Ecora Royalties (ECOR) European Growth Conference 2025 summary

Strategic positioning and growth outlook

• Focused on high-growth, critical minerals royalties, differentiating from precious metals peers.

• Projected 80% portfolio growth over five years, aiming for $100 million annual contribution by 2030.

• Transitioning from coal to critical minerals, with 2025 marking the first year critical minerals surpass coal in revenue.

• Portfolio value not fully recognized by the market, with significant upside from underappreciated assets.

• Base metals, especially copper, now comprise 80% of NAV, with coal reduced to under 10%.

Portfolio composition and development pipeline

• Nine producing royalties, with key assets in copper, cobalt, and nickel, and strong operating partners.

• Mimbula copper stream acquired for $50 million, expected to quadruple output by 2026.

• Major development projects include Santo Domingo (copper), West Musgrave (nickel-copper), and Phalaborwa (rare earths).

• Early-stage projects like Patterson Corridor East uranium offer future growth potential.

• Portfolio balanced across producing (55%), development (40%), and early-stage (6%) assets.

Financial performance and capital allocation

• Recent sale of a non-core gold royalty for up to $20 million enabled 13% net debt reduction.

• Net debt stands at $108 million post-sale, with aggressive deleveraging expected in H2 and beyond.

• Capital allocation prioritizes deleveraging and growth over share buybacks.

• Dividend policy shifted from fixed to a percentage of free cash flow, aligning with growth focus.

• Directors have increased shareholdings, signaling alignment with shareholders.