Half-year Results

Ecora Royalties PLC (LSE/TSX: ECOR, OTCQX: ECRAF) announces half year results for the six months ended 30 June 2026 which are available on the Group's website at www.ecoraroyalties.com and on SEDAR at www.sedar.com. All currencies referred to within are in US dollars unless otherwise specified.

Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core of the portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security.

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

"Ecora's strong first-half performance builds on the momentum established in 2025. The core critical minerals portfolio delivered another record performance, further demonstrating its underlying cash generation potential, with revenue growth converting to a significant increase in adjusted earnings growth, highlighting the scalability of the royalty model. Strong cash generation is expected to continue to drive deleveraging in the second half of 2026, with the additional benefit of commodity price tailwinds should the price of copper, and other key commodity exposures, remain at or above current levels.

"Looking forward, a number of our operating partners are targeting near-term milestones which are expected to advance the next wave of organic growth in our portfolio. Within the base metals portfolio, the evaluation of brownfield expansion opportunities are being progressed at Voisey's Bay and Mantos Blancos, alongside the greenfield Santo Domingo project that is moving towards Final Investment Decision. Elsewhere, a Definitive Feasibility Study on the Phalaborwa rare earths project continues to progress towards completion.

"This combination of strong cash generation, commodity price tailwinds, deleveraging, potential key derisking milestones underpinned by a positive fundamental outlook for copper and other critical minerals, gives us great confidence in the near and long-term outlook for Ecora."

Financial highlights:

• Total portfolio contribution increased 75% to $31.3m (H1 2025: $17.9m) with royalty and metal stream related revenue increasing 102% to $32.0m (H1 2025: $15.8m)
• 159% increase in base metals portfolio contribution to $22.5m (H1 2025: $8.7m)
• 509% increase in adjusted earnings to $19.5m (H1 2025: $3.2m)
• Adjusted earnings per share of 7.81c (H1 2025: 1.27c)
• Profit before tax of $24.3m (H1 2025: loss $10.9m)
• Free cash flow of $12.1m (H1 2025: $2.0m)
• Net debt decreased to $74.9m as at 30 June 2026 (31 December 2025: $85.5m), and down from $124.6m as at 30 June 2025
• Interim dividend of 1.90 cents per share, equating to ~ 25% of free cash flow (H1 2025: 0.60 cents per share)

1 Includes ongoing metal purchase costs under stream agreements, for H1 these were: Voisey's Bay ($3.1m); Mimbula ($1.3m)

2 In H1 2026, principal repayment totalled $0.8m and interest received totalled $0.5m (H1 2025: principal repayment totalled $1.6m and interest received totalled $0.6m)

Portfolio Highlights:

Base metals

Producing

Voisey's Bay (cobalt):

o 266 tonnes of cobalt received (H1 2025: 140 tonnes)

o Ramp-up of operations to full production capacity largely completed

o Portfolio contribution net of stream costs up 230% to $13.5m (H1 2025: $4.1m)

o Average sales price realisation in H1 of $28.4/lb (H1 2025: $16.5/lb)

o As part of its analyst and investor tour to Voisey's Bay in June, Vale Base Metals published materials that referenced several growth areas at Voisey's Bay, including:

§ plans to expand mill capacity from ~2.8 Mtpa to ~3.8 Mtpa by 2030

§ pre-feasibility study ongoing with an FID targeted by 2028

o 2026 exploration program (underground drilling of 48,695m and surface drilling of 26,500m) focused on:

§ near-term mine plan optimization

§ long-term underground resource growth to potentially support life of mine extension

o Two-week planned annual maintenance scheduled at the Voisey's Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively

Mantos Blancos (copper):

o Portfolio contribution up 26% to $4.8m (H1 2025: $3.8m)

o Payable copper volumes of 23.4 kt (H1 2025: 26.3 kt) were lower than the corresponding period in 2025 due to lower sulphide feed grades and lower recoveries driven by the planned mine sequence, more than offset by higher realised copper prices during H1 2026 of $5.92/lb (H1 2025: $4.33/lb)

o Capstone Copper (Capstone) is targeting the publication of the Mantos Blancos Phase II expansion Pre-Feasibility Study (PFS), outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, toward the end of 2026, and is targeting expanded production to commence between 2030 and 2031

Mimbula (copper):

o Portfolio contribution net of stream costs of $3.7m (H1 2025: $0.5m)

o Phase II expansion project continues to advance, with the commissioning of additional solvent extraction (SX) capacity commencing in June 2026

o Project focus now moves to the construction of the ETL circuit and additional EW cells

Near production and development stage

Santo Domingo (copper):

o Capstone continues to advance the remaining workstreams towards a final investment decision (FID) on Santo Domingo, expected in Q4 2026. The remaining workstreams include:

§ Advancing detailed engineering towards the target of 60% completion

§ Evaluating district infrastructure optimization opportunities; and

§ Securing financing for the project

o Capstone also progressed copper production upside projects with the 2026 exploration drill programme of 54,700m, 52% complete, targeting delineation of oxide minerals at the top of Santo Domingo and Estrellita sulphide orebodies

Nifty (copper):

o Cyprium Metals Ltd (Cyprium) advanced the project towards the commencement of copper cathode production (Phase 1 Restart) of ~6,000 tpa, targeted for H2 2026

o Work continues in parallel to expand production to ~20,000 tpa through refurbishment of the SXEW plant

o Evaluation of the shallow oxide material has also advanced and on completion of this work Cyprium expects to update Mineral Resources & Ore Reserves estimates for the Nifty Copper Complex during the second half of 2026

o Royalty payments to Ecora are not triggered until cumulative 800 kt of copper has been produced from the mine. Taking into account historical copper production, this threshold is not expected to be reached until at least 5 years from production restarting

Cañariaco (copper):

o In March, Fortescue Ltd. completed the acquisition of the remaining 64% of Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is the 100% owner of the Cañariaco copper project in Peru over which Ecora holds a 0.5% NSR royalty

o Expected average annual production for the first ten years of 158 ktpa of copper, 70 koz of gold and 1.5 Moz of silver

Specialty metals & uranium

Producing

McClean Lake (uranium)

o Portfolio contribution of $1.3m (H1 2025: $2.2m)

o Throughput at the McClean Lake Mill totalled 8.1Mlbs (H1 2025: 10.1Mlbs), the reduction compared to H1 2025 was driven by the timing of the annual maintenance outage which occurred in Q2 2026 compared to Q3 in 2025

o Subsequent to the period end, production at Cameco's Cigar Lake mine, which feeds the McClean Lake Mill, was suspended for two weeks due to operational challenges at the McClean Lake Mill. The Cigar Lake mine production outlook remains unchanged at 17.5-18.0 Mlbs

Maracás Menchen (vanadium)

o Portfolio contribution of $1.2m (H1 2025: $0.8m)

o Vanadium sales subject to the royalty in the period totalled 9.5 Mlbs (H1 2025: 6.5 Mlbs) reflecting operational improvement at the Maracás Menchen mine

o In July, Largo Inc agreed a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials under a five-year contract. The order supports the supply of high-purity vanadium products and reinforces the Company's strategic role in U.S. critical mineral supply chains

o Brazilian origin vanadium oxide and hydroxide products were expressly included on the published exemption list with respect to Section 301 tariffs announced on 15 July 2026 applicable to certain products of Brazil imported to the USA

o In August, Largo announced the agreement of a binding term sheet to refinance $82 million of commercial bank debt, with an extended maturity profile to 2030

o The average realised sales price for royalty payments was $7.56/lb (H1 2025: $7.47/lb)

Development and early stage

Phalaborwa (rare earths)

o Rainbow Rare Earths (Rainbow) announced a share issuance in March raising £11.1m (~$14.6m) with proceeds to fund the completion of the Phalaborwa Definitive Feasibility Study (DFS) amongst other uses

o On 1 July, Rainbow announced that its Phalaborwa test work and pilot plant operations have optimised and simplified the flowsheet, with 75% now in the engineering phase of the definitive feasibility study with final optimisation of the solvent extraction underway

Patterson Corridor East (uranium)

o NexGen Energy (Nexgen) continues to report outstanding results from the drilling programme at Patterson Corridor East (PCE)

o The mineralised footprint at PCE and high-grade sub-domain has expanded over the period and is open in nearly all directions. NexGen are continuing to advance their 2026 drill campaign over H2 2026 with the addition of a 5th drill rig

Bulks & other

Producing

Kestrel (steelmaking coal)

o Mining activity at Kestrel returned to the Group's private royalty area at the end of the period, with 100 kt of saleable volumes registered

o Operations are expected to remain in the Group's private royalty area throughout Q3, with FY 2026 total saleable volume guidance remaining unchanged at 1.0 mt - 1.1 mt

Outlook

• Critical minerals portfolio set to continue year-on-year volume growth during the second half of the year, currently benefiting from strong copper and other commodity price tailwinds
• Operator partners are targeting a number of key development milestones including:

o Santo Domingo (FID),

o Mantos Blancos (publication of Phase II PFS),

o Phalaborwa (publication of DFS); and

o Nifty (Cathode production restart)

• Portfolio cashflows expected to drive further debt reduction during H2, providing balance sheet flexibility to fund further royalty and stream acquisitions that meet Ecora's investment criteria

Analyst presentation

A live webcast of the presentation including Q&A will be held today at 2:00pm BST for investors and analysts and will be available via our website at www.ecoraroyalties.com or on https://brrmedia.news/ECOR_HY26.

This will be available for playback after the event.

Please join the event 5-10 minutes prior to the scheduled start time.

Portfolio contribution

Portfolio contribution reflects the overall performance of the Group's underlying royalty and metal stream-related assets. Portfolio contribution is royalty and stream related revenue, less metal stream costs of sales, plus royalties received or receivable from royalty financial instruments carried at fair value through profit or loss (FVTPL) and principal repayments received under the Denison financing agreement. Refer to note 17 of the condensed consolidated financial statements for portfolio contribution.

Operating profit

Operating profit represents the Group's underlying operating performance from its royalty and stream-related assets. Operating profit is royalty and stream related revenue, less metal streams costs of sales, amortisation and depletion of royalties and streams, operating expenses and excludes impairments and revaluations. Operating profit reconciles to 'operating profit before revaluations' in the income statement.

Adjusted EBITDA

Adjusted EBITDA is a defined term in the Group's revolving credit facility and used to determine the Group's leverage ratio and interest cover ratio. Adjusted EBITDA is portfolio contribution, less operating expenses excluding share-based payments.

Adjusted earnings and adjusted earnings per share

Adjusted earnings represent the Group's underlying operating performance from core activities. Adjusted earnings is the profit/(loss) attributable to equity holders plus royalties received from financial instruments carried at FVTPL, less all valuation movements, impairments and impairment reversals, amortisation and depletion charges, unrealised foreign exchange gains and losses, and any associated tax, together with any profit or loss on non-core asset disposals as such disposals are not expected to be ongoing. Adjusted earnings divided by the weighted average number of shares in issue gives adjusted earnings per share. Refer to note 3 of the condensed consolidated financial statements for adjusted earnings and adjusted earnings per share.

Net debt

Net debt is calculated as total borrowings less cash and cash equivalents. Refer to note 10 of the condensed consolidated financial statements for details of the Group's borrowings and net debt.

Free cash flow and free cash flow per share

Free cash flow per share is calculated by dividing net cash generated from operating activities, plus principal repayments received under commodity related financing agreements, proceeds from the disposal of mining and exploration interests and finance income, less finance costs and lease payments, by the weighted average number of shares in issue. Refer to note 15 to the condensed consolidated financial statements for free cash flow per share.

FINANCE REVIEW

Results

H1 2026 delivered another strong financial performance for the Group, with another record contribution from the Group's base metals portfolio which benefitted from both strong operational performance and underlying pricing. Total portfolio contribution increased by 75% to $31.3m for H1 2026 (H1 2025: $17.9m) which, given the Group's flat operating cost base and lower effective tax rate, allowed for meaningful deleveraging in the period.

Cobalt deliveries from Voisey's Bay nearly doubled during the six months to 30 June 2026, compared to the same period in 2025. In addition to the increased volumes, the realised cobalt price for H1 2026 increased by ~72% to $28.40/lb (H1 2025: $16.50/lb), resulting in total cobalt metal stream sales of $16.6m (H1 2025: $5.1m).

The strong performance of the Voisey's Bay cobalt stream and higher copper prices realised across Mimbula, Mantos Blancos and Carlota led to the portfolio contribution from the Group's base metals portfolio increasing by 159% to $22.5m for the six months ended 30 June 2026 (H1 2025: $8.7m).

The Group's specialty metals and uranium portfolio generated portfolio contribution totalling $4.7m for the six months ended 30 June 2026, an increase of 21% compared to $3.9m in H1 2025, mainly as a result of increased sales volumes at Four Mile. In H1 2026, Four Mile reported two full quarters of sales totalling 2.6mlbs, compared to 1.4mlbs in H1 2025 when reported volumes were impacted by a period of stockpiling. Royalty related revenue from Four Mile also benefited from a 15% increase in the underlying uranium price to $82/lb (2025: $71/lb), resulting in H1 2026 royalties totalling $2.1m (H1 2025: $0.9m).

As expected, production remained largely outside of the Group's private royalty land at Kestrel in H1 2026, returning only towards the end of Q2 2026 to generate saleable tonnes of 0.1mt and $1.3m in royalties (H1 2025: 0.4mt and $3.5m). Mining is expected to remain in the Group's private royalty land for the majority of Q3 2026 and produce between 1.0mt - 1.1mt, before moving back into public lands. The Group's EVBC royalty, which continued to benefit from higher gold prices, generated portfolio contribution of $2.9m in H1 2026 (H1 2025: $1.6m). Combined with the Kestrel royalties, this results in a total contribution from the Group's bulks and other assets of $4.2m for the six months ended 30 June 2026 (H1 2025: $5.3m).

Higher production from Voisey's Bay and Mimbula resulted in a corresponding increase in the Group's non-cash amortisation and depletion expense for H1 2026 to $8.3m (H1 2025: $4.6m). When combined with operating expenses which have remained largely flat at $6.3m (H1 2025: $6.4m) this resulted in H1 2026 operating profit before revaluations of $12.9m (H1 2025: $3.7m).

Higher forward-looking rare earths and gold pricing inputs increased the fair values of the Group's Phalaborwa and EVBC royalty instruments by $10.2m (net of tax). In addition, slightly higher forward-looking pricing inputs increased the fair value of the Kestrel royalty by $2.9m (net of tax).

Finance costs reduced by $1.1m to $3.8m in H1 2026 (H1 2025: $4.9m), reflecting the Group's lower average borrowings in H1 2026 of $91.2m (H1 2025: $118.8m). Operational leverage decreased to 1.35x at the end of Q2 2026 in line with the Group's deleveraging in H1 2026 and remains comfortably within the Group's upper threshold of 3.5x.

All of the above resulted in H1 2026 profit after tax of $18.8m (H1 2025: loss after tax $9.0m). Adjusting for the valuation movements, the royalties from EVBC and the principal repayments from McClean Lake, other non-cash items and the tax effect of these adjustments, resulted in H1 2026 adjusted earnings of $19.5m (H1 2025: $3.2m) and adjusted earnings per share of 7.81c (H1 2025: 1.27c).

Balance Sheet

Net assets increased by $17.6m in the first six months of the year to $483.3m at 30 June 2026 (31 December 2025: $465.7m). The increase was primarily driven by the Group's adjusted earnings of $19.5m for the six months ended 30 June 2026, and the higher forward pricing inputs which resulted in the $10.2m increase in the fair value of the Group's royalty financial instruments (net of tax) and the $2.9m increase in the value of the Kestrel royalty (net of tax). These increases were partially offset by $8.3m in amortisation and depletion of the Group's producing royalties and metal streams, together with the declaration of $5.0m in dividends.

Cash flow and liquidity

The Group's net cash generated from operating activities, largely represented by royalty and metal stream related revenue, plus EVBC royalties, less overheads and taxes, increased to $15.2m (H1 2025: $4.1m) reflecting the 90% increase in cobalt deliveries from Voisey's Bay, together with increases in the underlying cobalt, copper and gold prices. Adjusting the cash flows from operating activities for finance costs of $4.0m and the principal repayments received from Denison Mines of $0.8m, together with finance income of $0.1m, results in free cash flow of $12.1m for the six months ended 30 June 2026 (H1 2025: $2.0m) as detailed in note 15 of the financial statements.

The Group repaid $10.0m in borrowings during the first half of 2026, reducing the amount drawn on its revolving credit facility from $93.3m at 31 December 2025 to $83.3m at 30 June 2026. With a leverage ratio (net debt to adjusted EBITDA) of 1.35x at 30 June 2026 compared to the maximum 3.5x permitted, the Group continues to operate well within the financial covenants of the facility. Absent any further acquisitions, the Group expects there to be further deleveraging in the second half of 2026.

Dividends

Under the Group's capital allocation policy, the semi-annual cash dividend is based on a range of 25-35% of the average free cash flow generated in the two immediately preceding six-month periods. The averaging of the two periods is designed to smooth out quarterly volatility from the Kestrel royalty as it moves in and out of the Group's private royalty lands.

The H1 2026 free cash flow of $12.1m and the H2 2025 free cash flow of $25.5m result in an average free cash flow of $18.8m for the two periods. The Board has determined to pay an interim dividend of 1.90 cents per share for the first six months of 2026. This equates to ~25% of the average free cash flow. The 2026 interim dividend will be paid on 29 January 2027 to all shareholders on the Register of Members on 8 January 2027.

Principal risks and uncertainties

Ecora Royalties is exposed to a variety of risks and uncertainties which may have a financial, operational or reputational impact on the Group. The principal risks and uncertainties facing the Group in the second half of 2026 are the same as those disclosed in the 2025 Annual Report and Accounts, and relate to the following:

• Catastrophic and natural catastrophe risks
• Investment success
• Operator dependence and concentration risk
• Commodity prices
• Financing capability
• Future demand
• Geopolitical events
• Stakeholder support

The Group is exposed to changes in the economic environment, including to tax rates and regimes, as with any other business.

Details of any key risks and uncertainties specific to the period are covered in the Portfolio Highlights and Outlook sections. The principal risks and uncertainties facing the Group at the 2025 year end are set out in detail on pages 47 to 54 of the strategic report in the 2025 Annual Report and Accounts.

The 2025 Annual Report and Accounts is available on the Group's website www.ecoraroyalties.com

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Six months ended

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Six months ended

Items that will not be reclassified to profit or loss

Changes in the fair value of equity investments held at fair value through other comprehensive income

Items that have been or may be subsequently reclassified to profit or loss

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

AS AT 30 JUNE 2026

Audited

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2025

Other reserves

Other comprehensive income:

Changes in fair value of equity investments held at fair value through other comprehensive income

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

Other reserves

Other comprehensive income:

Changes in fair value of equity investments held at fair value through other comprehensive income

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2026

Other reserves

Other comprehensive income:

Changes in fair value of equity investments held at fair value through other comprehensive income

Ecora Royalties PLC

Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2026

Six months ended

Ecora Royalties PLC

Condensed Consolidated Financial Statements

NOTES TO THE ACCOUNTS

Basis of preparation

These condensed consolidated interim financial statements of Ecora Royalties PLC (formerly Ecora Resources PLC) are for the six months ended 30 June 2026. They have been prepared in accordance with United Kingdom adopted International Accounting Standard 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2025.

This condensed consolidated financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved on 25 March 2026. Those accounts, which contained an unqualified audit report under Section 495 of the Companies Act 2006 and which did not include a reference to any matters to which the auditors drew attention by way of emphasis and did not make any statements under Section 498 of the Companies Act 2006, have been delivered to the Registrar of Companies in accordance with Section 441 of the Companies Act 2006.

1.1 Going concern

The financial position of the Group and its cash flows are set out on pages 13 and 17. The Directors have considered the principal risks of the Group which are set out on pages 47 to 54 of the 2025 Annual Report and are unchanged, together with key sensitivities which could impact on the level of available borrowings. As at 30 June 2026 the Group had cash and cash equivalents of $8.4m and borrowings under its revolving credit facility of $83.3m leaving $96.7m undrawn from its secured $180.0m revolving credit facility, maturing on 30 January 2028, with an option to extend the facility by up to a further 12 months, subject to lender consent.

Subsequent to the period end, the Group made a partial repayment of $4.5m, resulting in total borrowings under the Group's revolving credit facility as of the date of this report being $78.8m. Subject to continued covenant compliance, the Group has access to a further $101.3m through its secured $180.0m revolving credit facility as at the date of this report.

The Directors have considered the Group's cash flow forecasts for the period to the end of 30 September 2027 under base case and downside scenarios, including the demand for the commodities produced and the prices realised by the underlying operations of the Group's royalty and stream portfolio, and the ongoing operations themselves, including production levels. In all of the scenarios modelled (including an aggregate downside scenario which combines adverse movements of 10% in respect of both volumes and pricing), the Group maintains sufficient liquidity and remains in compliance with the financial covenants of its revolving credit facility throughout the period assessed.

The Board is satisfied that the Group's forecasts and projections, taking account of reasonably possible changes in trading performance and other uncertainties, together with the Group's cash position and access to the revolving credit facility, show that the Group will be able to operate within the levels of its current facilities for the period assessed. For this reason, the Group continues to adopt the going concern basis in preparing its condensed interim financial statements.

1.2 Alternative Performance Measurers

The condensed consolidated interim financial statements include certain Alternative Performance Measures (APMs) which include adjusted earnings per share, net debt, free cash flow per share and portfolio contribution. The directors believe that disclosing alternative performance measures provides benefit to the users of the financial statements and aligns to the Group's internal monitoring of key performance indicators. These APMs are defined on page 6 of this half yearly financial report and are reconciled to GAAP measures in the notes 3, 10, 15 and 17 respectively. The APM definitions are consistent with those disclosed in the consolidated financial statements of the Group for the year ended 31 December 2025 in the glossary on page 155.

1.3 Changes in accounting policies

The accounting policies applied are materially consistent with those adopted and disclosed in the Group financial statements for the year ended 31 December 2025.

The following accounting standards, amendments and clarifications were adopted in the period with no significant impact:

• Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 (applied prospectively as there is no impact on prior period balances): The new requirements clarifying the date of recognition and derecognition of financial assets and financial liabilities did not result in material impacts on our financial statements.
• Annual Improvements to IFRS Accounting Standards - Volume 11: These amendments do not have a material impact on the Group's condensed consolidated financial statements.
• Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7: not applicable to the Group.

The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date.

1.5 Key sources of estimation uncertainty and critical accounting judgements

Key areas of critical accounting judgement and estimation uncertainty that have the most significant effect on the Group's consolidated financial statements remain as disclosed in note 4 of the consolidated financial statements of the Group for the year ended 31 December 2025.

2 Royalty and metal stream related revenue

Six months ended

3 Earnings/(loss) per share

Earnings/(loss) per ordinary share is calculated on the Group's profit after tax of $18.8m for the six months ended 30 June 2026 (30 June 2025: loss of $9.0m) and the weighted average number of shares in issue during the period of 249,453,111 (2025: 248,831,549).

Six months ended

In calculating the earnings per share and adjusted earnings per share, the weighted average number of shares in issue takes into account the dilutive effect of the Group's employee share option schemes in those periods where the Group has earnings or adjusted earnings. In periods where the Group has a loss or an adjusted loss, the employee share option schemes are considered anti-dilutive as including them in the diluted number of shares outstanding would decrease the loss per share, as such they are excluded.

Adjusted earnings per share

Adjusted earnings represent the Group's underlying operating performance from core activities. Adjusted earnings is the profit/(loss) attributable to equity holders plus the royalty receipts from financial instruments carried at fair value through profit or loss, less all valuation movements, impairments and impairment reversals, amortisation and depletion charges, unrealised foreign exchange gains and losses, and any associated deferred tax, together with any profit or loss on non-core asset disposals as such disposal are not expected to be ongoing. Valuation and other non-cash movements such as these are not considered by management in assessing the level of profit and cash generation available for distribution to shareholders. As such, an adjusted earnings measure is used which reflects the underlying contribution from the Group's royalties and metal streams during the year.

Diluted

The weighted average number of shares in issue for the purpose of calculated basic and diluted adjusted earnings per share are as follows:

Six months ended

4 Dividends

On 30 January 2026, an interim dividend of 0.60c per share was paid to shareholders ($1.5m) in respect of the first six months of the year ended 31 December 2025.

The Board recommended and the Company's shareholders approved a final dividend in respect of the year ended 31 December 2025 of 1.40c at the Annual General Meeting on 4 June 2026. The final dividend totalling $3.5m was paid on 31 July 2026. A liability has been recorded for this dividend at 30 June 2026.

5 Coal royalties (Kestrel)

$'000

The carrying value of the Group's coal royalty of $29.2m (A$42.5m) is based on a valuation completed during June 2026 by an independent coal industry advisor, amended for management's assessment of the nominal discount rate, future commodity price and inflation assumptions. The independent coal industry advisor's assumptions relating to volumes and foreign exchange rates were not changed by management. The valuation is based on a net present value of the future pre-tax cash flows from Kestrel discounted at a nominal rate of 11.5% (30 June 2025: 10.0%; 31 December 2025: 11.0%). The key assumptions in the valuation other than discount rate relate to price and foreign exchange rates.

Price assumptions

The independent coal industry advisor's price assumptions were based on the June 2026 Consensus Economics forecast of U$224/t for the second half of 2026. Management have assumed an average price for the second half of 2026 of U$229/t based on the Australian Premium Coking Coal FOB Financial Future price, before reverting to consensus pricing collated by RBC which increases to an average nominal price U$235/t between 2027 and 2031.

Foreign exchange rate assumptions

The independent coal industry advisor's AUD:USD exchange rate assumptions used in the 30 June 2026 valuation assume the Australian to US dollar rate decreases from 0.70 in the second half of 2026 to a long term rate of 0.69.

Were the coal royalty to be carried at cost the carrying value would be $0.3m (2025: $0.3m).

6 Metal streams

All metal streams are assessed for indicators of impairment at each reporting date. No impairment indicators have been identified for the six month period ended 30 June 2026.

7 Royalty financial instruments

$'000

1 Includes the Dugbe 1 royalty financial instrument which was classified as an asset held for sale at 30 June 2025 and subsequently disposed of in the second half of 2025 through the disposal of a subsidiary.

Refer to note 16 of the consolidated financial statements of the Group for the year ended 31 December 2025 for the details of the valuation approach and accounting classification of the Group's royalty financial instruments.

The Group's royalty financial instruments (with the exception of the Group's investment in Labrador Iron Ore which is valued with reference to the quoted bid price of the instrument) are valued based on the net present value of pre-tax cash flows discounted at a pre-tax nominal rate between 11.0% and 13.5% (2025: 10.5% and 13.5%) at reporting date.

The table below outlines the discount rate and risk weighting applied in the valuation of the Group's royalty financial instruments:

1 A risk weighting of 100% (2025: 100%) has been applied to the volumes from 1 July 2027-31 December 2030.

2 A risk weighting of 42.5% (2025: 42.5%) is applied to the probability of Piaui's expanded 24Ktpa plant reaching commercial production. In 2025 a 100% risk weighting was applied to the 1Ktpa plant which had already achieved production, but is no longer producing as at 30 June 2026.

8 Royalty and exploration intangible assets

All intangible assets are assessed for indicators of impairment at each reporting date. No impairment indicators have been identified for the six month period ended 30 June 2026.

9 Trade and other receivables

Denison financing agreement

For the period ended 30 June 2026, the Group earned $0.5m in interest revenue and received principal repayments of $0.8m (30 June 2025: $0.6m in interest revenue and principal repayments of $1.6m).

Contingent consideration - West Musgrave

Refer to note 20 of the consolidated financial statements of the Group for the year ended 31 December 2025 for the details of the valuation approach and accounting classification of the contingent consideration receivable.

Refer to note 23 of the consolidated financial statements of the Group for the year ended 31 December 2025 for the terms of the Group's revolving credit facility.

The Directors consider that the carrying amount of the Group's borrowings approximates their fair value.

The Group's net debt position after offsetting interest bearing liabilities against cash and cash equivalents is as follows:

11 Deferred tax

The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The following are the major deferred tax assets/(liabilities) recognised by the Group and the movements thereon during the period:

• In the period ended 30 June 2026, the Company utilised 621,318 vested ordinary shares of 2p each (year ended 31 December 2025: 456,856) from treasury, to settle awards to employees under the Long-term Incentive Plan that had vested.

As at 30 June 2026, the Group held 12,056,486 shares in treasury (31 December 2025: 12,677,804).

14 Segment information

The Group's chief operating decision maker is considered to be the Executive Committee. The Executive Committee evaluates the financial performance of the Group based on a portfolio view of its individual royalty arrangements. Portfolio contribution (note 17) and its associated impact on operating profit is the key focus of the Executive Committee. The income from the Group's royalties and metal streams is presented based on the commodity exposure as follows:

Cobalt: Voisey's Bay

Copper: Nifty, Mantos Blancos, Cañariaco, Carlota, Santo Domingo, Vizcachitas and Mimbula

Nickel: West Musgrave and Piauí

Steel-making materials: Kestrel, LIORC, Groundhog and Pilbara

Uranium: McClean Lake, Four Mile and Salamanca

Other: Maracás Menchen, Ring of Fire, EVBC, Phalaborwa, Corporate and the Group's mining and exploration interests

The following is an analysis of the Group's results by reportable segment. The key segment result presented to the Executive Committee for making strategic decisions and allocation of resources is operating profit as analysed below.

There have been no changes to the Group's operating segments since 31 December 2025.

The segment information provided to the Executive Committee for the reportable segments for the six months ended 30 June 2026 is as follows (noting that total segment operating profit corresponds to operating profit before revaluations on the face of the consolidated income statement):

The segment information provided to the Executive Committee for the reportable segments for the six months ended 30 June 2025 is as follows:

The segment information for the twelve months ended 31 December 2025 is as follows:

The royalty and metal stream-related revenue for the six months ended 30 June 2026 from Voisey's Bay of $16.7m (2025: $5.1m), together with $1.2m from Maracás Menchen (2025: $0.8m), $4.8m from Mantos Blancos (2025: $3.8m), $2.1m from Four Mile (2025: $0.9m), $4.9m from Mimbula (2025: $0.7m) and $0.5m from Carlota (2025: $0.3m), represents revenue recognised from contracts with customers as defined by IFRS 15, totalling $30.2m (2025: $11.6m).

15 Free cash flow

The structure of a number of the Group's royalty financing arrangements, such as the Denison transaction completed in February 2017, result in a significant amount of cash flow being reported as principal repayments, which are not included in the income statement. As the Group considers the dividend payout by reference to the free cash flow generated by its assets, management have determined that free cash flow per share is a key performance indicator.

Free cash flow per share is calculated by dividing net cash generated from operating activities, plus principal repayments received under commodity related financing agreements, proceeds from the disposal of mining and exploration interests and finance income, less finance costs and lease payments, by the weighted average number of shares in issue.

The weighted average number of shares in issue for the purpose of calculating the free cash flow per share is as follows:

16 Financial instruments

The Group held the following investments in financial instruments (this includes investment properties):

Cash and cash equivalents comprise cash and short-term deposits held by the Group treasury function. The Directors consider that the carrying amount of cash and cash equivalents, trade and other receivables and trade and other payables approximates their fair value.

Fair value hierarchy

The following table presents financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy. This hierarchy groups financial assets and liabilities into three levels based on the significance of inputs used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

• Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;

The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the fair value measurement. The following tables present the Group's assets and liabilities that are measured at fair value at 30 June 2026:

The following tables present the Group's assets and liabilities that are measured at fair value at 31 December 2025:

There have been no significant transfers between Levels 1 and 2 in the reporting period.

Fair value measurements in Level 3

The methods and valuation techniques used for the purposes of measuring fair value of coal royalties, royalty financial instruments and contingent consideration receivable remain as disclosed in note 31 of the consolidated financial statements of the Group for the year ended 31 December 2025. A description of the valuation process for Coal Royalties is provided in note 5 which describes the assumptions that the valuations are most sensitive to. Note 7 describes the sensitive assumptions affecting the valuation of Royalty financial instruments, alongside commodity price forecasts.

The following table presents the changes in Level 3 instruments for the six months ended 30 June 2026.

The following table presents the changes in Level 3 instruments for the year ended 31 December 2025.

There have been no transfers into or out of Level 3 in any of the reporting periods.

17 Portfolio contribution

Portfolio contribution represents the funds received or receivable from the Group's underlying royalty and metal stream-related assets. A number of the Group's royalty financing arrangements result in a significant amount of cash flow being reported as principal repayments, which are not included in the income statement. In addition, under IFRS 9, royalty receipts from those royalty financial instruments classified as FVTPL are no longer recognised in the income statement as royalty and metal stream related revenue. The Group considers total portfolio contribution as a means of assessing the overall performance of the Group's underlying royalty and metal stream-related assets.

Portfolio contribution is royalty and stream related revenue (note 2), less metal stream cost of sales, plus royalties received or receivable from royalty financial instruments carried at FVTPL and principal repayment received under the Denison financing agreement (note 9) as follows:

Six months ended

18 Events occurring after period end

On 1 September 2026, the Board have approved an interim dividend of 1.90 cents per share for the first six months of 2026. The H1 2026 dividend will be paid on 29 January 2027, to all shareholders on the Register of Members on 8 January 2027.

19 Availability of financial statements

This statement will be sent to shareholders and will be available at the Group's registered office at Kent House, 3rd Floor North, 14-17 Market Place, London W1W 8AJ.

Ecora Royalties PLC

Condensed Consolidated Financial Statements

On behalf of the Board

Bishop Lafleche

Chief Executive Officer

INDEPENDENT REVIEW REPORT TO ECORA ROYALTIES PLC

Conclusion

We have been engaged by the Company to review the condensed set of financial statements in the half yearly financial report for the six months ended 30 June 2026 which comprises the Condensed Consolidated Income Statement, Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows and the related notes 1 to 19. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusions relating to going concern

Responsibilities of the directors

Auditor's responsibilities for the review of the financial information

Use of our report

Ernst & Young LLP

London