Ecora Royalties (ECOR) Investor presentation summary

Portfolio transformation and growth drivers

• Shift from coal-dependent revenue to diversified critical minerals, especially copper, nickel, cobalt, rare earths, and uranium, with multi-decade mine lives and organic growth potential.

• Portfolio now features high-quality royalties and streams with tier-1 operator partners, underpinned by strong cash generation and exposure to mega-trends like electrification and digitalization.

• Copper is central, with base metals portfolio contribution projected to rise 150% in 2025, and significant further growth expected through 2030.

• Royalty model provides scalable margins as commodity prices rise, with limited operating cost increases compared to traditional mining companies.

• Few listed peers focus on critical minerals, positioning the portfolio as a differentiated opportunity with 3-4x rerating potential.

Asset fundamentals and pipeline

• Portfolio is ~50% copper, with strong cost curve positioning (80% in 1st quartile) and 76% OECD exposure.

• Producing royalties underpin organic growth, with 2026 contribution forecast at ~$70m and brownfield/expansion projects offering additional upside.

• Key assets include Voisey's Bay (cobalt), Mantos Blancos (copper), Mimbula (copper), and Maracás Menchen (vanadium), with mine lives up to 29 years.

• Near-term catalysts include ramp-ups, expansions, and restarts at Voisey's Bay, Mimbula, Nifty, Santo Domingo, West Musgrave, and others.

• Life of mine extensions and production expansions offer further optionality and value accretion.

Financial performance and outlook

• Base metals royalties expected to reach $29m in 2025, up from $11m, with share price up 120% since July 2025.

• Net debt reduced from $128m to ~$85m following a $50m copper stream acquisition, with further deleveraging expected.

• Analyst consensus NAV per share is $1.86, with current share price reflecting only producing assets; near-term development assets not fully priced in.

• Illustrative 2030 EBITDA of ~$100m implies a market cap of $1.5–2.0bn, suggesting 3–4x upside potential.

• Royalty model is defensive in inflationary environments and benefits from commodity price tailwinds.