Nifty Copper Project Update Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press release issued today by Cyprium Metals Limited ("Cyprium"), a copper developer focused on the phased restart of the Nifty Copper Complex in the Paterson region of Western Aust
20 November 2025
Ecora Resources PLC
("Ecora")
Nifty Copper Project Update
Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) a critical minerals focused royalty company, notes the press
release issued today by Cyprium Metals Limited ("Cyprium"), a copper developer focused on the
phased restart of the Nifty Copper Complex in the Paterson region of Western Australia ("Nifty
Project"), announcing that the Cyprium Board of Directors has approved the Cathode Project
restart plan with first production of copper cathode expected in mid -2026.
Ecora holds a 1.5% Realised Value Royalty on the Nifty Project. Royalty payments to Ecora are not
triggered until cumulative 800kt of copper has been produced from the mine. Taking into account
historical copper production, targeted production of the Catho de Project and the restart of open
pit mining operations, this threshold is not expected to be reached until at least five years from
production restarting.
The full announcement from Cyprium can be viewed here: ASX:CYM - Cathode Restart Approved
by Cyprium Board
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 2026 will be materially coal free and
comprised of over 90% exposure to commodities that support a sustainable future. The
fundamental demand outlook for these 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 certain 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, 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 adv erse 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. Pa st 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 forwa rd-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 effectiven ess 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 ''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 t he 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, exc ept 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 the date on which the statements are made or to reflect the occurrence of
unanticipated events.