Ecora Royalties (ECOR) investor relations material

Portfolio transformation and exposure

• Portfolio shifted from coal-led revenue concentrated in Kestrel during 2015–2024 to critical-minerals-led, diversified cash flows from 2025 onward, with multi-decade mine lives and expansion potential.

• Commodity exposure: copper 47%, cobalt 28%, nickel 10%, specialty metals and uranium 10%, and bulks and other 5%.

• ~85% of geographic exposure is to OECD countries and Brazil; ~78% of assets are in the first and second cost-curve quartiles.

• Portfolio metals are positioned to benefit from electrification, digitalisation and automation, and geopolitical supply-chain priorities.

Contribution and organic growth

• H1 2026 base-metals contribution rose 159% YoY to $22.5m; cobalt volumes from Voisey’s Bay increased 90% YoY.

• 2026 portfolio contribution is forecast at ~$70m; identified brownfield expansion potential represents illustrative annual contribution of ~$12.5–15m.

• Voisey’s Bay delivered 266t of attributable cobalt in H1; FY guidance is 500–560t, with mill capacity expansion from ~2.8 Mtpa to 3.8 Mtpa targeted by 2030.

• Mantos Blancos Phase II study is expected toward end-2026, with production expansion targeted for 2030–2031; Mimbula Phase II expansion continues to advance.

• Santo Domingo FID is targeted for Q4 2026; at spot copper and gold prices, the royalty would generate >$35m annually.

Balance sheet and capital returns

• Net debt fell from $125.9m at end-Q1 2025 to $74.9m at 30 June 2026; spot prices above consensus were cited as supportive of faster H2 deleveraging.

• An interim dividend of 1.9p per share was declared, compared with FY 2025 dividends of 2.0p per share.

• Analyst-consensus-price scenarios indicate year-end net debt of $50m in 2026 and $25m in 2027; with prices 10% higher, scenarios are $45m and $15m, respectively.