Cañariaco Project Update Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press releases issued today by Fortescue Ltd ("Fortescue") and Alta Copper Corp. ("Alta Copper") announcing that they have entered into a binding agreement under whi ch Fortescue propo
15 December 2025
Ecora Resources PLC
("Ecora")
Cañariaco Project Update
Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press
releases issued today by Fortescue Ltd ("Fortescue") and Alta Copper Corp. ("Alta Copper")
announcing that they have entered into a binding agreement under whi ch Fortescue proposes to
acquire the remaining 64 per cent of Alta Copper's issued and outstanding common shares not
already owned by Fortescue ("Transaction").
Alta Copper is the 100 per cent owner of the Cañariaco Copper Project ("Cañariaco Project")
located in Northern Peru within an emerging porphyry corridor that hosts several large
exploration and development opportunities. The Cañariaco Project comprises 91 square
kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco
Sur deposit and the Quebrada Verde prospect.
Alta Copper published an Optimised Preliminary Economic Assessment for the Cañariaco Project
on 10 June 2024, which estimated annual average copper production of 158k tonnes for the first
ten years and 134k tonnes across the life of the mine.
Ecora holds a 0.5% Net Smelter Return royalty on the Cañariaco Project.
The Transaction remains subject to various approvals, the details of which are included in the full
announcement from Fortescue, which can be viewed
here: https://content.fortescue.com/fortescue17114-fortescueeb60-productionbbdb-
8be5/media/project/fortescueportal/shared/documents/regulatory/asx -
announcements/automated/03037239-fortescue-to-acquire-alta-copper.pdf
For further information
Ecora Resources PLC +44 (0) 20 3435 7400
Geoff Callow - Head of Investor Relations
Website: www.ecora-resources.com
FTI Consulting
Sara Powell / Ben Brewerton / Nick Hennis
+44 (0) 20 3727 1000
About Ecora Resources
Ecora is a leading critical minerals focused royalty company.
Our vision is to be globally recognised as the royalty company of choice synonymous with
commodities that support trends of electrification by continuing to grow and diversify our royalty
portfolio in line with our strategy. We will achieve this through bu ilding a diversified portfolio of
scale over high quality assets that drives low volatility earnings growth and shareholder returns.
The mining sector has an essential role to play in the energy transition, with commodities such as
copper, nickel and cobalt - key materials for manufacturing batteries and electric vehicles. Copper
also plays a critical role in our electricity grids. All these commodities are mined and there are not
enough mines in operation today to supply the volume required to achieve the energy transition.
Our strategy is to acquire royalties and streams over low-cost operations and projects with strong
management teams, in well -established mining jurisdictions. Our portfolio has been reweighted
to provide material exposure to this commodity basket and we have successfully transitioned from
a coal orientated royalty business in 2014 to one that by end of 2026 will be materially coal free
and comprised of over 90% exposure to commodities that support a sustainable future. The
fundamental demand outlook for the se commodities over the next decade is very strong, which
should significantly increase the value of our royalty portfolio.
Ecora's shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the
OTCQX Best Market (OTCQX: ECRAF).
Cautionary statement on forward-looking statements and related information
Certain statements in this announcement, other than statements of historical fact, are forward -looking statements based on
certain assumptions and reflect the Group's expectations and views of future events. Forward -looking statements (which
include the ph rase 'forward-looking information' within the meaning of Canadian securities legislation) are provided for the
purposes of assisting readers in understanding the Group's financial position and results of operations as at and for the periods
ended on certai n dates, and of presenting information about management's current expectations and plans relating to the
future. Readers are cautioned that such forward-looking statements may not be appropriate other than for purposes outlined
in this announcement. These statements may include, without limitation, statements regarding 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 the 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 esti mates, estimates of future production, production costs and revenue, future
demand for and prices of 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 'expects', 'anticipates', 'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets ', 'projects',
'forecasts', or negative versions thereof and other similar expressions, or future or conditional verbs such as 'may', 'will', 'aims',
'should', 'would' and 'could'. Forward-looking statements are based upon certain material factors that were applied in drawing
a conclusion or making a forecast 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 interest rates; the equity and debt markets continuing to provide access to capital; the continuing of
ongoing operations of the properties underlying the Group's portfolio of royalties, streams and investments by the owners or
operators of such properties in a manner consistent with past practice; no material adverse impact on the underlying operations
of the Group's portfolio of royalties; the accuracy of public statements and disclosures (including feasibility studies, esti mates
of reserve, resource, 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;
no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of
royalties, 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
unexpected 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 title.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which
could cause actual results to differ materially from those 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. No statement in this communication is intended to be, nor should it be construed as, a profit forecast or a profit
estimate.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that
assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.
A variety of material factors, many of which are beyond the Group's control, affect the operations, performance and results of
the Group, its businesses and investments, and could cause actual results to differ materially from those suggested by any
forward-looking information. Such risks and uncertainties include, but are not limited to 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 portfolio of royalties, streams and
investments; royalties, streams and investments subject to other rights, and contractual terms not being honoured, together
with those risks id entified in the ''Emerging Risks' and 'Principal Risks and Uncertainties' section 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 cautioned that the list of factors noted in the sections of our
most recent Annual Report entitled 'Emerging Risks' and 'Principal Risks and Uncertainties' are not exhaustive of the factors
that may affect th e Group's forward -looking statements. Readers are also cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue reliance on forward-looking statements, which speak only of
the date hereof.
The Group's management relies upon this forward-looking information in its estimates, projections, plans and analysis. Although
the forward-looking statements contained in this announcement are based upon what the Group believes are reasonable
assumptions, there can be no assurance that actual results will be consistent with these forward -looking statements. The
forward-looking statements made in this announcement relate only to events or information as of the date on which the
statements are made and, exce pt as specifically required by applicable laws, listing rules and other regulations, the Group
undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information,
future events or otherwise, after t he date on which the statements are made or to reflect the occurrence of unanticipated
events.
This announcement also contains forward -looking information contained and derived from publicly available information
regarding properties and mining operations owned by third parties.