("Ecora" or the "Group") Q2 2026 Trading Update Ecora (LSE/TSX: ECOR; OTCQX: ECRAF) issues the following trading update for the period 1 April to
29 July 2026
Ecora Royalties PLC
("Ecora" or the "Group")
Q2 2026 Trading Update
Ecora (LSE/TSX: ECOR; OTCQX: ECRAF) issues the following trading update for the period 1 April to
30 June 2026.
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"Q2 was a strong quarter, with the producing critical minerals portfolio continuing to demonstrate its
cash generation potential. Total portfolio contribution was up ~60% year-on-year, and up 54% from Q1
2026. This performance was driven by our base metals portfolio which delivered a 166% contribution
increase year-on-year and a 69% increase from Q1 2026, with the catch-up in cobalt deliveries from Q1
production driving a record quarterly Voisey's Bay performance.
"Net debt has continued to reduce, down to $75m from $125m this time last year, and we expect further
debt reduction throughout the rest of the year providing balance sheet flexibility to fund further royalty
acquisitions that meet our investment criteria."
Financial Highlights:
• Total portfolio contribution of $19.0m in Q2 2026, up ~60% v Q2 2025 ($11.8m)
• Net debt on 30 June 2026 of $74.9m (31 March 2026: $84.4m) down materially from
$124.6m on 30 June 2025 following the Mimbula copper stream acquisition in March
2025. Further deleveraging is expected throughout the rest of 2026 absent royalty or
stream acquisitions
Base Metals
• Base metals portfolio contribution of $14.1m, up 166% v Q2 2025 ($5.3m) and
representing 74% of the overall portfolio contribution during the period
• Voisey's Bay (cobalt)
o Record quarterly performance from Voisey's Bay in terms of attributable volumes
and net portfolio contribution
o 196 tonnes of attributable cobalt received in Q2 2026 (Q2 2025: 84 tonnes)
generating a 270% increase in net portfolio contribution of $10.0m (Q2 2025:
$2.7m) at an average realised price of $28.30/lb (Q2 2025: $18.61/lb)
• Mantos Blancos (copper)
o Q2 2026 portfolio contribution of $2.4m (Q2 2025: $2.0m)
o On 19 June, Capstone Copper submitted the Mantos Blancos Phase II Project to the
Environmental Impact Assessment ("EIA") process. Mantos Blancos Phase II
contemplates an expansion of the sulphide concentrator plant throughput
capacity (to at least 27,000 ore tonnes per day from 20,000 currently)
• Mimbula (copper)
o Net portfolio contribution of $1.5m (Q2 2025: $0.5m)
o Copper entitlement for Q2 2026 of 175 tonnes, generating Q3 2026 portfolio
contribution of $1.7m (net of metal purchase costs)
o Commissioning of the additional 46ktpa expansion plant capacity commenced in
June 2026
Specialty metals and uranium
• Specialty metals and uranium portfolio generated $2.4m of portfolio contribution, up 9%
v Q2 2025 ($2.2m)
• Maracás Menchen (vanadium)
o Q2 portfolio contribution of $0.8m, up 100% v Q2 2025 ($0.4m)
o Post period end, Largo Resources USA Inc. received a $60.1m firm fixed price
delivery order from the U.S. Defense Logistics Agency Strategic Materials (DLA) for
the supply of high-purity vanadium pentoxide produced at the Maracás Menchen
operation for the U.S. National Defense Stockpile
o The agreement highlights the strategic importance of the Maracás Menchen mine
as a supplier of premium-quality vanadium products outside of China and Russia
• Phalaborwa (rare earths)
o Rainbow Rare Earths announced on 1 July that its test work and pilot plant
operations have optimised and simplified the flowsheet at the Phalaborwa Rare
Earths project, 75% of the flowsheet is now in the engineering phase of the
Definitive Feasibility Stud y with final optimisation of the solvent extraction
underway
• McClean Lake Mill (uranium)
o The annual maintenance outage at Cigar Lake began in the second quarter of 2026,
compared to the third quarter in previous years, leading to a Q2 portfolio
contribution of $0.6m (Q2 2025: $1.0m)
o On 14 July (post period -end), Cameco announced the restart of production at the
Cigar Lake Mine following a two -week stoppage due to an expansion joint failure
at the sulfuric acid plant at the McClean Lake Mill where Cigar Lake ore is
processed. Cameco's Cigar Lake FY 2026 production guidance is unchanged at
17.5-18.0mlbs
Bulks & other
• EVBC (gold)
o Q2 portfolio contribution of $1.2m, up 50% v Q2 2025 ($0.8m)
• Kestrel (steelmaking coal)
o Mining operations at Kestrel returned to the Group's private royalty area towards
the end of Q2 2026 with 0.1mt of saleable production generating $1.3m of
portfolio contribution
o Mining activity is expected to remain in the Group's private royalty area
throughout Q3 2026
Portfolio contribution: Q2 2026 Q2 2025 Q1 2026 H1 2026 H1 2025
US$m US$m Q/Q US$m US$m US$m
Base metals
Voisey's Bay (cobalt)
12.3 3.4
4.4 16.7 5.1
Mantos Blancos (copper)
2.4 2.0
2.4 4.8 3.8
Mimbula (copper)
2.1 0.7
2.9 5.0 0.7
Carlota (copper)
0.2 0.1
0.2 0.4 0.3
Metal stream cost of sales (1)
(2.9) (0.9)
(1.6) (4.5) (1.2)
Sub-total 14.1 5.3 166% 8.3 22.4 8.7
Speciality metals & uranium
McClean Lake (2) (uranium)
0.6 1.0
0.8 1.4 2.2
Maracás Menchen (vanadium)
0.8 0.4
0.4 1.2 0.8
Four Mile (uranium)
1.0 0.8
1.1 2.1 0.9
Sub-total 2.4 2.2 9% 2.3 4.7 3.9
Bulks & other
Kestrel (steelmaking coal)
1.3 3.4
- 1.3 3.5
EVBC (3) (gold)
1.2 0.8
1.7 2.9 1.6
Other
- 0.1
- - 0.2
Sub-total 2.5 4.3 (42%) 1.7 4.2 5.3
Total portfolio contribution 19.0 11.8 61% 12.3 31.3 17.9
1 Includes ongoing metal purchase costs under stream agreements, for Q2 2026 these were: Voisey's Bay ($2.3m); Mimbula
($0.6m)
2 In Q2 2026, principal repayment totalled $0.3m 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
Ben Brewerton / Katherine Kilgallen
+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 de bt 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 cha nge 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.