Ecora Royalties (ECOR) investor relations material

Strategic focus and business model

• Applies the royalty model to critical minerals, differentiating from precious metals peers.

• Portfolio is centered on copper, representing about 50% of NAV, with a decade-long build-up.

• Transitioned from a coal-focused business to a critical minerals portfolio, with coal now a minority contributor.

• Maintains a low-risk geographic profile, with 85% of assets in OECD countries or Brazil.

• Focuses on long-life, low-cost projects to ensure resilience and margin stability.

Financial performance and growth outlook

• Generated approximately $60 million in revenue last year from nine producing royalties.

• Analyst forecasts project revenue to exceed $100 million by the end of the decade.

• Critical minerals now make up 65-70% of income, with further growth expected as new projects ramp up.

• No additional capital required for current growth profile; all investments already funded.

• De-leveraging is a priority, with net debt reduced from $128 million to $85 million after recent acquisitions.

Portfolio highlights and catalysts

• Key producing assets include Voisey's Bay (cobalt), Mantos Blancos (copper), and Mimbula (copper), all showing volume and price growth.

• Major development projects: Santo Domingo (FID targeted for Q4), West Musgrave (potential sale/restart), and Phalaborwa (rare earths, DFS due this year).

• Early-stage exposure includes Patterson Corridor East (uranium), with potential long-term value.

• Brownfield expansions and studies, such as Mantos Blancos Phase II, could further boost NAV.

• Organic copper growth expected to increase tenfold over the next decade.