Ecora Royalties (ECOR) Corporate presentation summary

Strategic focus and portfolio evolution

• Majority of portfolio contribution now from critical minerals, with base metals at 50% in 2025 and projected to reach ~85% by 2030.

• Coal exposure is declining, with expectations to be coal-free after 2030.

• Copper is central, representing about 50% of commodity exposure and 82% of base metals.

• Portfolio is diversified across OECD countries and Brazil, with 85% geographic exposure.

• High-quality assets span producing, development, and early-stage royalties, with long reserve-based mine lives.

Financial performance and growth

• Portfolio contribution rose 150% YoY in base metals, driven by volume and price increases in cobalt and copper.

• Total portfolio contribution was $57.0m in 2025, down 10% YoY due to lower coal prices.

• Net debt at year-end 2025 was $85.5m, with $50m invested in Mimbula and $16.5m from Dugbe disposal.

• Dividend for FY25 totaled 2.0c per share.

• Strong price performance in cobalt and copper, with cobalt prices doubling in 2025.

Growth drivers and catalysts

• No additional capital required for organic growth; portfolio has considerable leverage to copper prices.

• Near-term catalysts include Voisey's Bay ramp-up, Mimbula expansion, and several development projects in copper, nickel, and rare earths.

• Royalty sector-leading organic copper growth profile, with significant attributable copper production from multiple assets.

• Volume growth expected in 2026 from key base metal royalties.

• Multiple near-term catalysts in the development portfolio support future growth.