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September 2026ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 2026 Half Year Results
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2Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF This document has been prepared and issued by and is the sole responsibility of Ecora R oyalties PLC (the “Company”) and its subsidiaries (the “Group”) for selected recipients. It comprises the written materials for a pres entation to investors and/or industry professionals concerning the Group’s business activities. It is not an offer or invitation to subscribe for or purch ase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subs cribe for, any shares in the Company in any jurisdiction nor shall it or any part of it nor the fact of its distribution form th e basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto nor does it constitute a rec ommendation regarding the securities of the Company. This presentation is for informational purposes only and may not be used for any other purposes. Certain statements in this presentation are forward -looking statements based on certain assumptions and reflect the Group’s expe ctations and views of future events. Forward -looking statements (which includes any statement which constitutes ‘forward - looking information’ for the purposes of Canadian securities legislation) may include, without limitation, statements regardi ng the operations, business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of t he Group including the outlook for the markets and economies in which the Group operates, costs and timing of acquiring new royalties and making new investments, mineral reserve and resources estimates, estimates of future production, production cos ts and revenue, future demand for and prices of precious and base metals and other commodities and future demand for products which include precious and base metals and other commodities, for the current fiscal year and subsequent periods. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions , or include words such as, amongst others, ‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘ targets’, ‘projects’, ‘forecasts’, ‘potential’, ‘positioned’, ‘strategy’, ‘outlook’, ‘predict’ or negative versions thereof and other s imilar expressions, or future or conditional verbs such as ‘may’, ‘will’, ‘aims’, ‘should’, ‘would’ and ‘could’. These include s tatements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financ ial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time i n the countries and markets in which the Group operates. Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecas t or projection, including assumptions and analyses made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward -looking statements are based include: the stability of the global economy; the stability of local governments and legislative background; the relative stability of int erest rates; the equity and debt markets continuing to provide access to capital; the continuing of ongoing operations of the pr operties underlying the Group’s portfolio of royalties, streams and investments by the owners or operators of such properties in a man ner consistent with past practice and/or with production projections, including the on -going financial viability of such operators and operations; the accuracy of public statements and disclosures (including feasibility studies, estimates of reserve, resou rce, production, grades, mine life and cash cost) made by the owners or operators of such underlying properties; the accuracy of the information provided to the Group by the owners and operators of such underlying properties; contractual terms honoured of the Group’s royalty and stream investments, together with those of the owners and operators of the underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group’s portfolio of roya lties, streams and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any significant property in which the Group holds a royalty or other interest, including but not limited to unusual or une xpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining ti tle. Forward-looking statements are provided for the purposes of assisting readers in understanding the Group’s financial position an d results of operations as at and for the periods ended on certain dates, and of presenting information about management’s current expectations and plans relating to the future. It is believed that the expectations reflected in this presentation ar e reasonable, but they may be affected by a wide range of variables that could cause actual results to differ materially from th ose currently anticipated. Readers are cautioned that such forward -looking statements may not be appropriate other than for purposes outlined in this presentation. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, that may be general or specific, which could cause actual results to differ materially from th ose forecast, anticipated, estimated or intended in the forward -looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. The forward -looking statements made in t his presentation relate only to events or information as of the date on which the statements are made and, except as specifically required by applicable laws, listing rules and other regulations, the Group undertakes no obligation to update o r revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the dat e on which the statements are made or to reflect the occurrence of unanticipated events. No statement in this communication is intended to be, nor should it be construed as, a profit forecast or a profit estimate a nd no statement in this presentation should be interpreted to mean that earnings per share for the current or any future financi al periods would necessarily match, exceed or be lower than the historical published earnings per share. Forward -looking statements involve estimates and assumptions that are subject to risks, uncertainties and other factors that could cause actual future financial condition, performance and results to differ materially from the plans, goals, expectations and results expressed i n the forward-looking statements and other financial and/or statistical data within this presentation. Such risks and uncertainties include, but are not limited to: the failure to realise contemplated benefits from acquisitions and other royalty and stream investments; the effect of any mergers, acquisitions and divestitures on the Group’s operating results and businesses generally; current global financial conditions; royalty, stream and investment portfolio and associated risk; adverse development risk; financial viability and operational effectiveness of owners and operators of the relevant properties underlying the Group’s port folio of royalties, streams and investments; royalties, steams and investments subject to other rights; and contractual terms not b eing honoured, together with those risks identified in the ‘Risk Management’, ‘Emerging Risks’ and ‘Principal Risks and uncertainties’ sections of our most recent Annual Report, which is available on our website. If any such risks actually occur , they could materially adversely affect the Group’s business, financial condition or results of operations. Readers are caution ed to consider these and the other factors, uncertainties and potential events carefully and not to put undue reliance on forward -looking statements, which speak only as of the date hereof. This presentation also contains forward -looking information contained and derived from publicly available information regarding properties and mining operations owned by third parties. This presentation contains information and statements relating to the Kestrel mine that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty L td (“KCPL”), the accuracy of which KCPL does not warrant and on which readers may not rely. Third party information: As a royalty and streaming company, the Group often has limited, if any, access to non -public scientific and technical information in respect of the properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions. As such, in preparing this presentation, the Group has largely relied upon the public disclosures of the owners and operators of the properties underlying its portfolio of royalties investments, as available at the date of thi s presentation. Accordingly, no representation or warranty, express or implied, is made and no reliance should be placed, on th e fairness, accuracy, correctness, completeness or reliability of that data, and such data involves risks and uncertainties and is subject to change based on various factors. Disclaimer
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3Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Highlights FINANCIAL Highlights Critical minerals growth: demonstrating cash generation potential Base metals portfolio contribution up 159% Copper exposure 50% of estimated NAV Accelerated deleveraging post-Mimbula transaction Portfolio positioned to benefit from strong fundamental outlook Continued DELIVERY Portfolio contribution: AEPS: Net debt: Dividend: Free cash flow: $31.3m (H1 2025: $17.9m) 7.81c (H1 2025: 1.27c) $74.9m (Y/E 2025: $85.5m) 1.9c/sh (H1 2025: 0.6c/sh) $12.1m (H1 2025: $2.0m)
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ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF FINANCIAL OVERVIEW
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 5Critical minerals royalties and streams. Strong H1 with further growth anticipated in H2 Total & base metals portfolio contribution up 75% and 159% v H1 25 Adjusted earnings per share up 515% v H1 2025 Significantly lower tax charge as Kestrel % of overall contribution decreases Debt repayments resulted in leverage ratio of 1.35x at 30 June 2026 (31 Dec 2025: 2.07x) Total dividends for the period of 1.9c per share representing ~25% of FCF (3) Portfolio contribution ($m) Adjusted earnings per share (1) ($c) Free cash flow (2) ($m) Financial performance – growth in portfolio contribution converting to adjusted earnings 44.5 51.3 17.9 31.3 19.1 11.9 39.1 2023 2024 2025 H1 2026 63.6 63.2 57.0 9.0 10.4 1.3 7.8 2.8 1.0 7.6 2023 2024 2025 H1 2026 11.411.8 8.9 17.6 12.6 2.0 12.1 12.1 9.5 25.4 0 2023 2024 2025 H1 2026 29.7 22.1 1. Adjusted earnings represents the Group’s underlying operating performance from core activities. Adjusted earnings is the profit attributable to equity holders, plus royalties received from royalty financial instruments carried at fair value through profit or loss, less all valuation movements and impairments (which are non -cash adjustments that arise primarily due to changes in commodity prices), together with amortisation charges, foreign exchange gains/(losses), any associated tax and any profit or loss on non -core asset disposals. 27.4 2. Free cash flow is 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. 3. Refer to note 15 of the Condensed Consolidated Financial Statements.
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 6Critical minerals royalties and streams. ($m) H1 2026 H1 2025 H/H FY 2025 BASE METALS Voisey’s Bay (cobalt) 16.6 5.1 18.9 Mantos Blancos (copper) 4.8 3.8 9.5 Mimbula (copper) 5.0 0.7 4.0 Carlota (copper) 0.5 0.3 0.8 Metal stream cost of sales(1) (4.4) (1.2) (4.7) Sub-total 22.5 8.7 159% 28.5 SPECIALTY METALS & URANIUM McClean Lake (uranium) (2) 1.3 2.2 3.7 Maracás Menchen (vanadium) 1.2 0.8 1.7 Four Mile (uranium) 2.1 0.9 2.2 Sub-total 4.6 3.9 18% 7.6 BULKS & OTHER Kestrel (steel making coal) 1.3 3.5 17.5 EVBC (gold) 2.9 1.6 3.2 Other - 0.2 0.2 Sub-total 4.2 5.3 (21%) 20.9 Total portfolio contribution 31.3 17.9 75% 57.0 159% increase YoY • 90% increase in cobalt volumes from Voisey’s Bay • Receiving spot prices for copper and cobalt – both ahead of consensus forecasts for H2 2026 • Kestrel volumes only returned to private royalty area at end of Q2 • Ecora has exposure to the gold price through EVBC royalty Portfolio contribution • Full period of normal sales at Four Mile, H1 2025 sales impacted by stockpiling • 15% increase in uranium price 1. Includes ongoing metal purchase costs under stream agreements, for H1 2026 these were: Voisey’s Bay ($3.1m); Mimbula ($1.3m) 2. In H1 2026, principal repayment totalled $0.8m and interest received totalled $0.5m 3. Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 7Critical minerals royalties and streams. 31.3 (0.8) (6.3) (3.8) (0.9) 19.5 7.8c Portfolio contribution McClean Lake principal repayment Operating expenses Net finance costs Taxes & other Adjusted earnings Adjusted earnings per share Adjusted earnings bridge ($m) Operating expenses remain in line with H1 2025 – demonstrating scalability of the royalty model in a period when Group portfolio contribution +75% Continued deleveraging drove reduced finance costs v H1 2025 Lower effective tax as portfolio contribution pivots away from Kestrel, driving higher FCF conversion Adjusted earnings bridge
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 8Critical minerals royalties and streams. ($m) 30 June 2026 31 Dec 2025 Metal streams (inc deferred tax) 223.2 225.0 Kestrel (carried at fair value) 29.2 24.4 Royalty financial instruments 43.5 35.4 Royalty and exploration intangibles 251.8 250.4 Other long-term receivables 16.1 16.8 Total royalty assets 563.7 552.0 Cash and cash equivalents 8.4 7.8 Trade and other receivables 9.8 6.6 Other (including deferred tax) 9.2 17.1 Total assets 591.1 583.5 Borrowings 83.3 93.2 Deferred tax 11.5 9.6 Trade and other payables 8.2 5.5 Other 4.8 9.5 Total liabilities 107.8 117.8 Net Assets 483.3 465.7 87% of royalty assets not carried at fair value under IFRS Reduced borrowings with focus on deleveraging Base metals represent 85% of the Group’s royalty assets (FY 25: 87%) Summary balance sheet
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 9Critical minerals royalties and streams. 85.5 74.9 (29.2)3.9 7.5 5.7 1.5 Net Debt - 1 January 2026 Finance Costs,FX & Other Operating expenses Taxes Portfolio Contribution Dividends Net Debt - 30 June 2026 Net debt reconciliation Change in net debt ($m) 2026 2027 Analyst consensus price forecasts: -10% adj. $55m $30m Analyst consensus price forecasts $50m $25m Analyst consensus price forecasts: +10% adj. $45m $15m Illustrative year-end net debt scenarios(1) 1. See endnote i. Growth Deleveraging Returns Stronger balance sheet creates significant liquidity to finance further growth Reduced net debt from $125.9m at end Q1 2025 to $74.9m Spot prices ahead of consensus for H2 2026 & would support accelerated deleveraging in H2 Interim dividend declared of 1.9c per share (FY 25: 2.0c/share)
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ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF PORTFOLIO OVERVIEW
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 11Critical minerals royalties and streams. Cobalt: Strong Voisey’s Bay performance Base Metals Voisey’s Bay volume ramp up (1) Ore milled (ktpd) 1. Source: Vale Base Metals Presentation, 9 June 2026. Mine ramp-up largely completed: 266t of attributable cobalt received in H1 FY guidance 500-560t of attributable cobalt Maintenance schedule for H2 • Voisey’s Bay processing plant: 2 weeks in Q3 • Long Harbour refinery: 2 weeks in Q4 Focus on expansion opportunities Expand mill capacity from ~2.8 Mtpa to 3.8 Mtpa by 2030 • PFS ongoing, Vale Base Metals targeting FID by 2028 Exploration program focused on: • Near-term mine optimisation • Long term underground resource growth to potentially support LOM extension 0 1 2 3 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 ~2.8 Mtpa run rate (ytd)
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 12Critical minerals royalties and streams. Voisey’s Bay Life of Mine extension potential (as of 2018) REID BROOK Historical/ Planned Mining Mineral Envelope Mineralisation Trend Pit Depletion Proposed Workings LOOKING NORTH OVOID DISCOVERY HILL EASTERN DEEPS Base Metals Note: Possible exploration upside refers to potential areas of exploration and does not indicate any additional reserves are contained in Voisey’s Bay Source: Vale Base Metals
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 13Critical minerals royalties and streams. Historical/ Planned Mining Mineral Envelope Mineralisation Trend Pit Depletion Proposed Workings OVOID DISCOVERY HILL EASTERN DEEPS REID BROOK Voisey’s Bay Life of Mine extension potential (as of 2026) Historical/ Planned Mining Mineral Envelope Mineralisation Trend Pit Depletion Proposed Workings LOOKING NORTH Base Metals Note: Possible exploration upside refers to potential areas of exploration and does not indicate any additional reserves are contained in Voisey’s Bay Source: Vale Base Metals
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14Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Mantos Blancos expansion opportunities Base Metals 2024 - 2026 Throughput Performance (ktpd) (1) Design throughput: 20 ktpd Growth Opportunities: Phase II Expansion EIA permit application submitted in Q2 2026 Phase II study expected towards the end of 2026 • Analysing increase in sulphide concentrator capacity using existing/underutilized equipment • Evaluating potential for increased cathode production via an opportunity to re-leach spent ore from historical VAT leaching operations • Phase II production expansion targeted for 2030-2031 Exploration Potential • Mineralisation open at depth and adjacent to pits • Several high potential opportunities for in-mine and brownfield exploration targets identifiedSuccess of debottlenecking project driving strong operational performance 1. As disclosed by Capstone Copper. Throughput figures displayed are the average ore tonnes per day through the sulphide mill for each respective month. 14.1 19.6 19.1 21.3 18.1 21.4 19.7 20.9 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Project tie-in completed
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15Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Mimbula (copper) Other key base metals portfolio updates Phase II expansion continues to advance Commissioned additional SX capacity in June Focus now on ETL circuit and expanded EW capacity Santo Domingo (copper) FID targeted Q4 2026 Royalty would generate >$35m per annum at spot copper and gold prices(1) West Musgrave (copper-nickel) Sale process commenced in H2 2025; sale could provide greater visibility on timeline to first production BHP stated it will review decision to pause construction by February 2027 Nifty (copper) Restart of copper cathode production to ~6ktpa expected in H2 2026 Studies ongoing to expand production to ~20ktpa of copper cathodes through refurbishment of the SXEW plant Cañariaco (copper) Fortescue acquired Alta Copper in March 2026 assuming full ownership of the project Initial focus on technical review, community engagement and advancing studies required to inform future development decisions Piauí (copper-nickel) Announced number of offtake agreements for nickel and cobalt Construction financing discussions ongoing Base Metals Source: As per counterparty disclosures 1. As per endnote iv
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 16Critical minerals royalties and streams. Specialty metals & uranium Vanadium: Maracas Menchen Uranium: Patterson Corridor East Specialty Metals & Uranium ~$14.6m fundraising completed in March Definitive Feasibility Study ongoing Exploration campaign ongoing at Patterson Corridor East (PCE), located in Canada High-grade uranium just 3.5km from NexGen’s neighbouring Arrow deposit Further significant expansion potential remains with mineralisation open in most directions Operational improvements driving sales growth, debt facilities refinanced Largo secured $60m delivery order from U.S. Defense Logistics Agency Strategic Minerals under a five-year contract Brazilian origin vanadium oxide and hydroxide products included on published exemption list with respect to tariffs applicable to USA imports from Brazil Rare Earths: Phalaborwa Source: As per counterparty disclosures
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 17Critical minerals royalties and streams. Multiple near-term catalysts Phalaborwa DFS (rare earths) Santo Domingo FID (copper) Voisey’s Bay – FY at steady state (cobalt) Mimbula brownfield expansion (copper) Nifty cathode production restart (copper) Patterson Corridor East exploration programme (uranium) Near term includes: PRODUCING NEAR-TERM DEVELOPMENT EARLY STAGE West Musgrave construction restart (copper-nickel) Piauí FID & construction (nickel-cobalt) Phalaborwa FID & construction (rare earths) Voisey’s Bay production expansion & LOM extension (cobalt) Santo Domingo construction (copper) Santo Domingo oxides & cobalt study (copper-cobalt) Patterson Corridor East maiden resource & studies (uranium) Medium term includes: (next 1-4 years) PRODUCING NEAR-TERM DEVELOPMENT EARLY STAGE BROWNFIELD EXPANSIONS & RESTART POTENTIAL Mantos Blancos Phase II Study (copper) West Musgrave: BHP update (copper-nickel) Source: As per counterparty disclosures
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 18Critical minerals royalties and streams. Producing royalties underpin layered organic growth profile Voisey’s Bay Cobalt Mantos Blancos Copper Mimbula Copper Producing 2026 Contribution(1): ~$70m Maracas Menchen Vanadium Four Mile Uranium Kestrel Steelmaking Coal McClean Lake Mill Uranium Carlota Copper EVBC Gold Brownfield expansion potential Illustrative annual contribution(2): ~$12.5-15m 5-years greenfield & restarts: Illustrative annual contribution(2): ~$50-60m Voisey’s Bay Expansion Cobalt Mantos Blancos Phase II Copper Santo Domingo Copper West Musgrave Copper & Nickel Piauí Nickel and Cobalt Phalaborwa Rare Earths Nifty Copper Longer term: Illustrative annual contribution(2) +$60m Santo Domingo Cobalt & Copper Oxides Vizcachitas Copper and Silver Cañariaco Copper and Gold Patterson Corridor East Uranium Salamanca Uranium Ring of Fire Chromite Pilbara Iron ore 1. 2026 portfolio contribution as per Ecora research analyst consensus price forecast (see endnote ii). 2. Range based on analyst consensus prices (see endnote ii) and spot prices at operator partner steady state production targets (see endnote iii and iv) as at 10 August 2026.
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19Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF The next chapter: transformed portfolio, focused on copper & other critical minerals Revenue primarily derived from coal Short mine life Critical minerals underpinning revenue Multi-decade mine lives Limited mine-life extension potential Dependent on one asset (Kestrel steel making coal royalty) Diversified cashflow sources & organic growth Mine-life extension & production expansion potential optionality 2015-2024 2025 onwards = Low quality of earnings = Significantly improved quality of earnings
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20Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Outlook Volume growth in 2026 from key base metal royalties Multiple near-term catalysts in development portfolio Continued deleveraging accelerated by commodity price tailwinds Focus on growth & diversification Royalty model is defensive in inflationary environment
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ECORA ROYALTIES PLC LSE: ECOR | TSX: ECOR | OTCQX: ECRAF APPENDICES
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 22Critical minerals royalties and streams. Asset Commodity Operator Reserve Based Mine life Producing royalties & streams Voisey's Bay Cobalt Vale 19 years Mantos Blancos Copper Capstone Copper 15 years Mimbula Copper Moxico Resources 11 years Carlota Copper KGHM 4 years Maracás Menchen Vanadium Largo 29 years McClean Lake Mill Uranium Orano 11 years Four Mile Uranium Quasar Resources 5 years Kestrel Steelmaking coal EMR Capital/Adaro 4 years(1) EVBC Gold Orvana Minerals 5 years Development royalties Santo Domingo Copper Capstone Copper 19 years West Musgrave Nickel / copper BHP 24 years Vizcachitas Copper Los Andes Copper 26 years Piaui Nickel / cobalt Brazilian Nickel 18 years Nifty Copper Cyprium Metals 20 years Phalaborwa Rare Earths Rainbow Rare Earths 16 years Salamanca Uranium Berkeley Energia 14 years Early stage Caňariaco Copper / Gold Fortescue 28 years Patterson Corridor East Uranium NexGen n/a Ring of Fire Chromite Wyloo Metals n/a Pilbara Iron Ore BHP n/a High quality portfolio Existing Royalty Portfolio Royalty Description 1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 1 2 3 4 Producing royalties & streams Development royalties Early stage 1 4 25 3 41 3 2 1 5 6 7 8 9 6 7 2 4 3 1. Although the mine life extends beyond 2030, mining beyond this date is expected to be outside the Group’s private royalty area.
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 23Critical minerals royalties and streams. ~50% Copper ~85% OECD + Brazil ~80% 1st & 2nd quartile ~55% Producing 1st Quartile 44% 2nd Quartile 34% 3rd Quartile 18% 4th Quartile 3% Key asset cost curve positioning (1) Operator partners include Producing 57% Development 40% Early Stage 3% Stage of development (1) Copper 47% Cobalt 28% Nickel 10% Specialty metals & uranium 10% Bulks & other 5% Commodity exposure(1) OECD 78% Zambia 10% Brazil 8% Other 4% Geographic exposure (1) A portfolio with strong fundamentals 1. See endnote v
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 24Critical minerals royalties and streams. Strong track record of capital allocation (In US$m) Acquisition Price Cumulative Income1 Consensus NAV Estimate2 NAV + Income Received (Income Received + NAV) / Purchase Cost3 Maracás Menchen 2014 $25 $31 $27 $58 232% McClean Lake 2017 $31 $41 $20 $61 196% Piauí 2017 $9.5 n/a $46 $46 483% Cañariaco 2018 $1 n/a $18 $18 1800% Mantos Blancos 2019 $50 $43 $66 $109 217% Voisey's Bay 2021 $208 $66 $218 $284 137% Santo Domingo 2022 $93 n/a $126 $126 135% West Musgrave 2022 $86 n/a $113 $113 131% Nifty 2022 $5 n/a $22 $22 440% Carlota 2022 $1 $3 $2 $4 400% Vizcachitas 2023 $20 n/a $20 $20 100% Phalaborwa 2024 $8.5 n/a $16 $16 188% Mimbula 2025 $50 $7 $76 $83 167% 1. Portfolio contribution since acquisition up to 30 June 2026; Voisey’s Bay and Mimbula streams calculated net metal purchase c osts (cost of sales) 2. Calculated using consensus unrisked NAV of covering sell-side research analysts at 7 August 2026 3. Unlevered
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 25Critical minerals royalties and streams. Royalty sector overview 1. As at 24 August 2026. Few listed peers focused on critical minerals strategy: SINGLE COMMODITY FOCUSED (Combined market cap(1): US$1.7 billion) NON-PRECIOUS METAL FOCUSED (Combined market cap(1): US$5.1 billion) PRECIOUS METAL FOCUS (Combined market cap(1): US$169.0 billion)
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26Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% Ecora Deterra Royalties Precious Metal Royalty & Stream Co's Evolve Royalties Altius Minerals 0.0x 10.0x 20.0x 30.0x 40.0x Ecora Deterra Royalties Precious Metal Royalty & Stream Co's Evolve Royalties Altius Minerals 0.0x 0.4x 0.8x 1.2x 1.6x Ecora Evolve Royalties Deterra Royalties Precious Metal Royalty & Stream Co's Altius Minerals Source: S&P CapIQ and broker research as of 31 July 2026 1. Precious metal universe includes Elemental, Empress, Franco Nevada, Metalla, OR Royalties, Royal Gold, Triple Flag Precious M etals, Versamet, Vox and Wheaton Precious Metals 2. Ecora NAV is unrisked analyst consensus as at 7 August 2026 Attractive entry point relative to peers ECORA ECORAECORA P/NAV EV/EBITDA (2026E) FCF Yield (2026E)
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 27Critical minerals royalties and streams. Capital structure(1) Ordinary shares in issue 249,676,067 No share purchase warrants in issue South32 17.5% Aberforth Partners 9.6% Schroder Investment Mgt 5.2% Other institutional holders include: • Konwave AG • Premier Miton • Federated Hermes • Fidelity International Atrium Research (Toronto) Riley Venton Berenberg (London) Richard Hatch Canaccord (London) Tim Huff Peel Hunt (London) Peter Mallin-Jones RBC (London) Ben Davis Scotia Bank (Toronto) Orest Wowkadow Stifel (London) Alex Bedwany Marc Bishop Lafleche (CEO) 1,204,000 Recent buying: 809,234 Kevin Flynn (CFO) 471,318 Recent buying: 207,393 Other directors 376,444 Recent buying: 163,788 1. As at 1 August 2026 2. Number of open market share purchases since 1 January 2023, excluding share awards SHARE STRUCTURE KEY SHAREHOLDERS ANALYST COVERAGE DIRECTORS OWNERSHIP (2)
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28Investing in the present, changing the future. ECORA ROYALTES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF Board of Directors Over 25 years’ experience in corporate finance and capital markets Previously a managing director of Rothschild & Co. in the Global Advisory team Chairman of Kenmare Resources plc Chair of Nominations Committee Made CEO in 2022 Prior to that was CIO since 2020 Joined the investment team in 2014 Previously worked at Citigroup in the metals and mining sector and leveraged finance teams CFO since 2012 Appointed to the Board in 2020 Over 20 years of experience of corporate finance both in private practice and in the London listed market Partner at Ernst and Young LLP for 26 years, last 12 of which he was lead partner in the extractive industry From 2011 to 2018 member of the Financial Reporting Review Panel Chair of the Audit Committee Experienced executive mentor and mining industry adviser Previously CEO of De Beers Trading Company Non-executive director of Sarine Technologies & trustee of the Teenage Cancer Trust Chair of Remuneration Committee Over 20 years’ experience in mining sector having held senior commercial and business development roles at Lonmin plc, BHP and South32 Nominee of South32 pursuant to its right to appoint a Director as long as it holds >10% of the Company’s issued share capital Over 25 years’ experience in investment banking and investment management, specialising in global metals & mining sector. Held various senior roles including with Capital International Investors & HSBC James Capel Chair of the Sustainability Committee Over 30 years’ experience in the finance and mining sectors Has held senior roles at Norilsk Nickel PJSC, Royal Bank of Canada, Société Générale and Citi Non-executive director of Eramet SA & Rigel Resources Acquisition Corp Andrew Webb Chairman Marc Bishop Lafleche Chief Executive Officer Kevin Flynn Chief Financial Officer Varda Shine Senior Independent Director Christine Coignard Independent Non-Executive Director Graeme Dacomb Independent Non-Executive Director Michael Falconer Non-Executive Director James Rutherford Independent Non-Executive Director
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 29Critical minerals royalties and streams. Presentation Endnotes: i. Assumes no further acquisitions. Operator partner production guidance and broker consensus commodity price forecasts: Met coal: 2026 = $232/t, 2027 = $228/t: ; Copper: 2026 = $5.9/lb, 2017 = $5.9/lb; Cobalt: 2026 = $25.2/lb, 2027 = $24.2/lb; Uranium: 2026 = $89.4/lb, 2027 = $98.7/lb; Vanadium: 2026 = $6.0/lb, 2027 = $6.0/lb. ii. Research analyst consensus (Atrium, Berenberg, Canaccord Genuity, Peel Hunt, RBC, Scotiabank, Stifel) with the following price assumptions: Copper: 2026 $5.71/lb, 2030 $4.77/lb. Cobalt (alloy grade): 2026 $25.1/lb, 2030 $21.0/lb. Steel- making coal: 2026 $213/t, 2030 $206/t. Nickel: 2026 $7.89/lb, 2030 $8.41/lb. iii. Mantos Blancos Phase II assumes 10ktpa from mill expansion, 15ktpa from tailings retreatment at spot copper prices as at 10 August 2026 of $6.38/lb; Voisey’s Bay illustrative mill expansion assumes yields an incremental cobalt production of 1ktpa at spot alloy grade cobalt prices as at 10 August 2026 of $27/lb iv. Using spot prices as of 10 August 2026 of: Copper: $6.38/lb; Cobalt (alloy grade): $27.0/lb; Nickel: $7.69/lb; NdPr: $123/kg; Uranium: $86.4/lb v. Ecora research analyst consensus NAV as at 10 August 2026. Cost curve positioning weighted to analyst consensus NAV with producing assets at 2024 positions; ramp-up, construction and development assets at 2027 positions. Cost curve sourced from S&P Global Market Intelligence. Endnotes (1/2)
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ECORA ROYALTIES PLC | LSE: ECOR | TSX: ECOR | OTCQX: ECRAF 30Critical minerals royalties and streams. Asset information: Voisey’s Bay stream entitlement of 22.82% of cobalt production until 7.6kt of finished cobalt is delivered, 11.41% thereafter; represents 70% share of the original stream agreement between Vale and Cobalt27. Fixed Cobalt payability of 93.3%. Ongoing payment of 18% of cobalt reference prices until upfront amount of $300m based on 100% of the original stream agreement between Vale and Cobalt27 is repaid, 22% thereafter. This presentation contains information and statements relating to the Kestrel mine that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd (“KCPL”), the accuracy of which KCPL does not warrant and on which readers may not rely. Kestrel royalty terms (Ecora entitlement): 7.0% of value up to A$100/t, 12.50% between A$100/t and A$150/t, 15% between A$150/t and A$175/t, 20% between A$175/t and $225/t, 30% between A$225/t and A$300/t, 40% thereafter. This presentation contains information and statements relating to the Mantos Blancos mine and Santo Domingo project that are based on certain estimates and forecasts that have been provided to the Group by Capstone Copper (“Capstone”), the accuracy of which Capstone does not warrant and on which readers may not rely. Royalty area attributable to Ecora on the Santo Domingo project covers production in first 6-7 years before returning in ~Y14. Mimbula copper stream annual entitlement – 4.70% of initial 15kt copper production; 2.50% of copper production above 15kt and below 30kt; 1.00% of copper production above 30kt until 9.15kt copper is delivered, 1.00% on copper cathode production thereafter. Ongoing payment of 30% of copper reference price. Largo Inc (“Largo”), the owner of the Maracás Menchen project, is listed on the Toronto Stock Exchange and reports in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the NI 43-101 standards. BHP Group Limited, the owner of the West Musgrave project, is listed on the Australian Securities Exchange and reports in accordance with the JORC Code Endnotes (2/2) Piauí project – Ecora has the right to acquire a further 2.65% GRR for US$62.5m to part fund construction to increase capacity to 27,000t nickel & 1,000t cobalt per annum (over the first 10 years). Cameco Corporation (“Cameco”), the majority owner of the Cigar Lake project (“Cigar Lake”), is listed on the Toronto Stock Exchange and reports in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the NI 43-101 standards. Ecora loan of C$40.8m to Denison to be repaid from the revenues which Denison receives through their entitlement to toll revenue generated through their part ownership of the McClean Lake Uranium Mill (operated by AREVA). Orvana Minerals Corp, the owner of the El Valle-Boinás / Carlés project (“EVBC”), is listed on the Toronto Stock Exchange and reports in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the NI 43-101 standards. Royalty terms: 0.5% NSR royalty escalating to 3% for gold prices in excess of US$2,500 per ounce. Cyprium Metals Limited (“Cyprium”), the owner of the Nifty project is listed on the Australian Stock Exchange. Royalty payable to Ecora once 800kt Copper has been produced. Prior to 10 March 2026, Alta Copper, the owner of the Cañariaco project, was listed on the Toronto Stock Exchange and reported in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and the NI 43-101 standards. As of 9 March 2026 and following the completion of a plan of arrangement, Fortescue Ltd (Fortescue) became the ultimate parent company of Alta Copper and Alta Copper was subsequently delisted. Fortescue is listed on the Australian Securities Exchange. Rainbow Rare Earths Limited (“Rainbow”), the owner of the Phalaborwa rare earths project is listed on the London Stock Exchange.