("Ecora" or the "Group") Q1 2026 Trading Update Ecora (LSE/TSX: ECOR; OTCQX: ECRAF) issues the following trading update for the period 1 January
29 April 2026
Ecora Royalties PLC
("Ecora" or the "Group")
Q1 2026 Trading Update
Ecora (LSE/TSX: ECOR; OTCQX: ECRAF) issues the following trading update for the period 1 January
to 31 March 2026.
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"Q1 was a solid start to the year with total portfolio contribution up 105% v Q1 2025, primarily driven
by the continued performance of the base metals portfolio which was up 152% v Q1 2025. Voisey's Bay
production continued to ramp -up towards full capacit y during Q1, although some of these volumes
missed the quarter end due to shipping timelines. With 98 tonnes of cobalt set to be received in April,
compared to 70 tonnes received in the entirety of Q1, and a resilient commodity price environment
benefiting our wider portfolio, we are well positioned to deliver a strong Q2."
Financial Highlights:
• Portfolio contribution of $12.3m in Q1 2026, up 105% v Q1 2025 ($6.0m)
• Net debt at 31 March 2026 of $84.4m (31 December 2025: $85.5m)
Base Metals
• Base metals portfolio contribution of $8.3m, up 152% v Q1 2025 ($3.3m)
• Voisey's Bay
o 70 tonnes of attributable cobalt received in Q1 (Q1 2025: 56 tonnes) generating a
177% increase in net portfolio contribution of $3.6m (Q1 2025: $1.3m) at an
average realised price of $28.66/lb (Q1 2025: $13.28/lb)
o Due to shipping timelines, a number of deliveries anticipated in Q1 have been
deferred to Q2, with 98 tonnes of attributable cobalt set to be received in April. A
further 56 tonnes are currently in transit
o FY 2026 attributable cobalt guidance is unchanged at 500-560 tonnes
• Mimbula
o Net portfolio contribution of $2.1m (Q1 2025: n/a)
o Copper entitlement for Q1 2026 of 150 tonnes, generating Q2 2026 portfolio
contribution of $1.4m (net of metal purchase costs)
• Mantos Blancos
o Benefited from higher copper prices relative to Q1 2025 driving a portfolio
contribution in Q1 2026 of $2.4m (Q1 2025: $1.8m)
• Cañariaco Project
o In March 2026, Fortescue Ltd. completed the acquisition of the remaining 64% of
Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is the 100%
owner of the Cañariaco copper project in Peru over which Ecora holds a 0.5%
royalty
o Expected average annual production for the first ten years of 158ktpa of copper,
70koz of gold and 1.5Moz of silver
Specialty metals and uranium
• Specialty metals and uranium portfolio generated $2.3m of portfolio contribution, up 35%
v Q1 2025 ($1.7m)
• Portfolio contribution from Four Mile of $1.1m (Q1 2025:$0.1m) reflecting normalised sales
levels compared to Q1 2025 when the operator was stockpiling production
• Rainbow Rare Earths announced a $14.6m equity raise which will provide funds to cover
the finalisation of the Phalaborwa definitive feasibility study in 2026. Subscribers included
Traxys Group, one of the suppliers servicing Project Vault, the $12 billion strategic fund set
up by the US government aiming to build a strategic critical minerals stockpile
Bulks & other
• Contribution from EVBC was up 112% v Q1 2025 at $1.7m, driven by the strong gold price
environment
• As expected, there was no contribution from the Kestrel coal royalty. Mining was outside
Ecora's private royalty area in Q1 and is not scheduled to return to it until Q3 2026
Portfolio contribution:
Q1
2026 Q1 2025
Q4 2025
US$m US$m Q/Q US$m
Base metals
Voisey's Bay (cobalt) 4.4 1.6
6.5
Mantos Blancos (copper) 2.4 1.8
3.1
Mimbula (copper) 2.9 n/a
1.8
Carlota (copper) 0.2 0.2
0.2
Metal stream cost of sales(1) (1.6) (0.3)
(1.7)
Sub-total 8.3 3.3 152% 9.9
Speciality metals & uranium
McClean Lake(2) (uranium) 0.8 1.2
0.7
Maracás Menchen (vanadium) 0.4 0.4
0.4
Four Mile (uranium) 1.1 0.1
0.7
Sub-total 2.3 1.7 35% 1.8
Bulks & other
Kestrel (steelmaking coal) 0.0 0.1
1.7
EVBC(3) (gold) 1.7 0.8
0.9
Other - 0.1
-
Sub-total 1.7 1.0 70% 2.6
Total portfolio contribution 12.3 6.0 105% 14.3
1 Includes ongoing metal purchase costs under stream agreements, for Q1 2026 these were: Voisey's Bay ($0.8m); Mimbula
($0.8m)
2 In Q1 2026, principal repayment totalled $0.5m and interest received totalled $0.3m
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
For further information:
Ecora Royalties PLC +44 (0) 20 3435 7400
Geoff Callow - Head of Investor Relations
Website:
www.ecoraroyalties.com
FTI Consulting
Sara Powell / Ben Brewerton / Nick Hennis
+44 (0) 20 3727 1000
About Ecora
Ecora is a leading critical minerals focused royalty and streaming company.
Copper is at the core of our portfolio which also includes other commodities linked to the trend of
electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure,
robotics and energy security.
Our cash generative portfolio includes producing royalties and streams, and has a strong organic
growth profile that is expected to generate substantial additional cash flow in the medium term.
We take a disciplined approach to investments and acquisitions, focusing on high quality
opportunities, in established mining jurisdictions and with experienced management teams.
These investments have the potential to deliver enhanced returns through life of mine extension
and commodity price outperformance.
Our management team has a long and proven track record of originating, completing due
diligence, innovatively structuring and completing accretive royalty and stream transactions in the
critical minerals space.
We allocate capital prudently, with a focus on growth, maintaining a strong balance sheet and
returns to shareholders.
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', '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, streams and investments from a global pandemic; the accuracy of public statements and
disclosures (including feasibility studies, estimates 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 identified in the '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 cond ition
or results of operations. Readers are cautioned that the list of factors noted in the section herein entitled 'Risk' is not exhaustive
of the factors that may affect the 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.
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. This announcement 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.