlook for copper remains strong, which has led to some of the largest operators globally recently seeking to significantly increase copper exposure. Ecora's royalty portfolio provides investors exposure to a strong organic copper growth profile through a de-risked royalty model. With volume growth anticipated in 2025 we are well positioned to transact on opportunities in the year ahead."

Highlights:

• 9% increase in portfolio contribution for the year ended 31 December 2024 of US$63.2m (2023: US$58.2m)(1)
• Total portfolio contribution of US$6.7m in Q4 2024 (Q4 2023: US$9.0m(1); Q3 2024: US$5.2m)
• Completion of the Voisey's Bay Mine Expansion project, underground mining activities continue to ramp up to steady state production rates, with record levels of underground production during the period driving net portfolio contribution of US$2.3m (Q3 2024: US$1.2m):

o Seven deliveries in Q4 2024 (Q3 2024: 4 deliveries) led to a total of 15 deliveries in FY 2024; at the high end of FY guidance of 11-16 deliveries (FY 2023: 11 deliveries)

o Realised Q4 2024 average sales price of US$12.9/lb (Q3 2024: US$11.4/lb)

• Record Mantos Blancos quarterly portfolio contribution of US$1.7m in Q4 2024 (Q3 2024: US$1.3m)
• The operator of the Four Mile mine continues to report that no royalty income is due, despite production continuing. The Group has formally exercised its information rights under the royalty agreement to understand the circumstances, following which it will take such action as it considers appropriate
• Net debt at 31 December 2024 of US$82.4m (Q3 2024: US$85.5m)

12023 numbers exclude US$5.4m of accrued income released to the income statement following the favourable Four Mile judgement announced on 4 December 2023

2In Q4 2024, principal repayment totalled US$0.5m and interest received totalled US$0.3m

3Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income

4Includes ongoing metal purchase costs under stream agreements

Portfolio updates:

• Capstone Copper ("Capstone") is targeting the completion of a Mantos Blancos Phase II Expansion Feasibility Study by the end of 2025

o Capstone is also evaluating Mantos Blancos tailings reprocessing that could increase copper production by ~25 ktpa for 15 years with no additional mining or crushing costs

• Largo Inc. published an Updated Life of Mine Plan and Pre-Feasibility Study in respect of the Maracás Menchen mine which included a 13-year increase in the reserve-based mine life (out to 2054) and a 67% increase in Mineral Reserves
• Brazilian Nickel received a letter of interest from the U.S. International Development Finance Corporation expressing interest in providing the Piauí Nickel Project with a loan facility of up to US$550m, representing approximately 40% of the overall financing package
• Rainbow Rare Earths released an Interim Economic Study confirming the Phalaborwa rare earths project as one of the highest margin rare earths projects globally outside of China
• In line with guidance, Kestrel Q4 2024 production mainly outside of Ecora's private royalty area
• Cyprium Metals Limited ("Cyprium") published a Pre-Feasibility Study for the Nifty Copper Mine Complex which estimated that the Initial Cathode Project will produce an annual average of 6Kt of copper over four years and forecast that the Copper Concentrate Project will produce an average of 38.7 Kt of copper over an estimated 20-year reserve-based mine life

o In December, Cyprium launched a A$13.5m fundraising, with the majority of the funds being used to advance the Nifty project. Cyprium expects the fundraising to complete in the next month

• NexGen Energy ("NexGen") completed its 2024 drilling programme in the Patterson Corridor East (PCE), establishing a substantial 600m strike and 600m depth uranium zone only 3.5km from the flagship world-class Arrow deposit. A significant drill program in 2025 is planned at PCE, where NexGen believes there is the prospectivity for material growth

Post-period events:

• Approval of Whitehaven Coal's Narrabri Stage 3 project triggered Ecora's right to a total of US$5m in contingent consideration of which US$3m was received this month. The remaining US$2m will be paid in equal instalments in January and December 2026

Portfolio outlook:

• Overall: 2025 production volumes are expected to grow relative to 2024, driven mainly by:

o Voisey's Bay: the Group is expecting between 335 tonnes and 390 tonnes (24-28 deliveries) of attributable cobalt metal in 2025 (2024: 210 tonnes (15 deliveries)) as the ramp up continues

o Kestrel: saleable volumes produced within the Group's private royalty area are expected to be 5-10% higher than those achieved in 2024 (c. 2 Mt)

o Production primarily expected in the Group's private royalty area in Q2 and Q3 2025

o Mantos Blancos: increased copper production due to higher mill throughput with operator guidance of between 49,000 and 59,000 tonnes (2024: 44,574 tonnes)

o Volumes weighted towards H2 2025 given planned maintenance in Q1 2025

• Capstone plans to progress partnership discussions and its financing strategy for Santo Domingo throughout 2025, with a potential project sanctioning decision not anticipated prior to 2026

o Capstone has allocated approximately US$50m of capital expenditure in 2025 to the Santo Domingo project

• Business development activities remain focused on growing the Group's near-term income producing royalty portfolio