Cañariaco Project Update

Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press releases issued today by Fortescue Ltd ("Fortescue") and Alta Copper Corp. ("Alta Copper") announcing that they have entered into a binding agreement under which Fortescue proposes to acquire the remaining 64 per cent of Alta Copper's issued and outstanding common shares not already owned by Fortescue ("Transaction").

Alta Copper is the 100 per cent owner of the Cañariaco Copper Project ("Cañariaco Project") located in Northern Peru within an emerging porphyry corridor that hosts several large exploration and development opportunities. The Cañariaco Project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect.

Alta Copper published an Optimised Preliminary Economic Assessment for the Cañariaco Project on 10 June 2024, which estimated annual average copper production of 158k tonnes for the first ten years and 134k tonnes across the life of the mine.

Ecora holds a 0.5% Net Smelter Return royalty on the Cañariaco Project.

The Transaction remains subject to various approvals, the details of which are included in the full announcement from Fortescue, which can be viewed here: https://content.fortescue.com/fortescue17114-fortescueeb60-productionbbdb-8be5/media/project/fortescueportal/shared/documents/regulatory/asx-announcements/automated/03037239-fortescue-to-acquire-alta-copper.pdf