Critical mineral

royalties and streams

Annual Report and Accounts 2024

Strategic report

1 Our purpose

2 Highlights

4 Ecora at a glance

6 Investment case

7 Purpose in action: Rare

possibilities

8 Our markets

12 Chairman’s statement

14 ChiefExecutiveOfficer’s

statement

16 Purpose in action: Copper,

essential to modern life

18 Our business model

20 Our strategy

22 Key performance indicators

24 Business review

41 Financial review

47 Section 172(1) statement

48 Our stakeholders

50 Sustainability

60 Risk management

62 Emerging risks

63 Principal risks and

uncertainties

70 TCFD

84 Viability statement

Governance report

86 Corporate governance

88 Board of Directors

97 Nomination Committee

99 Audit Committee

104 Sustainability Committee

106 Remuneration Committee

110 Directors’ remuneration policy

114 Annual remuneration report

for 2024

123 Directors’ report

127 Statement of Directors’

responsibilities

Financial statements

129 Independent auditor’s report

to the members of Ecora

Resources PLC

136 Consolidated income

statement

137 Consolidated statement of

comprehensive income

138 Consolidated balance sheet

and Company balance sheet

139 Consolidated statement of

changes in equity

140 Company statement of

changes in equity

141 Consolidated statement of

cashflowsandCompany

statementofcashflows

142 Notestothefinancial

statements

Other information

190 Shareholder statistics

190 Other information

191 Forward looking statements

Contents

Alternative performance measures Throughout this report a number of

financialmeasuresareusedtoassesstheGroup’sperformance.Themeasures

aredefinedbelowandarenon-IFRSmeasuresbecausetheyexcludeamounts

that are included in, or include amounts that are excluded from, the most

directly comparable measure calculated and presented in accordance with

IFRS,orarecalculatedusingfinancialmeasuresthatarenotcalculatedin

accordancewithIFRS.Thenon-IFRSmeasuresmaynotbecomparableto

othersimilarlytitledmeasuresusedbyothercompaniesandhavelimitations

as analytical tools and should not be considered in isolation or as a substitute

foranalysisoftheGroup’soperatingresultsasreportedunderIFRS.TheGroup

doesnotregardthesenon-IFRSmeasuresasasubstitutefor,orsuperiorto,

the equivalent measures calculated and presented in accordance with IFRS

orthosecalculatedusingfinancialmeasuresthatarecalculatedinaccordance

withIFRS.

Portfolio contributionPortfoliocontributionreflectstheunderlying

performanceoftheGroup’sassetsbothintermsofthosealreadyinproduction

andthetimingoftheGroup’sdevelopmentroyaltiescomingintoproduction.

Portfoliocontributionisroyaltyandstream-relatedrevenue(refertonote5)plus

royaltiesreceivedorreceivablefromroyaltyfinancialinstrumentscarriedatfair

valuethroughprofitorloss(FVTPL)andprincipalrepaymentreceivedunderthe

Denisonfinancingagreement(refertonote22)lessmetalstreamcostofsales.

Refertonote35tothefinancialstatementsforportfoliocontribution.

Operating profit OperatingprofitrepresentstheGroup’sunderlyingoperating

performancefromitsroyaltyandstreaminterests.Operatingprofitisroyalty

and metal stream related revenue, less metal stream cost of sales,

amortisation and depletion of royalties and streams, operating expenses, and

excludes

impairmentsandrevaluations.Operatingprofitreconciles

to ‘operating

profitbeforeimpairmentsandrevaluations’intheincomestatement.

Adjusted EBITDA AdjustedEBITDAisadefinedtermintheGroup’srevolving

creditfacilityandusedtodeterminetheGroup’sleverageratioandinterest

coverratio.AdjustedEBITDAisportfoliocontribution,lessoperating

expensesexcludingsharebasedpayments.

Adjusted earnings per share Adjusted earnings represents the

Group’sunderlyingoperatingperformancefromcoreactivities.Adjusted

earningsistheprofitattributabletoequityholders,plusroyaltiesreceived

fromroyaltyfinancialinstrumentscarriedatfairvaluethroughprofitorloss,

lessallvaluationmovementsandimpairments(whicharenon-cash

adjustments that arise primarily due to changes in commodity prices),

together with amortisation charges, foreign exchange gains/(losses), any

associateddeferredtaxandanyprofitorlossonnon-coreassetdisposals.

Adjustedearningsdividedbytheweightedaveragenumberofsharesinissue

givesadjustedearningspershare.Refertonote12tothefinancialstatements

foradjustedearnings/(loss)pershare.

Free cash flow per shareFreecashflowisnetcashgeneratedfrom

operating activities, plus principal repayments received under commodity

relatedfinancingagreements,proceedsfromthedisposalofminingand

explorationinterestsandfinanceincome,lessfinancecostsandlease

payments,dividedbytheweightedaveragenumberofsharesinissue.Refer

tonote34tothefinancialstatementsforfreecashflowpershare.

Net debtNetdebtiscalculatedastotalborrowingslesscashandcashequivalents.

Discover more online

www.ecora-resources.com

Ecora Resources is building

a portfolio of royalties

aligned to decarbonisation

and electrification. Base

metals are at the core of the

portfolio, a vital component

of the energy transition and

the infrastructure required

for technological innovation.

Ecora is contributing

tothese trends through

investing in projects that

areextracting critical

minerals whilst offering

investors exposure to this

thematic at the top line

viathe royalty model.

Our purpose

To provide capital to the natural resources sector with

afocusonprojectsthatwillincreasethesupplyof

criticalminerals.

Our strategy

fi

We seek diversity of commodities, jurisdiction and asset

maturitytobalanceportfoliorisk.

Commodity selection

Ourfocusisonprovidinginvestorswithexposure

tocommoditiesthatwilldriveelectrificationand

makinginvestmentsinlinewithourinvestmentcriteria.

Capital allocation

We balance growth, maintaining a strong balance sheet

anddistributionstoshareholders.

Read more on page 52

Strategic report

1Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

At a turning

point...

Financial highlights

Free cash flow ($m)

$22.1m (-26%)

‘21

‘23

‘22

‘21

‘20

‘24

29.7

132.1

48.4

25.4

22.1

Royalty assets acquired ($m)

$8.5m (-70%)

‘23

‘22

‘21

‘20

27.5

185.0

207.7

9.8

8.5

Portfolio contribution ($m)

$63.2m (-1)%

‘21

‘23

‘22

‘21

‘20

‘24

63.6

143.2

85.6

47.5

63.2

Royalty and metal stream related revenue ($m)

$59.6m (-4%)

‘21

‘23

‘22

‘21

‘20

‘24

61.9

141.9

85.3

43.7

59.6

Dividend per share

(1)

2.81c (-67%)

‘21

‘23

‘22

‘21

‘20

‘24

8.5c

7.0p

9.0p

2.81c

Highlights

Read more about our royalty assets acquired on page 7

Adjusted earnings per share

11.43c (-3%)

‘21

‘23

‘22

‘21

‘20

‘24

11.82c

37.55p

25.18p

15.69p

11.43c

fi

$5.9m (+31%)

‘21

‘22

‘21

‘20

4.5

135.4

54.6

(34.9)

5.9

‘23

‘24

(1) DividendsweredeclaredinGBPpriorto2023,from2023onwardsdividendsaredeclaredinUSD.

‘24

2 Ecora Resources PLC Annual Report and Accounts 2024

Portfolio highlights

Read more about our commitment to sustainability on pages 50 to 59

Phalaborwa royalty acquisition

Acquireda0.85%grossrevenueroyaltyoverthe

PhalaborwaRareEarthsProjectinSouthAfrica.

Phalaborwa has a low capital intensity, robust estimated

project economics, low operating costs and is expected

togeneratestrongcashflowsthroughoutthecommodity

pricecycle.

Voisey’s Bay mine expansion

The Voisey’s Bay Mine Expansion Project was completed

inDecember2024.CobaltdeliveredtotheGroupstarted

torampupinthesecondhalfof2024andattributable

volumes are expected to increase from 210 tonnes in

2024toapproximately560tonnesin2026.

Mantos Blancos record quarter

MantosBlancosgeneratedarecord$1.7mportfolio

contribution in Q4 following the successful completion of

work to address issues preventing the mill operating at

the20ktpdnameplatethroughputcapacity.Theremoval

of this bottleneck is expected to lead to volume growth at

MantosBlancosin2025.

Santo Domingo Feasibility Study

CapstoneCopperCorp.publishedanupdatedFeasibility

StudyontheSantoDomingoproject.Thisreiteratedthe

project’s robust economics as a low cost operation with

expectedcashcostsof$0.33perpayablepoundof

copperoverits19-yearminelife.

Materiality Assessment

During2024theGroupengagedanumberofkey

stakeholderstocompleteitsfirstMaterialityAssessment.

The results of the project have been incorporated into the

Group’ssustainabilityroadmap.

Improved Sustainalytics score

DuringtheyeartheGroup’sSustainalyticsscore

improvedto7.7,ratingEcora’sriskofmaterialfinancial

impactdrivenbysustainabilityfactorsasnegligiblerisk.

$8.5m

purchase consideration

Read more on page 37

Read more on page 53 Read more on page 50

7.7

Sustainalytics score

material issues

3Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Ecora at a glance

What we do

Ecora is seeking to further diversify

(incomeprofile,commodity,jurisdiction)

itsworld-classportfolioofroyaltiesby

continuing to acquire royalties over

commodities which are essential to

electrificationandinnovationtrends.

Wespecificallytargetroyaltiesover

lowcostoperationswithstrong

management teams in established

naturalresourcejurisdictions.

How we do it

We utilise our extensive network of

contacts and our reputation in the sector

to originate, structure and execute on

accretiveroyaltyacquisitions.



Aroyaltyisanon-operatinginterestina

project that provides the royalty holder

with the right to a percentage of the

revenues generated from extraction and

saleofmineralsfromaspecifiedarea.



A metal stream is an agreement that

provides, for an upfront payment, the

right to purchase all or a portion of one

ormoremetalsproducedfromamine.

(1) Based on consensus sell side

analyst NAV estimates as at

10March2025.

Portfolio –

diversifiedexposure

(1)



OECD 76%

Brazil 10%

Zambia 9%

Other 5%

76%

of the portfolio in

OECD countries



Base metals 80%

Specialty metals and uranium 12%

Bulks and other 8%

50%

of the portfolio



Stage of development

Producing 55%

Development 39%

Early stage 6%

55%

of the portfolio



Our portfolio

Base metals

Copper Nickel Cobalt

Specialty metals and uranium

Vanadium Uranium Rare earths

Bulks and other

Iron ore Chromite Gold

Steelmaking coal

For more details of our portfolio visit

Overview of

the business

4 Ecora Resources PLC Annual Report and Accounts 2024

(1) Aspersellsideanalystconsensusestimatesasat10March2025.

Our geographic exposure

(1)

Key to mines

Basemetals

Specialtyandbatterymetals

Uranium

Lowerimpactbulks

Other

Brazil & Chile

North America

Australia

Zambia &

South Africa

Markets – exposure to electrification

Aligned with four key thematics:

For more details of our business model read page 18

Operator partners

Energy

consumption

and storage

Renewable

electricity

generation and

transmission

fi

and decarbonisation

Digital infrastructure

and AI

5Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Investment case

Critical minerals

royalties and streams

Providing critical mineral price exposure through a diversified

portfolio of royalties operated by some of the leading mining

companies globally. Our model offers revenue exposure to low cost

operations with strong operating margins in jurisdictions which

prioritise natural resources as key to economic prosperity.

Balance sheet



Werefinancedourdebt

facility in early 2024,

increasing the potential

borrowing capacity to

$225m.Furthermore,

we have revised our

capital allocation

framework to ensure that

it appropriately balances

deleveraging, growth and

shareholderreturns.

$225m

Size of Revolving

Credit Facility

($180m) and

Accordion ($45m)

$82m

Net debt as at

31/12/24

Compelling



We provide exposure

tocriticalmineralssuch

as copper, cobalt,

nickel, and uranium

that will be needed in

increased quantity to

meetstronglong-term

expected

electrification-related

demandgrowth.

We invest the majority

of capital into low cost

mines primarily located

in OECD jurisdictions

thatareoperatedby

companies including

Vale, Capstone Copper,

Moxico Resources, BHP

andRioTinto.

Proven track

record

The current management

team has worked

together since 2014

and consistently proven

its ability to deliver high

quality transactions

andgrowtheCompany.

Over $400m invested

ingrowth-focused

future facing commodity

assets over the past

fouryears.

>$400m

Deployed over

past fouryears

Attractive

fi

With Voisey’s Bay

starting to ramp up we

have entered a period

of growth that is expected

to see the critical minerals

portfolio contribution

growbyover400%

overthenextfive

years.Theportfolio

contribution will also

evolvefrombeing64%

coal to being nearly

90%basemetals.

Capital allocationfi  Growth

See our business model on pages 18 and 19

Supported by our strong sustainability framework

6 Ecora Resources PLC Annual Report and Accounts 2024

Acquisition of a royalty

overthe Phalaborwa

RareEarths Project

Rare earth metals

Rare earth metals are vital for technology,

defence, and renewable energy, with

China controlling most of the production

andrefiningcapacity.

Growingdemandforelectricvehicles

andwindturbineshasspurredeffortsto

diversify supply chains, leading countries

liketheUSandAustraliatoinvestin

miningandrecyclingofthesemetals.

Producing separated rare earth oxides,

however, remains costly and challenging

bothtechnicallyandenvironmentally.

Why we chose this project

The Phalaborwa Rare Earths Project is

recognised as one of the most advanced

rare earth projects in development outside

of China, boasting low capital intensity,

robust estimated project economics and

low operating costs expected to generate

strongcashflowsthroughoutcommodity

pricecycles.

Locatedonabrownfieldsite,theproject

benefitsfromtreatingphosphogypsum

stacks,aby-productofhistoricfertiliser

production, eliminating the need for

primary mining, crushing or grinding

whilefullyrehabilitatingthesite.

The project is backed by a high quality

management team and a strong shareholder

base including TechMet and its option to

invest$50maspartofprojectfinancing

fundedbytheU.S.International

DevelopmentFinanceCorporation(DFC).

What they plan to produce

Targeting the permanent magnet market,

whichdrivesover90%ofglobalrare

earth consumption by value, the project

issettoproduceanaverageof1,750tof

neodymium/praseodymium (NdPr) oxide,

w60tofdysprosium(Dy)oxide,and20tof

terbium(Tb)oxideannually.Thecommodity

basket positions the project well to

capitaliseonstronglong-termdemand

growthfundamentals.

Royalty transaction

TheCompanyacquireda0.85%gross

revenue royalty over the Phalaborwa

RareEarthsProjectforUS$8.5malongside

a$1.5mequityinvestmentintoRainbow

RareEarthsLtd.Theroyaltystructure

protects Ecora against delays to achieving

commercial production beyond October

2027 through incremental increases in the

royaltyrate.Proceedsfromtheroyalty

will primarily fund the completion of a

DefinitiveFeasibilityStudywithpilot

plant operations already underway to

validatetheflowsheetandproduce

productsamples.

Rare

possibilities

$7.4bn

REE market valued in 2023

$10bn

Forecast to grow by 2030

PURPOSE IN ACTION





7Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Our markets

An overview

ofour markets

Despite the relatively less upbeat energy transition rhetoric in comparison to

the previous year, the underlying data shows that the transition is still firmly

on course with steep year-on-year growth across global electric vehicle

sales and installed grid capacity, with a record year for battery energy

stationary storage installations.

This trend is expected to continue on the back of global battery

demand,whichisforecasttogrowata>20%compoundannual

growth rate for the remainder

ofthisdecade.Theenergy

transition thematic has taken a back seat amid slower electric

vehicle (EV) adoption rates and a loosening of government targets,

whichhasconsequentlyfilteredintoreduceddemandforecasts

fortheremainderofthisdecade.

More generally the world is expected to require more electricity in

yearstocome,includingtosupportartificialintelligenceanddata

processingcapacity.Thiswasaprominentthemethattookover

the headlines in 2024 highlighting the need for grid upgrades,

ultimately leading to additional demand for metals required to

supportthisinfrastructure.

Thesefast-growingmarketshavespurredawaveofsupplyof

materials required to support them; however, in some instances

thishasoutpacedthedemandgrowthwehaveseentodate.

Commodities where the balance has been tipped into oversupply

includelithium,graphite,rareearths,nickelandcobalt.Copper,

however, while at the heart of all of these trends, has followed

adifferentpathduetoitsrelativelylesselasticsupplysources

anddiversifiedendmarkets.

Forsomeofthesecommodities,thetraditionalsupply-demand

balanceequationhasbecomesignificantlymorecomplex.

Geopolitics,technologicaladvancesandgovernmentintervention

now add another dimension of uncertainty which has contributed

to what were already challenging capital market conditions for the

miningsector.Equityvaluationshaveremainedsubduedandthe

costofborrowingstillelevated,whilecostinflationhasincreased

theamountofcapitalrequiredtodevelopnewprojects.

These conditions have arguably increased the importance of

royaltyandstreamfinancingasafundingsource,alongsideprivate

capital and government funding to the mining sector, particularly

withrespecttopre-productionprojectdevelopmentaswellas

fundingtheconstructionandexpansionsofminingoperations.

2024 saw the continuation of a trend whereby private capital

providers to the mining sector often included royalty and stream

financingalongsideequityand/ordebtfundingpackages.

Royaltyandstreamtransactionstotalled~$3.5bnin2024

(vs~$2.6bnin2023),ofwhich80%wasattributabletoprecious

metals.Withinthenon-preciousroyaltytransactionsubset,

approximately80%ofthetotalnumberofannouncedroyalty

and stream transactions related to development state projects,

although by value the ratio of development to producing

transactionswascirca40:60%.

In terms of M&A activity in the metals and mining space,

2024wasdominatedbygoldalthoughminersappearto

increasingly consider acquisitions as a way of growing copper

exposure.In2024,thesecondlargestacquisitioninthemining

sectorwastheacquisitionofFiloCorpbyLundinMiningCorp.

andBHPfor~US$3.0bn,andwhilstnotresultinginanacquisition,

it was reported that the ultimate goal behind BHP’s bid for

Anglo American – in what would have been one of the largest

mergers in the mining sector – was to gain access to Anglo

American’sworld-classcopperassets.

In the royalty sector, only one corporate transaction was

completed in 2024 which was the acquisition of Trident Royalties

PlcbyDeterraRoyaltiesLimited.FollowingtheacquisitionofNova

Royalty Corp by Metalla Royalties & Streaming Ltd in 2023, only

ahandfuloflistedroyaltycompaniesarefocusedonproviding

capitaltothenon-preciousmetalssegmentoftheminingsector.

Key to strategy

 Commodityselection Investmentframework  Portfoliodiversification  Capitalallocation

Key to principal risks

Catastrophic and natural

catastrophic risk

Investment success

Future demand

Commodity prices

Operator dependence and

concentration risk

 Geopoliticalevents

Financing capability

Stakeholder support

8 Ecora Resources PLC Annual Report and Accounts 2024

Base metals

Price summary

LMEcopperpriceaveraged$4.15/lboverthecourse

of2024,andrangedfromapeakof$4.90/lbreached

inMaytoalowof$3.66/lbinFebruary.

FastmarketsMBalloy-gradecobaltpriceaveraged$15.6/lb

in2024,andstandardgradecobaltaveraged$12.2/lb.The

alloy-gradepricerangedbetween$14.0/lband$17.0/lb,

whilestandardgradewasbetween$10.7/lband$13.7/lb.

LMEnickelpriceaveraged$7.63/lb,andreachedamaximum

of$9.68/lbinMayandaminimumof$6.75/lbinDecember.

Commentary

Throughout 2024, the base metals that Ecora has direct

exposure to were impacted by various market forces with

each metal’s price performance somewhat correlated to the

maturityofitsendmarket.Themessetinmotionduring

2023 continued into 2024, most notably in nickel and cobalt

markets where oversupply from single geographies led to

fallingprices.

Mined copper production experienced a modest increase

ofapproximately2%in2024.Growthbenefitedfroma

constrainedoutputin2023aswellaslarge-scalemining

projects coming online in the Democratic Republic of Congo

(DRC),BotswanaandMongolia.Copperoutputfromthe

DRCisestimatedtohavegrownby10%drivenbythe

ramp-upofKinsanfuandexpansionsoftheTenke

FungurumeandKamoa-Kakoamines.Thefirsttwomines,

ownedbyChinesestate-ownedentityCMOC,produce

cobaltasaby-product,andtheirrisingoutputwasakey

factorforthesurplusseeninthismarket.

The minor increase in mined copper production was

accompanied with a substantial increase in smelting

capacity, particularly in China where capacity rose by

approximately12%intheyear,intensifyingcompetition

forcopperconcentrates.Capacityoversupplyledtoa

sharpdropintreatmentandrefiningcostsassmelters

battled to secure feedstock, reaching the lowest levels in

atleasttwodecades.

TheInternationalCopperStudyGroupindicatesrefined

copper demand grew at a similar rate to copper production

during 2024, curtailed by the continued slowdown in the

Chinesepropertymarketandmanufacturingsectors.

Electrificationtrendssuchastheroll-outofEVs,renewable

energy infrastructure and data centre hubs continued to

gaintractionthroughouttheyear.

Electrificationisforecasttodrivecopperdemandgrowth

overthenexttenyearsatanannualisedrateof2.6%.Itis

expected that the three key demand centres will evolve,

withtraditionalvsenergytransitionvsdigitalforecasttobe

split71%-23%-6%by2050comparedtothecurrentsplitof

92%-7%-1%.

Cobalt, whilst exposed to many of the same trends as copper,

experiencedayearoflowprices.Sinceitispredominantly

producedasaby-product,itssupplyisnotnecessarily

correlatedtodemand.WiththeDRCaccountingfor

approximately80%ofglobaloutput,therecentsurgein

DRCcopperactivitywithby-productcobaltproductionhas

had a material detrimental impact on cobalt prices – estimated

tohavereached50-yearlowsafteraccountingforinflation.

Incentivised by the demand for copper concentrates,

CMOC’sramp-upandexpansionofKinsanfuandTenke

Fungurume saw annual cobalt output from these mines

doublecomparedtoayearearlier.Alongsidegrowthfrom

Indonesia’s nickel operations, this was responsible for global

cobaltsupplysurgingbyapproximately30%yearonyear,

enablingthemarketsurplustoreachanunprecedented53kt.

Inordertoreducethesurplus,theDRCGovernment

introducedafour-monthcobaltexportbaninFebruary

2025,enablingpricestoreboundintheearlypartofthe

year.Thereisthepotentialforannualexportquotasto

follow,whichcouldhelpbringthemarketfurtherintobalance.

Cobalt’s application in high performance batteries,

smartphones and other electronics remained resilient

despitereducedconsumerspendingpower.Thedemand

for superalloys in the aerospace and defence market also

continuedtorecoverfollowingCOVID-19,helpingtosupport

alloygradeprices.

TheEVsectorremainsasignificantconsumerofcobalt,

althoughtheincreasingadoptionoflithium-iron-phosphate

battery technologies, particularly in China, weighed on

demand.Thedepressedpricehasledbatterymanufacturers

to prolong the use of cobalt in EV batteries due to the

increasedsafetyandperformancelevels.TheCobalt

Institute forecasts cobalt demand from batteries to more

thantriple,andaccountfor60%ofoverallcobaltdemand

by2050.

9Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Base metals continued

Commentary continued

In2024,nickelmarketsalsosufferedfromoversupply

andadepressedpriceenvironment.Anear30%growth

in Indonesian production in 2023 was expanded by a

further8%in2024tototalanestimated2.2million

tonnes.Indonesiaisnowresponsiblefornearly60%of

globalnickelsupply,upfrom54%ayearearlier.

The ongoing market surplus continued to weigh on

pricespromptingseveralhighprofilemineclosures

duringthecourseoftheyear.Australiannickeloperations

were the hardest hit, with BHP’s Nickel West operations,

previouslyresponsibleforapproximately2%ofglobal

supplyin2023,beingplacedoncareandmaintenance.

Demand from the stainless steel sector, which remains

the largest consumer of nickel, was robust demonstrating

6%year-on-yeargrowthinthefirsthalfoftheyear.A

surgeofChineseexportsinthefinalmonthsof2024

tookplaceassteelproducersrushedtoexportproducts

inanticipationoftheincomingUSadministration.In

response to depressed prices, the Indonesian

Governmentannouncedplanstoreduceitsnickel

miningquotafor2025byapproximately15%to200

milliontonnesfrom240milliontonnespreviously.

Bulks and other

Price summary

Metallurgical coal price averaged $242/t during 2024,

reaching a maximum of $330/t in January and a

minimumof$177/tinSeptember.

62%ironorepriceaveraged$104/tin2024,and

ranged

fromapeakof$136/tinJanuarytoalowof$85/t

inSeptember.

Commentary

Steelmaking coal, also known as metallurgical coal,

benefitedfromrobustdemandfromthesteelindustry,

especially in emerging economies where blast furnace

usageremainsprevalent.Despitesomeenvironmental

push-backinlargeproducingregionssuchasAustralia

andtheUS,metallurgicalcoalcannotbeeasilysubstituted

andremainsacorerawmaterialinsteelfabrication.

The International Energy Agency estimates steelmaking

coaldemandtoremainflatoverthenextthreeyears,

predominantlydrivenbysteeldemandinlinewiththe

economicoutlook.Consumptiongrowthinemerging

economiessuchasIndiaandIndonesiaispredictedto

beoffsetbyadeclineinChina,absentmaterialstimulus

orwidertradedisruptions.Withglobalsteel

consumptionin2027estimatedtoremainabove1.0bn

tonnes,theadoptionofnewprocessestoproducesteel

withoutmetallurgicalcoalisexpectedtoremainlimited.

The iron ore market was in minor surplus in 2024

contributingtopricesof62%productremaining

rangeboundaroundthe$100/tmark.Atwo-yearprice

high in early January steadily decreased throughout the

year prompting China to increase ore imports to a

record1.24bntonnes,anincreaseof5%on2023’s

previously record year according to data from the

ChinaIron&SteelAssociation.

Higher iron ore imports into China are forecast to

continueinto2025despitethepropertydownturn

weighingonsteeldemand.Thisisdrivenbyincreased

iron ore supply from Brazil and Australia, and a desire

tosellorebeforethelarge-scale,highgradeSimandou

projectcomesonline.

Link to strategy



Our markets continued

Link to strategy



10 Ecora Resources PLC Annual Report and Accounts 2024

Specialty metals and uranium

Price summary

Camecoreporteduraniumspotpriceaveraged$85/lbover

thecourseof2024,withthelong-termcontractprice

averaging$79/lb.

FastmarketsMBvanadiumpriceaveraged$5.86/lbin2024,

rangingbetween$5.19/lband$6.88/lb.

AsianMetals’neodymium-praseodymium(NdPr)oxideprice

averaged$54.6/kgin2024,andreachedamaximumof

$62.3/kginJanuaryandaminimumof$48.0/kginMarch.

Commentary

2024 saw continued strong sentiment for the nuclear industry

with security of uranium supply a key focal point for nations

seekingtodiversifydomesticenergysources.Specialty

metals in Ecora’s portfolio such as vanadium and rare earths

werebuffetedbyglobalmacroforcesincludingnewChinese

steel rebar standards that required higher vanadium content,

andChina’sdominationoftherareearthsupplychain.

Uraniumtailwindsfrom2023continuedintotheearlymonths

of 2024, with Cameco reporting January spot prices above

$100/lb.Thepeakwaspredominantlydrivenbymarket

speculators since the majority of uranium transactions

takeplaceunderlong-termcontracts,leavingrelatively

thinvolumesavailableonthespotmarket.Whilstthespot

price steadily declined over the year to end December at

approximately$73/lb,thelong-termcontractedprice

displayedtheinverse,risingto$81/lbfrom$72/lbin

January–thehighestcontractedpricesince2008.

The contrasting fortunes between uranium spot and contract

prices point to a growing expectation of increased demand

forthefuelinthefuture.TheWorldNuclearAssociation

projectsa28%increaseindemandover2023-2030,reflecting

theanticipatedgrowthinnuclearreactorcapacity.

In response to high prices, previously idled supply

begantorestart.Cameco’sMcArthurRivermine,thesingle

largestsourceofsupplyin2016,hasresumedoperations

liftingCameco’sannualproductionbyapproximately25%

yearonyear.ProductionfromKazakhstan(38%ofglobal

supply) has remained stable, but geopolitical tensions

forced Orano to place Niger’s only operating mine on care

andmaintenanceinOctober.

Bringingnewsupplyonlinehasproveddifficult,with

severaljuniorminerstrimmingguidanceandhavingtheir

permitsdelayed.

Vanadium demand is primarily driven by its use in steel

alloys,accountingforapproximately90%ofconsumption.

InSeptember,Chinaintroducednewrebarstandardsrequiring

more vanadium content in order to increase strength and

reducecorrosion.Theannouncementcorrespondedwith

Chinese producers seeking to maximise steel exports to the

USaheadoftheincomingadministration.Vanadiumprices

remainedlowasuncertaintycentredontheChinesereal

estatemarketandlackofstimulusdepressedsentiment.

Intheenergystoragesector,vanadiumredoxflowbatteries

continued to gain traction as renewable energy deployment

accelerated.Thetechnologyremainsinitsinfancybutis

expected to impact vanadium demand in the coming decades,

andcurrentlyaccountsforapproximately6%ofglobal

vanadiumconsumption.

During the course of 2024, Ecora added permanent magnet

rareearthstoitsportfolio,viewingthepullbackinpricesasan

opportunitytogainexposuretoattractivelong-term

fundamentals.2024sawNdProxidepriceshitthree-yearlows

despite the magnet rare earth market growing approximately

5%.ProjectBlueforecasttheNdPrmarkettonearlytripleover

thenext25years,highlightingthemulti-yeartrendof

increasedadoptionofEVsandrenewables.

Rareearthmagnetsaccountfor90%ofthetotalrareearth

sector’s value, and despite these elements occurring naturally,

arenotoriouslydifficulttoseparateindividually.China

remainedthemarketleader,producingover90%ofseparated

rare earths in 2024, with geographic concentration risk a

focusareaofthenewUSadministration.

Link to strategy



11Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Chairman’s statement

A strong position

I am writing to you for the first time as the Chairman of Ecora. When, at

theend of 2023, the opportunity presented itself to join the Board of Ecora

Iwasdelighted to accept the invitation. Ecora is at an interesting point in

itsevolution from what was principally a single asset company, underpinned

forover 20 years by the Kestrel steelmaking coal royalty, into a company

with amuch more diversified portfolio focused on critical minerals and with

significant growth potential.

Itfeelsverymuchasthoughweareataninflectionpoint,and

following the disappointing news early in the year regarding

thesuspensionofconstructionactivityatWestMusgrave,the

Company has emerged in a strong position with key assets such

as Voisey’s Bay and Mantos Blancos ramping up in Q4 2024 and

poisedtodeliverproductiongrowthin2025.Post-yearendwe

alsoaddedtheMimbulacopperstreamtotheportfolio.

Importantly, the Mimbula stream complements the rest of the

portfolioasitisincome-producingfromdayoneandshould

seevolumegrowthin2026and2027.

The portfolio, both at production and development stages,

provides exposure to high quality projects, with the vast

majority of projects sitting low on the cost curve and with

well-regardedoperators.TheadditionofMimbulagrows

coppertonearly50%oftheGroup’snetassetvalueandwe

believethatnootherroyaltycompanycanoffersuchexposure

to copper, expected to be a commodity in increased demand

overthecomingyears.Webelievethatthisprovidesan

excellent platform for the Company to build on its unique

positioningandunlockmaterialvalueforourinvestors.

Macro drivers

The world is becoming increasingly volatile with geopolitical

tensionshavingintensified,withtariffsdisruptingglobalsupply

chains for many critical minerals and leading to price volatility

anduncertaintyinsupplyandinvestmentdecisions.Asa

consequence,nationsarere-evaluatingsupplychainswith

actssuchastheEuropeanUnionCriticalRawMaterialsAct,an

example of regions looking to reduce dependence on external

sourcesofsupplybyboostingdomesticproduction.Royalty

and/or streaming have become central parts of the funding

solution for new mining projects, and these trends create

opportunities for Ecora as an increased number of new

projectsseekfundingsolutions.

Capital allocation policy and growth

During 2024 the Board decided that it was an appropriate

timetoupdatetheCompany’scapitalallocationframework,

with the transition well underway from a portfolio dominated

byKestreltooneofferingmaterialgrowththroughexposure

tocriticalminerals.

The changes to the policy, detailed in the 2023 Annual Report,

alignthedividendwithfreecashflowgenerationandfreeup

capital that can be used for growth, whilst maintaining an

attractivedividendyield.Thebenefitsofthenewframeworkcould

be seen in 2024 when we reduced dividends by $11m compared to

theprioryear,andwerethenabletoinvest$8.5mintothe

Phalaborwarareearthsroyaltywithoutincreasingourleverage.

Andrew Webb

Chairman

12 Ecora Resources PLC Annual Report and Accounts 2024

Inevitably the change did not meet the mandates of all investors

and led to a certain amount of churn in the share register,

withcorrespondingdownwardpressureontheshareprice.

However,webelievethatacriticalminerals-focusedroyalty

company,withhalfofourvalueincopper,andofferingmaterial

growthoverthenextfiveyears,shouldcarrybroadappealto

institutionalinvestors.

Stakeholder engagement

On my appointment, and as part of a consultation around the

updated capital allocation framework, I met with a number of

Ecora’slargestshareholders.Onthewhole,theyweresupportive

of the strategy and recognised that the decision to change the

capital allocation framework had followed deep consideration

ofthepotentialcostsandbenefitsofmakingsuchachange.

Ilookforwardtomaintaininganopendialoguewithyou,our

shareholders,andwithotherstakeholders.

Duringthecourseof2024wealsoconductedourfirstever

Sustainability Materiality Assessment, canvassing stakeholders

including shareholders, employees and operating partners on

theirviewsastothemostmaterialissuesforEcora.Thefindings

of this exercise have shaped our sustainability workstreams

for2025andIwouldliketothankallthosewhotookpartin

theexercise.

Outlook

Asweenter2025,theworldappearstobeoneofincreased

macroeconomicuncertaintyandpoliticalvolatility.Despite

these factors, Ecora is well positioned for a future in which

accesstocriticalmineralswillbeofgreaterstrategicsignificance

as countries seek to secure supply of these vital and

valuablecommodities.

Our portfolio is well balanced between production, development

and early stage projects, but what the most successful royalty

andstreamingbusinessespossessisscaleanddiversity.The

Board is determined to continue to build scale and income

onapersharebasiswhichitbelieveswillhelptorealisevalue

forourshareholders.Theacquisitionin2025oftheMimbula

copperstreamwasanexcellentnextsteponthisjourney.

Acknowledgements

On behalf of the Board I would like to thank my colleagues on

the Board and Ecora’s employees for the warm welcome they

have given me and their support and commitment to helping

Ecoradeliveritsstrategicobjectives.

Andrew Webb

Chairman

26 March 2025

Royalty and streaming have

become central parts of the

funding solution for new

mining projects creating

opportunities for Ecora.”

Andrew Webb

Chairman

13Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

fi

Enabling growth

As we reflect on 2024, Ecora’s diversified portfolio demonstrated strong

performance amidst continued global macroeconomic weakness driven by

inflationary pressures and contractionary monetary policies demonstrating

the benefits of a royalty company in an uncertain world.

Ecora’s producing royalty portfolio’s strong results were driven

by volume growth at Kestrel, Voisey’s Bay and Mantos Blancos,

momentumweexpecttocontinueinto2025.Intermsofour

development portfolio, a key positive was the Santo Domingo

copperprojectprogressingtowardsaFinalInvestmentDecision.

BHP’s decision to suspend construction of the West Musgrave

nickel-copperprojectwasdisappointing,reflectingcurrently

challenging nickel market conditions; however, we remain

confidentintheproject’spotentialasalowcostoperationover

a25-yearminelifewiththepossibilityoffurtherextension.

Our strategy is to unlock shareholder value by continuing to

growanddiversifyourportfolioofcriticalmineralroyalties.

Twelve months following the implementation of an updated

capital allocation framework prioritising growth, we are

pleasedtohaveacquiredaroyaltyoverthePhalaborwa

RareEarthsProjectand,morerecently,acopperstream

overtheproducingMimbulamine.

ThepastyearhasbeendifficultforUKequitymarketsand

theglobalsmall-capresourcesector.2024markedthesecond

consecutiveyearofnetcapitaloutflowsfromUK-focusedequity

funds,impactingthesectorandEcora’sshareprice.Ecoraisnot

aloneinthisrespect,andinmanywaysthebackdropformany

smallandmid-capoperatorshascreateddemandfor

alternative,andlessdilutive,formsoffinancing,whichincludes

royaltiesandstreams.

We anticipate that the favourable window to further diversify

and grow our portfolio by acquiring royalties over high quality

mining operations and projects will persist in the short term,

asdemonstratedbyourrecentPhalaborwarareearthsand

Mimbulacopperstreamtransactions.Bothtransactions

wereoriginatedthroughourindustrynetwork.

Results

Theproducingportfoliogeneratedacontributionof$63.2min

2024,up9%yearonyearonarecurringbasis(excluding2023

incomerelatedtoprioryears).Thekeyroyaltiesandstreams

underpinning this growth were Kestrel, Voisey’s Bay and Mantos

Blancos.Withcobaltpricesatyearendapproaching50-yearlows

(inrealterms),theGroupimpairedthevalueoftheVoisey’sBay

streamby$15.1mandtheassociateddeferredtaxassetby

$9.8m.Adjustedearningspersharewasbroadlyflatat

US11.43c/share(2023:US11.82c/share).Netdebtincreasedto

$82.3m(2023:$74.5m),reflectingacquisitionsmadeduringthe

yearaswellasfinaldeferredpaymentsrelatedtoroyalty

acquisitionsmadein2022.

Industry drivers

Thelong-termdemandoutlookforcriticalmineralsremains

strong,drivenbycontinuedurbanisation,growthintheelectrification

of energy consumption and energy storage, as well as expected

growth in digital infrastructure and the adoption of consumer

andbusinessartificialintelligenceservices.

2024 saw a number of supply side developments impacting

global commodity markets, including sizable supply additions

ofnickel,cobaltandlithium.Thesupplyofnickelproductsfrom

mining operations located in Indonesia, and cobalt products

from operations located in the Democratic Republic of Congo

ramped up substantially in 2024, suppressing the prices of

thesecommodities.

Marc Bishop Lafleche

Chief Executive Officer

14 Ecora Resources PLC Annual Report and Accounts 2024

Thisovershadowedotherwisehealthyyear-on-yeardemand

growthfornickelandcobalt,estimatedat5%and7%respectively.

In response, the Democratic Republic of Congo recently

imposedafour-monthcobaltexportbantostabilisecobalt

prices,withsubsequentexportquotasunderconsideration.

Thishasdrivenapriceupliftofover60%,withthemedium

andlonger-termimpacttobedetermined.

In the past year, vertical integration in battery commodities

such as lithium and cobalt appears to have reduced certain

producers’ emphasis on capturing margins at the upstream

miningstage.Thisisparticularlyevidentincobaltandlithium,

where some producers have integrated raw material sourcing

alongside battery production and EV manufacturing, and appear

lesssensitivetoupstreamcommoditypricelevels.

2024sawacontinuationofgovernmentsadoptingpoliciesto

aid the development of critical mineral supply chains, largely

drivenbynationalsecurityconcerns,economicindependence

andgeopoliticalcompetition.Policieshavetakenavarietyof

forms, including direct and indirect state investment and tax

incentives.Wehavealsoseeninstancesofgovernments

weaponising their control over critical mineral supply chains,

althoughtodatethesepolicieshavebeenrelativelyrestrained.

Outlook

In the upcoming year, our producing royalty portfolio is

expectedtobenefitfromstrongvolumegrowth,atthefront

endofanexpectedfive-yearperiodofstrongorganicgrowth.

Ecora’s longer dated development stage royalties provide

furthergrowthpotentialintothenextdecadeandbeyond.

CashflowsgeneratedbyEcora’sproducingroyaltyportfolio

areexpectedtodrivematerialdebtreductionoverthenext

12-24months.

TheMimbulacopperstream,acquiredinQ12025,further

enhancesEcora’sshortandmedium-termgrowthprofile,

withabrownfieldPhaseIIexpansiontoincreaseproduction

from14Ktpain2024to56Ktpaunderway.

Ecora’s reshaped critical minerals royalty portfolio, with copper

exposureatitscore,isapproachinganinflectionpointandwe

looktothefuturewithconfidence.

Marc Bishop Lafleche

Chief Executive Officer

26 March 2025

Our strategy is to unlock

shareholder value by

continuing to grow and

diversify our portfolio.”

Marc Bishop Lafleche

Chief Executive Officer

15Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Copper, essential

tomodern life

PURPOSE IN ACTION

Copper is essential to the modern economy, powering infrastructure,

transportation and technology. Its conductivity makes it crucial for electrical

grids, EVs and renewable energy. Used in construction, manufacturing and

telecommunications, copper drives industrial growth. As demand rises for

green energy and electrification, copper’s role in economic development

keeps expanding.

Copper demand is set to

continue outperforming with

traditional demand drivers of:

n Population growth

n Urbanisation

n Industrialisation

n Rising living standards

n Capital stock turnover

Being complemented by new

forms of demand:

n Electrifying transport

n Low carbon energy sources

n Digital and AI infrastructure

n Decarbonising industry

n Electrifying buildings

New supply has been

constrained by:

n Increased development costs

n Declining resource grades

n Lack of discoveries

n Regulatory uncertainty

n Geopoliticalrisk

To bring new copper supply online and rebalance the market, the long-term copper price is



Projected copper demand and supply 2025-2035 (MMt)

(1)

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

Thus there is a significant demand/supply deficit

(1) Thesefiguresareillustrative,basedondatafromS&PGlobal’sreport‘TheFutureofCopper:

Willtheloomingsupplygapshort-circuittheenergytransition?’

Projected

demand

Projected

supply

Projected

deficit

16 Ecora Resources PLC Annual Report and Accounts 2024

Ecora has the royalty sector-leading copper growth pipeline:

Mimbula copper stream acquisition

In February 2025 we acquired a

copper stream over the producing

Mimbula mine in Zambia.

Mimbula is a high quality ore body with low operating costs

andahighqualitymanagementteam.Thestreamwillbe

immediately income generating and accretive to earnings

andfreecashflow.

The stream has been structured so that Ecora is entitled

to4.7%ofthefirst15ktpaofcopperproduction,reducing

to2.5%between15ktpaand30ktpaand1%forallvolumes

above30ktpa.ThisstructurehasthebenefittoEcoraoffront-

loadingcashflowsandprovidingmaterialincomegrowth.

The Mimbula mine produced ~14kt of copper in 2024 and

isundergoingabrownfieldexpansionthatisexpectedto

increaseproductiontoasteadystatecapacityof~56ktpa.

Thelifeofmineis11yearswithpotentialtobeextended.

$50m

acquisition cost

56ktpa

steady state

copperproduction

Illustrative annual copper production attributable to Ecora

(1)

Net of NSR deductions and stream payments, Mlbs

Mantos

Blancos

In production

1.525% NSR

~130Mlbs

CU pa

Mimbula

In production

1.0%–4.7% stream

~130Mlbs

CU pa

Mantos

Blancos Phase

II & tailings

fi

1.5% NSR

~75Mlbs

Cu pa

Santo

Domingo

Shovel ready

2.0% NSR

~340Mlbs

CuEq pa

West

Musgrave

Constr. stage

2.0% NSR

~225Mlbs

CuEq pa

Nifty

fi

1.5% GRR

~90Mlbs

Cu pa

Vizcachitas

Medium-term

0.25%-0.55% NSR

~400Mlbs

Cu pa

Cañariaco

Longer-term

0.5% NSR

~350Mlbs

Cu pa

Nameplate

capacity

(1) Productionmetricsshownfullyrampedupatdesigncapacityasperoperatorguidance.

17Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Mining

company

Ecora

Resources

Applying a proven

business model

Our business model is proven and offers low risk exposure

toanincreasingly important basket of commodities.

Investing in royalties

What is a royalty?

Aformoffinancing.Initssimplestform

the royalty company provides the mine

operator with an upfront payment and

inreturnreceivesapercentageof

revenue generated from production

atthemine.Astreamissimilarbut

instead of percentage of revenue,

theroyaltycompanyhastheright

tobuyapercentageofproduction

atanagreed,discountedprice.

Primary and secondary

Primary royalties are a direct investment

in the mine and require the royalty

companytonegotiatetheroyalty

agreementwiththemineoperator.

Asecondaryroyaltyisanexistingroyalty

that the royalty company acquires from

theholderoftheroyaltyrights.

Royalty

Royalty payments

(%ofrevenueforlifeofmine)

Investment

(upfront payment)

To the mine operator:

1. Non-dilutive

Compared to equity, it doesn’t

diluteexistingshareholders

2. Assetspecific

A royalty sits on one asset,

not on the balance sheet

3. Nofixedpayments

Compared to debt, royalties

havelongertermsandno

fixedpayments

4. Keep full autonomy

The miner retains full control

over the end product

fi

To the royalty company:

1. Inflationprotection

Royalty payments are

calculated based on revenue

soavoidexposuretocapital

andoperatingcostinflation

2. Reducedrisk

Portfoliodiversification,

acrosscommodities,mines

andjurisdictions,lowers

earningsvolatility

3. Exposuretoupside

Royaltycompanybenefitsfrom

productionupside(lifeofmine

extensions/exploration activities)

and commodity price

out-performance

Our business model

18 Ecora Resources PLC Annual Report and Accounts 2024

Inputs Value creation

Counterparties

Through funding the production of

commodities essential to the energy

transition we are playing a small role

inenablingtheworldtolowerits

carbonfootprint.

Shareholders

Return capital to shareholders through

adividendofbetween25%and35%of

freecashflow.Sharebuy-backswillbe

consideredwhentheGroup’sstockprice

istradingatasignificantdiscounttoNAV.

Society

Through funding the production

ofcommoditiesessentialtotheenergy

transitionweareplayingasmallrole

inenablingtheworldtolowerits

carbonfootprint.

Capital

TheGrouputilisescapitalfroma

varietyofsources,mainlycashflow

from existing royalties, debt and

equity, to invest in royalties

andstreams.



The team has vast experience in

structuring royalty agreements,

understanding the commodity

markets and completing technical

due diligence, all of which inform

ourcapitaldeploymentdecisions.

Mine performance

The ability of the operator to safely

executethemineplan,meetingor

beating expectations with regards

to annual production volumes,

isakeyinputtothesuccessof

thebusinessmodel.

Commodity price

Commodity prices will be driven

bymacroeconomicfactorsandcan

haveamaterialimpacton

theoutcomeoftheinvestment

decisionstaken.

Internal

External

Employees

Provide a positive working environment

withopportunitiesforprofessional

development and an incentive scheme

thatensuresemployeesshareinthe

successoftheCompany.

19Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Our approach to

investment

Our strategy is focused around four key pillars:

Commodity selection

Our focus is on providing investors exposure to

commoditiesthatwillsupportasustainablefuture.

What it means?

n Wefocusoncommoditiesthatarerequiredtocomplete

theenergytransition.

n Our current commodity exposure includes copper, nickel,

cobalt,steelmakingcoal,vanadiumanduranium.

2024 performance

n Wefurtherdiversifiedourcommoditybasketthrough

theacquisitionofaroyaltyoverthePhalaborwaRare

EarthsProject.

n We further divested our shareholding in the Labrador

IronOreRoyaltyCompanygeneratingproceedsof

C$11m($8.1m).

Future focus

Nickel,copperandcobaltmarketsofferattractivelong-term

entrypoints.

Ourcurrentfocusisonaddingincome-producingroyalties

orstreamswithbasemetalsbeingourpreferredcommodities.

We would consider smaller investments into commodities

we would like to add to the portfolio such as lithium, high

puritymanganese,zinc,tinandgraphite.

Investment framework

Weusearigorousscreeningandduediligenceprocess

toinformourinvestmentdecisions.

What it means?

Wefocusthemajorityofourinvestmentinprojectsthat:

n are relatively low cost;

n are in established mining jurisdictions;

n have strong management teams;

n achieve clear IRR targets;

n focusoncommoditieswithinourbasket;and

n meetoursustainabilityinvestmentcriteria.

2024 performance

The Phalaborwa rare earths royalty was added

totheportfolio,whichis:

n focused on rare earths;

n expectedtobeinthelowerquartileintheindustrycostcurve;

n in a project with no primary mining reducing operational risk;

n anticipatedtohitmid-teensIRRsbasedonconservative

long-termconsensuspricing;and

n projectedtohavestrongsustainabilitycredentials.

Future focus

Focus will remain on investing in projects that meet our

investmentframework.



Our strategy

Key to principal risks

Catastrophic and natural

catastrophic risk

Investment approval

Future demand

Commodity prices

Operator dependence and

concentration risk

 Geopoliticalevents

Financing capability

Stakeholder support

20 Ecora Resources PLC Annual Report and Accounts 2024

An evolving approach to investment

2013 2013-2018 2019-2024 2025-2030

Focus

Portfolio based around two

income-generatingroyalties,

whichwereKestrelandEVBC.

Achievements

Royaltyincometotalled£14.7m

and64%ofNAVwasderivedfrom

coal(Kestrel).Companystarted

tolookforincreasedexposure

tofuture-facingcommodities.

Netassetstotalled£216m.

Focus

Addedanumberofincome-

producing royalties including

Maracás Menchen (vanadium)

andMcCleanLakemill(uranium).

Achievements

Portfolio contribution was

£46.1m,61%ofNAVwas

attributabletocoal.Netassets

totalledUS$218.9m.

Focus

Addedincome-producingMantos

Blancos royalty (copper) and

Voisey’sBaystream(cobalt).

Increased exposure to growth

assets through a primary royalty

atPiauí(nickel)andacquiring

secondary royalties over West

Musgrave(nickel-copper)and

SantoDomingo(copper).

Achievements

PortfoliocontributionofUS$63.2m

andnetassetsof$434.6m.85%of

NAVisfuture-facingcommodities.

Focus

The critical minerals part of the

portfolio is expected to grow

fromc.US$20min2024toover

US100mby2030.NAVwillbe

c.90%criticalminerals.

Achievements

Added the Mimbula copper

streaminFebruary2025,

makingbasemetals~80%ofNAV,

withcopperatthecore.

Portfolio diversification

Weseekdiversityofcommodities,jurisdictionandasset

maturitytobalanceportfoliorisk.

What it means?

Aswegrowtheportfoliowewillseekto:

n reduce asset concentration;

n increase the commodity exposure;

n strike a balance between income generating and growth

acquisitions; and

n deploymajorityofcapitalintolowerriskopportunities.

2024 performance

n Enteredtheyearwith53%ofvalueinincome

producingassets.

n Added a royalty over a development stage rare earths

projectinPhalaborwa.

n Endedtheyearwith50%ofthevalueinincome-producing

assets,45%inassetsindevelopmentand5%inearly

stageassets.

Future focus

Wewillseektocontinuetodiversifytheportfoliointerms

ofcommodity,assetmaturityandjurisdiction.

Capital allocation

Our capital allocation framework focuses on growth,

maintaining a strong balance sheet and distributions

toshareholders.

What it means?

n Acquire high quality royalties to further diversify

andgrowtheportfolio.

n Focusonpost-transactiondeleveraging.

n Distributesemi-annualcashdividendsbasedonpayout

ratioof25%-35%offreecashflow.

n Consider share buybacks in context of market price

andestimatedNAV.

2024 performance

n Updatedcapitalallocationframeworktoprioritisegrowth

andbalancesheetstrength.

n DeployedUS$8.5mintoroyaltyacquisitions.

n MadefinalpaymentofUS$9.2mtoSouth32related

totheacquisitionofaroyaltyportfolioin2022.

n CompletedaUS$10msharebuyback.

Future focus

Management’sfocusisonaddingproducing,ornear-term

producing, royalties to the portfolio that will increase

short-termrevenue.Absentanyacquisitions,theGroupwill

looktode-leverageatthesametimeasmaintaininga

dividend in line with the capital allocation framework

thatwasupdatedin2024.



21Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

fi

Profit/lossattributabletoequityholders,

plus royalties received from royalty

financialinstrumentscarriedatfairvalue

throughprofitorloss,lessallvaluation

movements and impairments, together

with amortisation charges, unrealised

foreign exchange gains and losses,

andanyassociateddeferredtax,

andanyprofitorlossonnon-core

assetdisposals.

Why is it important?

ItmeansthattheGroupisfocused

ondeliveringaccretivegrowth

forshareholders.

How we performed

Adjusted earnings per share was

broadlyflatyearonyearastheslight

reduction in portfolio contribution was

offsetbyareductioninthenumberof

shares in issue post the share

buybackprogramme.

Link to strategy

fi

Freecashflowisthenetcash

generatedfromoperatingactivities,

plusprincipalrepaymentsreceived

undercommodity-relatedfinancing

agreements, proceeds from the disposal

of mining and exploration interests,

financeincome,lessfinancecostsand

leasepayments.

Why is it important?

UndertheGroup’scapitalallocation

policy, dividend distributions are calculated

asapercentageoffreecashflow.Acash

flowmetricisusedasthestructureand

classificationofanumberoftheGroup’s

royalty and streaming arrangements

resultinasignificantamountofcashflow

notbeingincludedintheincomestatement.

How we performed

Freecashflowreducedyearonyear

mainlyasafunctionofhigherfinance

costs associated with an increased

debtpositionfollowingthefinalpayment

to South32 relating to the royalty

acquisitionin2022,aswellasfinaltax

paymentsrelatingtotheprioryear.



fi

Royalty and metal stream related

revenue plus royalties received or

receivablefromroyaltyfinancial

instruments carried at FVTPL and

principal repayments received under the

Denisonfinancingagreement,lessmetal

streamcostofsales.

Why is it important?

It is the source of income generation

forEcorawhichfundsfuture

investments, debt repayment and capital

returnstoshareholders.

How we performed

Portfoliocontributionwasbroadlyflaton

aheadlinebasis.Whenadjustingforone

offpaymentsof$5.4mfromFourMile,

received in 2023 but related to prior years,

portfoliocontributionwasup9%in2024

following an increase in production

volumesfromKestrelandVoisey’sBay.

Link to strategy

Key performance indicators

Measuring our

performance

Our KPIs provide a transparent means of

assessingtheeffectiveness ofstrategic execution.

Adjusted earnings per share

11.43c (-3%)

‘21

‘23

‘22

‘21

‘20

‘24

11.82c

37.55p

25.18p

15.69p

11.43c

Portfolio contribution ($m)

$63.2m (-1%)

‘21

‘23

‘22

‘21

‘20

‘24

63.6

143.2

85.6

47.5

63.2

Free cash flow ($m)

$22.1m (-26%)

‘21

‘23

‘22

‘21

‘20

‘24

29.7

132.1

48.4

25.4

22.1

22 Ecora Resources PLC Annual Report and Accounts 2024



 +7%

Total shareholder returns (%)

-33.53% (-7%)

fi

The ratio of net debt to adjusted EBITDA,

being portfolio contribution less

operating expenses excluding share

basedpayments.

Why is it important?

ItisaproxyoftheabilityoftheGroup’s

portfolio to service the level of debt

drawnisacorefinancialcovenantofthe

Group’srevolvingcreditfacility.

How we performed

Leverage ratio remained stable during

2024astheGroup’sexpenditurewas

fundedfromorganiccashgeneration.

Link to strategy

fi

It combines share price appreciation

anddividendspaidtoshowthetotal

return to the shareholder expressed

asanannualisedpercentage.

Why is it important?

Total shareholder return is a measure

oftheperformanceofEcora’sshares

overtime.

How we performed

Updatestothecapitalallocation

framework resulted in lower dividend per

share and the share price was impacted

by income funds rotating out of the

stockandcontinuedoutflowsfrom

UKequityfunds.

Link to strategy

‘23

‘22

‘21

‘20

‘24

1.4

0.27

1.12

1.15

1.5

‘23

‘22

‘21

‘20

‘24

-31.2

20.74

12.68

-28.62

-33.53

Key to strategy

Commodity selection

Investment framework

Portfolio diversification

Capital allocation

23Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Cobalt volumes received from Voisey’s

Bayincreasedby300%duringtheyear,

from24tonnesinQ1to98tonnesinQ4.

This trend is expected to continue with

growth(atthemid-pointof2025guidance

of335-390tonnes)ofc.75%relativeto

2024(210tonnes).Furthergrowthis

expecteduntilH22026astheminemoves

towards steady state production, which

shouldresultintheGroupreceivingan

averageof560tonnesofcobaltperannum.

In Q3, Capstone Copper resolved the

issues with the mill at Mantos Blancos

that were causing a bottleneck and the

mine has subsequently operated at

higher production rates, which led to

arecordportfoliocontributioninQ4.

Lookingforwardto2025,atthemid-point

of guidance, production from Mantos

Blancosisexpectedtoincreasec.20%

vs2024(45kt).

The underlying growth in these two

assetsisthestartofafive-yearperiod

where the critical minerals part of our

portfolio should see income grow from

c.$20mtoc.$100m.Thisisnotincluding

other opportunities at Mantos Blancos

that could see further volume growth

ofover50%duringthistimeframe.

Looking at our portfolio of development

royalties, it was disappointing to see BHP

temporarily suspend operations at the

WestMusgravenickel-copperproject.

The decision was driven by pressure

onthenickelpricecausedbyincreased

supplyfromIndonesia.BHPhas

acknowledged that West Musgrave

remains a high quality project and

hasstateditwillreviewthedecision

byFebruary2027.

Capstone Copper’s Santo Domingo project

is progressing well with an updated

Feasibility Study published during the

yearthatconfirmedtherobustproject

economics.Capstonewillspend$50m

ontheprojectin2025whilstitcontinues

toprogressitsfinancingstrategywitha

Final Investment Decision not expected

before2026.

Business review

Embarking on

fiveyears of growth

The completion of the Voisey’s Bay Underground Mine Expansion

Project in December 2024 is an inflection point for the Group.

fi

(1)

2025 total

0 12010080604020

2030 total

560t/year

of attributable cobalt once

Voisey’s Bay is at a steady state

50%

potential increase to

MantosBlancos volumes

US$100m

of expected annual portfolio

contribution by 2030

Base metals now represent an

estimated 85% of NAV with copper

atthe core.”

Marc Bishop Lafleche

Chief Executive Officer

(1) Numbersbasedonconsensussellsideanalystresearchestimatesasat10March2025.

Strategic report

24 Ecora Resources PLC Annual Report and Accounts 2024

Exposure to

world-class operators

Royalties cover mining operations run by some

of the largest mining companies in the world.

Our portfolio

Asset Commodity Location Development stage Operator/developer Royalty basis Mine life See more

Base metals

Voisey’s Bay Cobalt Canada Producing Vale 22.82%stream 15years p33

Mantos Blancos Copper Chile

Producing Capstone Copper 1.525%NSR 14 years p26

Mimbula Copper Zambia

Producing Moxico Resources 1.0%to4.7%

(1)

11 years p27

Carlota Copper US

Producing KGHM 5.0%NSR 4 years p30

Santo Domingo Copper and iron ore Chile

Development Capstone Copper 2.0%NSR 19 years p28

WestMusgrave Nickel and copper Australia

Development BHP 2.0%NSR 24 years p31

Vizcachitas Copper Chile

Development Los Andes Copper 0.25%NSR 26years p29

Piauí Nickel and cobalt Brazil

Development Brazilian Nickel 1.60%GRR 18years p32

Nifty Copper Australia

Development Cyprium Metals 1.5%GRR 20 years p30

Cañariaco Copper and gold Peru

Early stage Alta Copper 0.5%NSR 28years p30

Specialty metals and uranium

MaracásMenchen Vanadium Brazil Producing Largo 2.0%NSR 30 years p34

McCleanLakeMill Uranium Canada

Producing Orano

22.5%oftoll

millingrevenue

12 years p35

FourMile Uranium Australia

Producing Quasar Resources 1.0%NSR 5years p36

Phalaborwa Rare earths South Africa

Development Rainbow Rare Earths 0.85%GRR 16years p37

Salamanca Uranium Spain

Development Berkeley Energia 1.0%NSR 14 years p36

SW2 Uranium Canada

Early stage NexGen 2.0%NSR N/A p36

Bulks and other

Kestrel Steelmaking coal Australia Producing EMR Capital and Adaro 7.0–40.0%GRR 4 years

(2)

p38

EVBC Gold Spain

Producing Orvana Minerals 2.5–3.0%NSR 4 years p40

IOC Iron ore Canada

Producing Rio Tinto 7.0%GRR(indirect) N/A p39

Incoa Calcium carbonate

Dominican

Republic/US

Development Incoa ~1.23%GRR N/A N/A

Amapá Iron ore Brazil

Development Cadence Minerals plc 1%GRR 15years p39

Dugbe 1 Gold Liberia

Early stage PasofinoGold 2-2.5%NSR 14 years p40

RingofFire Chromite Canada

Early stage Wyloo Metals 1.0%NSR N/A p39

Pilbara Iron ore Australia

Early stage BHP 1.5%GRR N/A p39

Visit 

(1) Ratevariesdependingoncumulativeannualproductionvolumes.

(2) Althoughtheminehasalifebeyond2029,miningbeyondthisdateisexpectedtobeoutsidetheGroup’sprivateroyaltyarea.

25Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Business review continued



developer

Capstone

Copper

Location

Chile

Mine life

14 years

Royalty basis

1.525%NSR

fi

Royalty intangible

$5.8m

Mantos Blancos generated

$5.8m of revenue in 2024

50%

Potential production

increase from tailings

reprocessing opportunity

Copper

Mark

In 2023 Mantos Blancos was

awardedtheCopperMark.

TheCopperMarkAssurance

Framework promotes the

responsibleproductionofcopper

Base metals: Copper



copper mine located in the

Antofagasta region of Chile and

operated by Capstone Copper.

What we own

TheGroupacquireda1.525%net

smelter return royalty over the Mantos

BlancoscoppermineinChilefor$50.3m

in2019.TheMantosBlancosmineis

anopen-pitoperationlocatedinChile,

producingcopperwithsilverby-products.

The NSR entitlement applies exclusively

tocopperproductionatthemine.

The operation is owned by Capstone

Copper, following the merger between

Mantos Copper and Capstone Mining

Corpin2022.

Why we own it

MantosBlancosisalong-lifecopper

mine with upside potential in a

recognisedminingjurisdiction.Capstone

Copperisahighlyregardedoperator

withawealthofin-countryexperience.

Coppersupply-demandfundamentals

are widely expected to be attractive

(seepage16)anditismanagement’s

belief that this will create upwards

pressureoncopperprices.

Performance

n Portfoliocontributionof$5.8m

(2023:$6.1m).

n Successful completion of concentrator

de-bottleneckingprojectinQ3

achieved concentrator throughput

rates>20ktpd.

n Increased volumes post completion

ofde-bottleneckingprojectresultedin

record quarterly portfolio contribution

inQ4of$1.7m.

Outlook

n FY25productionguidancefrom

Capstoneof49-59kt(2024:45kt),

weighted towards H2 given

maintenanceplannedinQ1.

n Capstone is evaluating a tailings

reprocessing opportunity that could

increasecopperproductionbyc.25ktpa

for15yearswithnoadditionalmining

orcrushingcosts.

n Capstone targeting completion of a

Phase II Expansion Feasibility Study

byend2025.

Development stage

Producing

Mantos Blancos

Primary

commodity:

Copper

26 Ecora Resources PLC Annual Report and Accounts 2024

Primary

commodity:

Copper

Development stage

Producing

Mimbula

Mimbula is a producing copper

mine located in the Zambian

Copperbelt Province, owned



What we own

Ecora owns a stream over copper

productionfromtheMimbulamine.

Thestreamentitlementvariesdepending

oncumulativeannualproductionlevels.

Ecorareceives4.7%ofthefirst15ktof

annualcopperproduction,2.5%of

copperproductionbetween15ktpaand

30ktpa,and1%ofallcopperproduced

over30ktpa.OnceEcorahasreceived

9.15ktofcopper,thenthestream

entitlementreducesto1%forthelifeof

mine.Ecorawillmakeongoingpayments

toMoxicoequalto30%oftheLME

quarterlyaveragecopperprice.

Why we own it

The Mimbula mine is one of the lowest

costproducingcopperminesglobally.

Itislocatedinarecognisedcopper

jurisdiction and is operated by a

well-regardedmanagementteam.

Themineisinproductionwitha

brownfield

expansion underway that

willseeproduction

growfourfold.

Theexpansionisexpectedtobe

completebymid-2026,atwhichpointthe

mineshouldbeproducing56ktpaof

copper.Theminehasan11-yearlifeof

minewithpotentialforittobeextended.

The stream provides Ecora with short

andmedium-termincomegrowthand

increasesexposuretocopper.

Performance

n Mine produced 14ktpa of copper

in2024

and commenced a

brownfieldexpansion.

Outlook

n During2025,copperproduction

fromMimbulaisexpectedtobe

between15kt–20kt.

n Brownfieldexpansionisunderway

thatwilldriveproductionupto56ktpa

frommid-2026.



developer

Moxico

Resources

Location

Zambia

Mine life

11 years

Stream basis

1.0%to4.7%(dependingon

production volumes)

fi

Mineral streams

56ktpa

Expected annual

copper production when

brownfield expansion is

completed (c. mid-2026)

2035

Projected mine life to

2035 with scope for life

ofmine extension

27Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Santo Domingo

Primary

commodity:

Secondary

commodity:

Santo Domingo is a high grade,

fully permitted copper–iron ore

project in Chile, owned and



What we own

TheGroupownsa2.0%NSRroyaltyover

theSantoDomingoproject.TheCompany’s

royalty area covers the highest copper

grade portion of the mine plan which is

expected to be mined during the initial

sixtosevenyearsofproduction.

Average annual production is expected

tobeapproximately118Ktofcopper

and

4.2Ktof65%pelletfeedironore

concentrate.

Total reserves are estimated

tobe392Mtat0.30%coppergrade(as

per the Capstone Copper Santo Domingo

Project Technical Report) with an

expectedminelifeof19years.

CapstoneCopperhasalsoidentifieda

meaningful cobalt opportunity that has

the potential to turn Santo Domingo into

one of the world’s largest and lowest

costcobaltproducers.Cobaltproduction

over the life of mine is forecast to total

10.4Mlbsperannum,thecreditsofwhich

reduce the total mine’s C1 cash costs per

poundofpayablecopperto$1.56ona

by-productbasis.

Development stage

Development

Copper



developer

Capstone

Copper

Location

Chile

Mine life

19 years

Royalty basis

2.0%NSR

fi

Royalty intangible

118 tonnes

Average annual

production expected to

be ~118t of copper, 4.2kt

of 65% pellet feediron

oreconcentrate

19-year

Mine life with

extensionpotential

Water

Santo Domingo will

usedesalinatedwater,

minimisingwaterstress

inanaridenvironment

Why we own it

Copper and cobalt are commodities that

willbecentraltotheenergytransition.

Capstone Copper has extensive experience

constructing copper mines in Chile and

therewillbeconsiderablecostefficiencies

tobehadbyintegratingwiththenearby

Capstone-operatedMantoverdemine.

The project has strong sustainability

credentials, for example using desalinated

water from the Mantoverde

desalinationplant.

Performance

n PublishedanUpdatedFeasibilityStudy

thatconfirmedSantoDomingoasone

oftheleading,fullypermitted,greenfield

copperprojectsintheAmericas.

Outlook

n Capstoneplanstoidentifyfinancing

partnersin2025.

n Further optimisation and exploration

worksettocontinue.

n Potential project sanctioning decision

fromQ12026.

Iron ore

Business review continued

Base metals: Copper continued

28 Ecora Resources PLC Annual Report and Accounts 2024

Vizcachitas is a large-scale

copper development project

located in Chile, owned by



What we own

TheGroupownsa0.25%NSRroyalty

overanyopen-pitoperations,stepping

up in the event production is delayed

beyond30June2030.

Why we own it

The Vizcachitas project is amongst the

largest undeveloped copper deposits

withalonglifeandinawell-established

miningjurisdiction.

Development stage

Development

Vizcachitas

Primary

commodity:

Performance

n UAVmagneticsurveycarriedout

overVizcachitasprojectandother

identifiedareasofprospectivity.

n Continued community outreach

andengagement.

Outlook

n Completion of Feasibility Study

BaselineStudiestargetedfor2025.

Environmental permitting and

construction funding to be pursued

priorto2028.

n Construction commencement targeted

for2028withapotentialcommencement

ofcommercialoperationsin2030.



developer

Los Andes

Copper

Location

Chile

Mine life

26years

Royalty basis

0.25%NSR

fi

Royalty intangible

26 years

A 26-year mine life and

further extension potential

Clean

Expected to produce copper with

low levels of deleterious materials

Copper

29Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Nifty

Primary

commodity:



in Western Australia, owned



Metals Limited.

Ecoraownsa1.5%realisedvalueroyalty

over the Nifty copper project in the

north-easternPilbararegionofWestern

Australia, owned and operated by

CypriumMetalsLimited.

Performance

n CypriumpublishedaPre-Feasibility

Study for the Nifty Copper Mine Complex

n Initial cathode project will produce an

annualaverageof6Ktofcopperover

four years; forecast that the copper

concentrate project will produce an

annualaverageof38.7ktofcopper

overanestimated20-yearreserve

basedminelife.

Outlook

n Cyprium is seeking to progress the

initialcathodeprojecttoproduction.

n Progress Bankable Feasibility Study for

sulphidemineandconcentratorrestart.

Niftyisclassifiedonthebalancesheet

asaroyaltyintangible.

As part of the royalty portfolio

acquisition from South32, the

Group acquired a 5.0% NSR

royalty over the Carlota







Royalty revenues from Carlota totalled

$0.6min2024.Withtheopen-pitmining

having ceased in 2014, Ecora anticipates

copper cathode production to continue

to decline as heap leach becomes

exhausted, and copper production

ceasesinaroundfouryears’time.

Performance

n Delivered portfolio contribution of

$0.6min2024(2023:$0.6m).

Outlook

n The Carlota operation is at the latter

stages of life and operator will continue

to try to maximise production before

theendofminelife.

Carlotaisclassifiedonthebalancesheet

asaroyaltyintangible.

Carlota

Primary

commodity:

Copper Copper

Base metals: Copper continued

Business review continued

Cañariaco is a large-scale

copper project in northern Peru

which includes the Cañariaco

Norte deposit, the Cañariaco

Sur deposit and the Quebrada

Verde prospect.

TheGrouphasa0.5%NSRroyaltyover

the project which is majority owned by

TSX-listed,AltaCopperCorp.

A Preliminary Economic Assessment (PEA)

was completed on Cañariaco Norte which

estimatedapost-taxNPVofover$1bn

(atacopperpriceof$3.50/lb)anda2022

mineralresourcetotalling9.3Blbsof

contained copper in the Measured and

Indicatedcategory,plus1.4Blbsof

containedcopperintheInferredcategory.

A resource estimate was also completed

forCañariacoSurthatestimated2.2Blbsof

containedcopperintheInferredcategory.

Performance

n Preliminary Economic

Assessmentpublishedshowing

robustprojecteconomics.

n Received drilling permits from

MinistryofEnergyandMinesofPeru

foradrillprogramtofurtherdefine

mineralresource.

Outlook

n Drilling program expected to

commencein2025.

n Planned Feasibility Study targeted

forpublicationin2027.

Cañariacoisclassifiedonthebalance

sheetasaroyaltyintangible.

Cañariaco

Primary

commodity:

Copper

30 Ecora Resources PLC Annual Report and Accounts 2024

Base metals: Nickel

Development stage

Development

West Musgrave

Primary

commodity:

Secondary

commodity:

West Musgrave is a large-scale,

BHP-owned, nickel and



located in Western Australia,



north-east of Perth.

What we own

TheGroupownsa2.0%NSRroyalty

overtheWestMusgraveproject

inAustralia.

Average annual production from West

Musgraveisexpectedtobeapproximately

35Ktofnickeland41Ktofcopperover

thefirstfiveyearsofproductionand

27Ktofnickeland33Ktofcopperthereafter.

Total reserves are estimated at 270Mt at

0.31%nickeland0.34%coppergrades

with an expected mine life of over 24 years

(aspertheOZMinerals2022Mineral

ResourceandOreReserveStatement

forWestMusgrave).

Why we own it

West Musgrave is a low cost, sustainable

way of accessing two commodities,

copper and nickel, that will play a vital

roleintheenergytransition.Renewable

sources of energy are expected to provide

80%ofthepower,withplanstoincrease

itto100%,whichwouldmakeitoneof

thelargestfullyoff-gridrenewablepowered

minesintheworld.

Performance

n During 2024 BHP took the decision

totemporarilysuspendoperations

atitsWesternAustralianickelunit.

n West Musgrave forms part of the

widerWesternAustralianickelunitand

construction,whichis>21%complete,

wassuspended.

Outlook

n The decision to temporarily suspend

operations at the Western Australia

nickel division will be reviewed by BHP

byFebruary2027.



developer

BHP

Location

Australia

Mine life

24 years

Royalty basis

2.0%NSR

fi

Royalty intangible

24-year

Mine lifeand further

extensionpotential

2027

Construction was

suspended in 2024 due

to low nickel prices; the

status will be reviewed

byFebruary 2027

80%

Theprojectwillbe80%powered

by renewable sources of energy,

withplanstotakeitto100%,

which would make it one of the

largestfullyoff-gridrenewable

powered mines in the world

CopperNickel

31Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Development stage

Development

Piauí

Primary

commodity:

Secondary

commodity:

The project is an open-pit

nickel-cobalt mining operation





What we own

TheGrouphasaroyaltyoverthePiauí

nickel project in Brazil owned by Brazilian

NickelLtd.EcoraResourcescontributedan

initialinvestmentof$2.0mfora1.25%

GRRontheprojectin2017andincreased

thisto1.60%in2023throughinvesting

afurther$7.5m.Ecorahas,atitselection,

the right to increase this investment

byafurther$62.5mforatotalgross

royaltyof4.25%uponthesatisfactionof

certainmilestones.

Why we own it

Piauíisalowcostprojectlocatedin

anestablishedminingjurisdiction.

Highpuritynickelandcobalthydroxide

productstobeproducedfromPiauí

areexpectedtobeusedforlithiumion

batteries, one of the key end markets

forwhichiselectricvehicles.

Performance

n Detailed engineering studies were

completed and incorporated the

learningsfromthesmall-scaleplant

tooptimisetheflowsheetahead

offinancingdiscussionsforthe

constructionoftheproject.

n In December, Brazilian Nickel received

aletterofinterestfromtheUS

International Development Finance

Corporation (DFC) regarding a loan

facilityofupto$550m.

Outlook

n Focus on converting the letter

ofinterestfromtheDFCintoa

committedfinancingfacility.

n Advance discussions with potential

financingpartnersaheadofa

projectFinalInvestmentDecision,

expectedin2026.

Valuation

ThePiauíroyaltyisclassifiedasaroyalty

financialinstrumentonthebalancesheet.

It is carried at fair value by reference to

the discounted expected future cash

flowsoverthelifeofthemine.Theoption

toinvestfurtheramountsisalsoclassified

asaroyaltyfinancialinstrumentonthe

balancesheetandcarriedatfairvalue.

All valuation movements relating to the

royalty and the option are recognised

directlyintheincomestatement.



developer

Brazilian Nickel

Location

Brazil

Mine life

18years

Royalty basis

1.60%GRR

fi

Royaltyfinancialinstrument

4.25%

Size of our royalty should

we invest afurther $62.5m

towards the construction

of the full-scale facility

EVs

High purity and low carbon nickel

and cobalt hydroxide products

willbeproducedfromPiauífor

lithium ion batteries, electric

vehicles, sustainable energy

andtheaerospaceindustry

Nickel Cobalt

Business review continuedBusiness review continued

Base metals: Nickel continued

32 Ecora Resources PLC Annual Report and Accounts 2024

Base metals: Cobalt

Development stage

Producing

Voisey’s Bay

Primary

commodity:

Voisey’s Bay is located in











mining companies.

What we own

Ecoraacquireda70%netinterestina

cobalt stream over the Voisey’s Bay mine

inCanadaownedandoperatedbyVale.

TheCompanyisentitledtoreceive22.82%

of all cobalt production from Voisey’s Bay

upuntil7.6ktoffinishedcobalthavebeen

delivered,and11.41%entitlementthereafter.

Ecora will make ongoing payments equal

to18%ofanindustrycobaltreference

price for each pound of cobalt delivered

under the cobalt stream, until it has

recovered the $300m original upfront

amount paid for the stream (through

accumulatingcreditfrom82%ofthe

cobalt reference price) through cobalt

deliveries; thereafter, the ongoing

paymentswillincreaseto22%ofthe

cobaltreferenceprice.

Why we own it

Cobalt is a key commodity in the production

oflithiumionbatteries.Voisey’sBayis

oneofthelargestsourcesofcobalt

outside of the Democratic Republic of

Congo.Itisanestablishedworld-class,

low cost operation and one of the lowest

emittersperunitofnickelproduced.

Performance

n The Voisey’s Bay Mine Expansion Project

wascompletedinDecember2024.

n TheGroupreceivedatotalof210tonnes

ofcobaltduring2024(2023:154tonnes)

whichgenerated$5.0mofnet

portfoliocontribution(2023:$4.3m).

n The volume of cobalt delivered

increased throughout the year as

theminerampedup,with98tonnes

deliveredinQ4vs24tonnesinQ1.

n Average realised sales price of cobalt

was$13.34/lb,a9%premiumtothe

annual average Fastmarkets standard

gradeprice.

Outlook

n The mine will continue to ramp up

throughout2025andisexpectedto

reach steady state production levels

inH22026.

n In2025,theGroupexpectstoreceive

between335tonnesand390tonnes

ofattributablecobalt.

n AtsteadystatetheGroupexpectsto

receiveanaverageofaround560tonnes

ofattributablecobaltperannum.

Valuation

The Voisey’s Bay cobalt stream is

classifiedasametalstreamasseton

thebalancesheet.Assuch,thisasset

iscarriedatcost,lessdepletionand

impairments.Metalstreamassetsare

depleted once commercial production

commencesonaunit-of-production

basis over the total expected deliveries

tobereceived.Withcobaltpricesat

year-endapproaching50yearlows

(inrealterms)theGroupimpairedthe

value of the Voisey’s Bay stream by

US$15.1mandtheassociateddeferred

taxassetbyUS$9.8m.



developer

Vale

Location

Canada

Mine life

15years

Royalty basis

22.82%stream

fi

Metal stream

560 tonnes

Ecora’s expected volume

of attributable cobalt

when the mine reaches

steady state production

(H2 2026)

2039

Projected mine life with

potential for furthermine

lifeextension

100%

Targetfor100%energyfrom

renewable sources by 2030

Voisey’s Bay is one of the

lowestCO

emitters per unit

ofnickelproduced

Cobalt

33Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Development stage

Producing

Maracás Menchen

Primary

commodity:

A vanadium mine operated



located in the eastern Bahia

State of Brazil, 250km south-west

of Salvador, the capital of Bahia,

and 800km north-east of

Brasilia, the capital of Brazil.

What we own

TheGrouphasa2%NSRroyaltyonall

mineral products sold from the area

oftheMaracásMenchenminetowhich

theroyaltyinterestrelates.Theproject

coversanareainexcessofthecurrent

miningpermitswhichofferspotential

forexplorationupside.Maracás

Menchen

is99.97%ownedandoperated

byTSX-listed

Largo.

Why we own it

Maracás Menchen is one of the lowest

cost and highest grade vanadium mines

intheworld.Themajorityofthevanadium

goesintosteel.Largohasavertically

integrated business model where some

vanadiumisusedtoproducelong-duration

gridscalevanadiumredoxflowbatteries

(VRFBs) for the renewable energy

storagemarket.

Performance

n Largo focused on initiatives aimed at

increasing productivity and lowering costs

n Annual V

productionof9.3kt

(2023:9.6Kt).

n Average realised vanadium price

of$6.62/lb(2023:$9.21/lb).

n Royaltiestotalled$2.2m(2023:$3.1m).

n ReleasedanUpdatedLifeofMinePlan

andPre-FeasibilityStudywhichincluded

a13-yearincreaseinreservebased

minelifeanda67%increasein

MineralReserves.

Outlook

n Largo has announced production

guidancefor2025of9.5kt–11.5kt.

Specialty metals and uranium: Vanadium



developer

Largo

Location

Brazil

Mine life

30 years

Royalty basis

2%NSR

fi

Royalty intangible

$2.2m

Totalled royalties from the

Maracás Menchen

mine

in2024

8.9kt

Sales during 2024

95%

95%ofthewaterusedinore

processing is recycled; the rest

islostinevaporation

Vanadiumredoxflowbatteries

(VRFBs) are an innovative

solutiontostorerenewable

energyforalowcarbonfuture

Vanadium

Business review continued

34 Ecora Resources PLC Annual Report and Accounts 2024

Specialty metals and uranium: Uranium

Development stage

Producing

McClean Lake Mill

Primary

commodity:

Cigar Lake is a world-class uranium

mine operated by Cameco and

located in the Athabasca Basin,

Saskatchewan, Canada.

The McClean Lake Mill is operated by

OranoGroupandprocessesallofthe

oreproducedattheCigarLakemine

inreturnforaC$/lbtollingfee.

What we own

In 2017, Ecora s provided Denison Mines

Inc(‘Denison’)withaC$40.8m,13-year

loanbearinginterestatarateof10%per

annum.Theinterestpaymentsare

payablefromthecashflowsreceivedby

Denison from the toll revenue generated

fromits22.5%interestintheMcClean

LakeMill.Inanyperiodwherethecash

flowfromthetollrevenueexceedsthe

interest payment, the balance is received

byEcoraasarepaymentofprincipal.In

anyperiodwherethecashflowsareless

than the interest, the interest will

capitaliseandberepaidoutofcashflows

inthefollowingperiod.Anyamounts

outstanding at maturity are due and

payable regardless of the cash generated

fromthetoll.Astheincomefromthetoll

revenue is based on a C$/lb of throughput,

it is not sensitive to movements in the

uraniumprice.Assuch,theGroup’scash

flowswillnotalterwithuraniumprice

fluctuations.TherisktotheGroup’scash

flowisinsteadfromanyshut-downofthe

mineorthemill.

Inadditiontotheloan,theGroupalso

entered into a subsequent stream with

Denison to purchase the entire share of

its toll receipts received from Cigar Lake

forC$2.7m.Thisallowsforpotentialmine

lifeextensionatCigarLake.

Why we own it

The nuclear industry has an important

roletoplayintheprovisionofcleanenergy

with demand set to increase as energy

security and transition to low carbon

electricityaccelerate.CigarLakeisone

oftheleadinguraniumminesintheworld

and this investment provides us with

indirectexposuretotheCigarLakemine.

Performance

n Productiontotalled17.0Mlbs

(2023:15.0Mlbs).

n Tollmillingreceiptstotalled$4.5m

(2023:$4.1m).Thesetollmilling

receiptsareappliedagainsttheGroup’s

interest bearing loan receivable from

Denison, initially against any

outstandinginterestandthenprincipal.

Outlook

n Cameco has provided production

guidanceforCigarLakeof18Mlbs

ofuranium.



developer

Orano

Location

Canada

Mine life

12 years

Royalty basis

22.5%oftollmillingrevenue

fi

Loan and royalty

financialinstrument

$4.5m

Totalled portfolio

contribution from the

McClean Lake Mill in 2024

17.0Mlbs

Totalled production

volumes in2024

ISO

14001

McClean Lake Mill maintains

itscertificationinISO14001

standard for environmental

managementandOHSAS18001

standard for occupational health

and safety management

Uranium

35Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Four Mile

Primary

commodity:

The Group has a 1% NSR royalty

on the Four Mile uranium mine

in South Australia. Four Mile



Pty Ltd (‘Quasar’).

Commentary

n $1.4mportfoliocontribution

(2023:6.8m)(2023numbersinclude

US$5.4mofaccruedincomereleased

to the income statement following the

favourable Four Mile judgement

announcedon4December2023).

n Operator reported no royalty

incomeinQ3andQ4asitwas

stockpilingproduction.Normal

salesscheduleexpected

frombeginningof2025.

FourMileisclassifiedonthebalance

sheetasaroyaltyintangible.

SW2

Primary

commodity:

Ecora has a 2% NSR royalty



Athabasca Basin in Saskatchewan,

Canada, which contains the

Patterson Corridor East (PCE)

uranium mineralisation zone



Arrow deposit which forms the

basis of the Rook 1 Project.

Rook 1 is the largest development stage

uraniumprojectinCanada.

Commentary

n NexGenEnergy(NexGen)completed

its 2024 drilling programme in the

Patterson Corridor East (PCE), establishing

asubstantial600mstrikeand600m

depthuraniumzoneonly3.5kmfrom

theflagshipworld-classArrowdeposit.

n InJanuary2025,NexGencommenced

a43,000mdrillprogrammeinPCE.

This is 9,000m more than the 2024

campaign and is expected to be one

ofthelargestdrillprogrammesinthe

AthabascaBasinin2025.

SW2isclassifiedonthebalancesheet

asaroyaltyintangible.

Salamanca

Primary

commodity:

The Salamanca uranium





in the Salamanca Province in

western Spain, 250km west



TheGrouphasa1%NSRroyaltyonthe

project,whichisoperatedbyASX-listed

BerkeleyEnergiaLimited(‘Berkeley’).The

project consists of four main deposits

(Retortillo,Alameda,Zona7andGambuta).

Authorisation for construction for the

uranium concentrate plant as a radioactive

facility(NSCII)istheonlykeyapproval

required to commence full construction

oftheSalamancamine.

Commentary

n InMay,BerkeleyfiledaRequestfor

Arbitration for its investments in Spain,

initiating arbitration proceedings

against the Kingdom of Spain before

the International Centre for Settlement

ofInvestmentDisputes.

n As part of its request, Berkeley alleges

that Spain’s actions against its Spanish

subsidiaries have violated multiple

provisions of the Energy Charter

Treatyanditisseekingpreliminary

compensationof$1bn.

Salamancaisclassifiedonthebalance

sheetasaroyaltyintangible.

Uranium

Business review continued

Specialty metals and uranium: Uranium continued

36 Ecora Resources PLC Annual Report and Accounts 2024

Primary

commodity:

Rare

earths

Specialty metals and uranium: Rare earths

Development stage

Development

Phalaborwa

Phalaborwa is a long-life, low

cost project located in the

Limpopo region of South Africa.

Amongst the highest quality

rare earth projects globally,



strong cash flows throughout

the commodity price cycle.

What we own

Ecoraownsa0.85%GRRoverthe

project,whichincreasesto0.95%if

commercial production does not occur

priorto1October2027,andto1.1%if

commercial production does not occur

priorto1July2028.

Aswellasthe$8.5mroyaltyacquisition,

Ecora subscribed for 10,442,427 new

ordinary shares in Rainbow Rare Earths

Ltdfor$1.5mincash.

Why we own it

The Phalaborwa Project stands out as

oneofthelowest-costprospective

producers of rare earths, outside of

China.Notably,productionwillbe

principally weighted to rare earth

elements essential in the production

ofpermanentmagnets,keycomponents

in renewable wind power turbines and

electricvehiclemotors.Theroyalty

providesEcorawithacounter-cyclical

entry point to further diversify our

commodity exposure to include rare

earth elements whose end markets

areforecasttoseesustaineddemand

growthoverthecomingdecades.

Performance

n In September, Rainbow announced a

15%increaseintheMineralResource

Estimate for Phalaborwa, taking the

totalresourcetonnageto35Mtand

increasingtheprojectlifebytwoyears.

n In December Rainbow released an

InterimEconomicStudyconfirming

theprojectasoneofthehighest

margin rare earths projects globally

outsideofChina.

Outlook

n Rainbow is focused on preparing a

DefinitiveFeasibilityStudy(“DFS”)

fortheproject.

n Post the DFS, the focus will switch

tocompletingfinancingand

commencingconstruction.



developer

Rainbow Rare

Earths

Location

South Africa

Mine life

16years

Royalty basis

0.85%GRR

fi

Royaltyfinancialinstrument

16-year

Mine life

15%

Increase in Mineral

Resource Estimate

37Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Bulks & other: Steelmaking coal

Development stage

Producing

Kestrel

Primary

commodity:

An underground steelmaking

coal mine located in the







What we own

Kestrel is an underground coal mine

located in the Bowen Basin, Queensland,

Australia.ItisoperatedbyEMRCapital

andPTAdaroEnergy(‘EMR’and‘Adaro’).

TheGroupowns50%ofcertainsub-stratum

lands which, under Queensland law,

entitle it to coal royalty receipts from

theKestrelmine.

TheroyaltyratetowhichtheGroupis

entitledisprescribedbytheQueensland

MineralResourcesRegulations.These

regulations currently stipulate that the

basisofcalculationisasix-tieredfixed

percentage of the invoiced value of the

coal based on the average realised coal

price per tonne in the period, as follows:

7%ofthevalueuptoandincluding

A$100;12.5%ofthevalueoverA$100

anduptoandincludingA$150;15%

ofthevalueoverA$150anduptoand

includingA$175;20%ofthevalueover

A$175anduptoandincludingA$225;30%

ofthevalueoverA$225anduptoand

includingA$300;and40%thereafter.

Why we own it

Kestrel has been the Company’s most

importantrevenue-generatingassetfor

manyyears.Thereareapproximately

three more years of mining expected in

Ecora’sprivateroyaltyarea.Cashflows

havebeendirectedtofundtheGroup’s

transformation and Ecora will continue

to recycle the cash generated by the

Kestrel royalty into commodities that

willsupportasustainablefuture.

Performance

n Saleable production volumes within

Ecora’s private royalty area totalled

2.1Mt(2023:1.6Mt).

n Average realised prices of $223

pertonne(2023:$238pertonne).

n Royaltyincomeof$41.4m

(2023:$35.9m).

Outlook

n Saleable production volumes within

theGroup’sprivateroyaltyareaare

expectedtobe5-10%higherin2025

thanthoseachievedin2024.

n Production is primarily expected to

beintheGroup’sroyaltyareainQ2

andQ32025.

Valuation

TheKestrelroyaltyisclassifiedas

‘Coalroyalties’onthebalancesheetand

accountedforasaninvestmentproperty.

As such, this asset is carried at fair value

by reference to the discounted expected

futurecashflowsoverthelifeofthemine.

Further details on the valuation can

befoundinnote15ofthefinancial

statements.Theindependentvaluation

of Kestrel was undertaken by a Competent

Person in accordance with the Valmin

Code(AusIMM,2005),whichprovides

guidelines for the preparation of

independentexpertvaluationreports.

TheGroupmonitorstheaccuracyofthis

valuation by comparing the actual cash

receivedtothatforecast.Thevalueof

thelandiscalculatedbyreferenceto

thediscountedexpectedroyaltyincome

from mining activity, as described in note

15.Astheassethasanominalcostbase,

the carrying value almost entirely represents

thevaluationsurplus.TheGrouprecognises

a deferred tax provision against the valuation

surplusand,assuch,thenetvalueon

thebalancesheetis$34.1m

(2023:$54.1m).



developer

Kestrel Coal

PtyLtd

Location

Australia

Mine life

(1)

4 years

Royalty basis

7–40%GRR

fi

Investment property

$41.4m

Royalty contribution, with

average coal prices of $223/t.

250

tonnes

Approximately250tonnesof

steelmaking coal are required

tobuildasingleoffshorewind

turbine, being used to construct

every main component, including

the generator, blades, tower

andfoundation

Steelmaking coal

Business review continued

(1) Although the mine has a life

beyond 2029, mining beyond

this date is expected to be

outsidetheGroup’sprivate

royaltyarea.

38 Ecora Resources PLC Annual Report and Accounts 2024

Bulks and other: Iron ore

LIORC

Primary

commodity:

Produces premium iron





and Labrador, Canada. The iron





Sept-Îles, Quebec, where they

are shipped to various markets



Duringtheyear,theGroupsold

down367,200sharesinLabradorIron

OreRoyaltyCorporation(LIORC),a

Toronto-listedcompanywhichholds

both a royalty and equity interest in

theIronOreCompanyofCanada(IOC)

operations.ThisentitlesLIORCto

revenuefromits7%grossrevenue

royalty (along with a small commission)

on sales from the operation, along with

dividendincomefromitsequitystake.

LIORCisclassifiedonthebalancesheet

asaroyaltyfinancialinstrument.

Iron ore

Amapá

Primary

commodity:

The Amapá Project is located in

the Amapá region, in North East

Brazil and consists of an open-pit

mine, an iron ore mine, a processing

fi



DEV and its subsidiaries own the Amapá

Project.DEVisownedbyPBA,ajoint

venture between Cadence Minerals Plc

(Cadence) and Indo Sino Trade Pte Ltd

(IndoSino).

The Project ceased operations in

2014aftertheportfacilitysufferedageo

technical failure, which limited the export

ofironore.Beforethecessationof

operations, the Project generated an

underlyingprofitof$54millionin2012

and$120millionin2011.

In 2019 Cadence and Indo Sino, alongside

DEV, submitted a judicial restructuring

plan (JRP) for approval by the unsecured

creditors.AspartoftheJRP,DEVsought

toredeveloptheAmapáProject.

In 2024 Cadence Minerals announced

that metallurgical test results had

confirmedtheabilityoftheprojectto

produce high purity, Direct Reduction

grade(DR-grade)ironconcentrate.

DR-gradeproductsareessentialfor

lower carbon intensity production of

steel and command substantial price

premiums.AnupdatedPFSfortheproject

was subsequently published that highlighted

theproject’srobusteconomics.

Ecora also has a royalty over iron ore

production from the neighbouring Mina

Tucano gold mine (operated by Tucano

Gold).Theironoreiscontainedin

stockpiles and a programme of testing

commencedin2024.

Amapáisclassifiedonthebalancesheet

asaroyaltyintangible.

Pilbara

Primary

commodity:

Pilbara is an integrated



fi

by more than 1,000km of rail

infrastructure and port facilities

in the Pilbara region of northern

Western Australia.

TheGrouphasa1.5%lifeofmineGRR

over three exploration tenements in the

central Pilbara region of Western Australia,

owned by a wholly owned subsidiary

ofBHP.

Thetenements,covering263km²,host

anumberofknownironoccurrences,

includingtheRailwaydeposit.The

tenements are supported by extensive

rail infrastructure including the rail lines

from Rio Tinto’s West Angeles and

Yandicoogina mines and BHP’s rail line

serving its current operations at Mining

Area C, which lie immediately to the east

oftheRailwaydeposit.

Pilbaraisclassifiedonthebalancesheet

asaroyaltyintangible.

Iron ore

39Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Dugbe

Primary

commodity:

The Group has a 2% NSR royalty

over the Dugbe-1 gold project in

Liberia, owned and operated by

Hummingbird Resources and

fi

TheDugbeShearZoneislocated64kmbt

roadforthedeepwaterportofGreenville,

thecapitalcityofCountySinoe.

The Tuzon and Dugbe F gold deposits

were discovered by Hummingbird

Resourcesin2009and2011respectively.

A Feasibility Study was completed in

June2022.

On7January2025,NiokoResources

Corporation acquired a majority interest

in Hummingbird Resources PLC, with

Hummingbirdsubsequentlyde-listing

fromtheAIMmarket.TheGrouphas

certain change of control protections

underitsDugberoyaltyagreement.This

includes the right to terminate the

royaltyandrecoverthe$15.0mroyalty

consideration from the operator, for

whichHummingbirdandPasofinoGold

Limitedareco-guarantors.TheGroupis

currently assessing next steps, whilst

also in discussions with Hummingbird

andPasofino.

Dugbeisclassifiedonthebalancesheet

asaroyaltyfinancialinstrument.

Ring of Fire

Primary

commodity:

Ontario’s Ring of Fire Project is



north-east of Thunder Bay



TheGrouphasa1%lifeofmineNSR

royalty over a number of claims on the

Black Thor, Black Label and Big Daddy

chromite deposits owned by

WylooMetals.

RingofFireisclassifiedonthebalance

sheetasaroyaltyintangible.

Gold Chromite

Gold

Chromite

EVBC

Primary

commodity:

The Group has a NSR royalty of

between 0.5-3.0% (depending

on gold price) on the EVBC

gold, copper and silver mine

owned by TSX-listed Orvana

Minerals Corp (‘Orvana’).

TheEVBCroyaltycontributed$1.8m

in2024(2023:$0.7m).

TheEVBCroyaltyisclassifiedasa

financialassetwithinroyaltyfinancial

instrumentsonthebalancesheet.Itis

carriedatfairvaluebyreferencetothe

discountedexpectedfuturecashflows

overthelifeofthemine.Allvaluation

movements are recognised directly

intheincomestatement.

Gold

Business review continued

40 Ecora Resources PLC Annual Report and Accounts 2024

Solid

foundations

Financial review

Volumes at Kestrel and Voisey’s Bay increased significantly in 2024,

inlinewith expectations, as production returned to the Group’s private

royalty lands at Kestrel in the first half of the year, and Vale completed the

Voisey’s Bay mine expansion project which saw a subsequent ramp-up of

underground operations in the second half of the year.

Kevin Flynn

Chief Financial Officer

WhileKestrelvolumesincreasedfrom1.6Mtto2.1Mtand

Voisey’sBayattributablecobaltincreasedfrom154tonnesto

210 tonnes in 2024, softer prices for both steelmaking coal and

cobaltthroughouttheyearpartiallyoffsettheimpactofhigher

volumes.Thisresultedinportfoliocontributionof$63.2m

intheyear,inlinewiththe$63.6mreportedin2023.Onalike

for like basis, portfolio contribution year on year increased by

9%whentakingintoaccountthatportfoliocontributioninFY23

included$5.4mreceivedfromFourMilerelatingtounderpaid

royaltiesbetween2014and2021.

Kestrelvolumesareexpectedtobe5%-10%higherthan2024,

withproductionexpectedtobeweightedtowardQ2andQ32025.

Following completion of the Voisey’s Bay underground mine

expansion,attributablecobaltvolumesin2025areexpected

toincreasetobetween335tonnesand390tonnes.Thecobalt

priceweakenedsignificantlyduringthecourseof2024resulting

inanimpairmentchargeof$15.1minrelationtothestream

asset,togetherwitha$9.8mdeferredtaxchargerelatingto

carry forward tax losses which, based on the price outlook at

asofthebalancesheetdate,areexpectedtoremainunutilised

attheendofthelifemine.Theimpairmentchargerelatessolely

to the price outlook forecast at the balance sheet date, and

doesnotreflecttherecentsurpriseannouncementbythe

GovernmentoftheDRCofanatleastfour-monthbanonall

cobaltexports,withthebantobereviewedinthreemonths.

Further details on the impairment and deferred tax charge can

befoundinnotes16and26tothefinancialstatements.

Mantos Blancos achieved record copper production in Q4 2024

followingthesuccessfulcompletion,inQ3ofade-bottlenecking

project.Capstone’sMantosBlancos2025copperproduction

guidanceisof49,000t-59,000t(2024:44,500t).

TheGroupremainedactiveinFY24,deploying$10.0mto

acquirea0.85%grossrevenueroyaltyoverthePhalaborwa

RareEarthsProjectinSouthAfricafor$8.5m,alongsidea$1.5m

equity investment in Rainbow Rare Earths Limited, the majority

ownerofthePhalaborwaproject.Thisinvestmentmarkedthe

Group’sfirstsourceofrareearthsexposure,alignedwithour

strategy to diversify and grow the portfolio of critical mineral

royaltiesandstreams.

Subsequenttotheyearend,theGroupannouncedthe

completionofa$50.0mcopperstreamontheproducing

MimbulacoppermineinZambiaoperatedbyMoxicoResources.

In conjunction with this transaction, our existing lenders once

again demonstrated their support by agreeing to increase, amend

andextendtheexistingfacility.Asaresult,totalcommitments

underthefacilityhaveincreasedby$30.0mto$180.0mwhilst

extending the maturity of the facility by 12 months to January

2028.Inaddition,theGroupretainsanuncommittedaccordion

featureofuptoanadditional$45.0m,togetherwiththeoption

toextendthefacility’smaturitybyafurther12months,subject

tolenderconsent.Theamendmentandextensionofthefacility

providetheGroupwiththefinancialflexibilitytopursuethe

various growth opportunities we are currently seeing and expect

tocontinuetoseein2025andbeyond.

The ongoing support from our lenders, who are amongst the

largest lenders to the royalty and mining sector, is a strong

endorsementofthequalityofEcora’sroyaltyportfolio.

WithvolumegrowthexpectedacrosstheportfolioinFY25,

wewerecomfortabletoincreasetheGroup’snear-termleverage

tofinancetheMimbulaacquisition.Deleveragingisakeyfocus

area, and we have already undertaken some portfolio initiatives

tocommencethisprocess.Weenteredintoanagreementwith

WhitehavenCoalinFebruary2025toexpeditepaymentsdue

under the Narrabri sale agreement resulting in the receipt of

a$6.2mpaymentagainstalloutstandingdeferredand

contingentpaymentsbetweennowand31December2026.

41Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Results

TheGroup’sportfoliocontributionwasinlinewiththepreviousperiodat$63.2m(2023:$63.6m).Onalikeforlikebasis,portfolio

contributionincreased9%yearonyear.Thisexcludestheimpactof$5.4minpreviouslyunderpaidroyaltiesfromFourMilethat

were released to the income statement in 2023, after the original judgement in the Supreme Court of Western Australia in favour

oftheGroupwasupheldonappeal.

2024

2023

$m YoY%

Kestrel 41.4 35.9 15%

Voisey’s Bay 6.2 5.6 10%

Mantos Blancos 5.8 6.1 (5%)

Maracás Menchen 2.2 3.1 (29%)

Four Mile 1.4 6.8

(1)

(80%)

Carlota 0.6 0.6 —

Royaltyandstreamincome 57.6 58.1 (1%)

Dividends – LIORC and Flowstream 0.5 2.0 (75%)

Interest – McClean Lake Mill 1.5 1.8 (17%)

Royaltyandstream-relatedrevenue 59.6 61.9 (4%)

EVBC 1.8 0.7 157%

Principal repayment – McClean Lake Mill 3.0 2.3 30%

Less:

Metal streams cost of sales (1.2) (1.3) (9%)

Totalportfoliocontribution 63.2 63.6 (1%)

(1) Includes$5.4mofunpaidroyaltiesfrom2014to2021releasedtotheincomestatementfollowingthefavourablejudgementoftheSupreme

CourtofWesternAustralia,beingupheldonappealinDecember2023.

Financial review continued

In line with expectations, production at Kestrel within the

Group’sroyaltyareawasheavilyweightedtothefirsthalfof

2024.Totalprivateroyaltyvolumesincreasedby31%yearon

year,to2.1Mtin2024(2023:1.6Mt),slightlyabovetheupperend

oftheGroup’sfullyearguidance.Thebenefitoftheincreasein

volumeswaspartiallyoffsetbysoftersteelmakingcoalpricesof

$223/t(2023:$238/t)whichresultedinanapplicableroyaltyrate

of19.09%(2023:21.23%)andanetincreaseinKestrelroyalties

of15%to$41.4m(2023:$35.9m).

The Voisey’s Bay mine expansion project was completed in the

secondhalfoftheyear,resultingina36%increaseincobalt

deliveriesto15in2024(2023:11)andanincreaseinnet

contributionfrom$4.3min2023to$5.0min2024.LikeKestrel,

theincreasedvolumeswerepartiallyoffsetbylowerrealised

pricesof$13.3/lb(2023:$16.4/lb)duetocontinuedoversupply

from the DRC throughout 2024 and an increase in standard

grade deliveries in Q3 2024 during the transition to underground

miningactivities.

Mantos Blancos was largely in line with the previous year at

$5.8mdespitelowervolumesintheperiod.TheGroupis

expectingtoseehighervolumesinFY25followingthesuccessful

ramp-upofoperationsinH224asaresultofthecompletionof

thede-bottleneckingproject.Already,thishasseenMantos

Blancos achieve monthly production records at the end of 2024,

withmomentumcontinuinginto2025.Theoutlookforcopper

also remains favourable, with further copper income expected

inFY25followingtheMimbulastreamacquisition.Coppernow

accountsforapproximately50%oftheGroup’snetassetvalue.

We were pleased to see sales returning at Four Mile at the end

of 2024 following a period of approximately six months during

the year where the operator was stockpiling production from

theoperation.Theoperatorhasindicatedsaleswillreturnto

anormalsalesschedulefromthebeginningofFY25atnormal

levelsofproduction.

Elsewhere, volumes at Maracás Menchen were in line

withguidance.TheGroup’sroyaltywasimpactedbyweaker

vanadiumpriceswhichaveraged$6.62/lbthroughout2024

(2023:$9.21/lb)asaresultofoversupplyinAsiaandEurope.

Converselythesignificantincreaseintheunderlyinggoldprice

has resulted in the contribution from EVBC royalty increasing to

$1.8m(2023:$0.7m)despitevolumesdecreasingby17%to

36,126oz(2023:43,542oz).

42 Ecora Resources PLC Annual Report and Accounts 2024

Thefollowingtableoutlinessomecommentaryonthekeyroyaltiesintheperiod.

Kestrel

$41.4mvs$35.9m

n ~30%increaseinvolumesto2.1Mt(2023:1.6Mt)asproductionmovedbackinsidetheGroup’sprivateroyaltylands

n Realisedsteelmakingcoalpricesdecreasedto$223/t(2023:$238/t)

n Royaltyratedecreasedto19.09%(2023:21.23%)inresponsetolowerpricing

n FY25:expectanincreaseof5%-10%onthevolumesachievedin2024,withvolumesweightedtoQ2andQ32025

Voisey’s Bay

$6.2mvs$5.6m

n 210tofattributablecobaltin2024(2023:154t)

n Realisedcobaltpricedecreasedto$13.34/lb(2023:$16.36/lb)

n FY25:attributablevolumes335t-390t,asramp-upofundergroundminecontinueswithnameplatecapacityexpectedto

beachievedin2026

Mantos Blancos

$5.8mvs$6.1m

n Totalpayablecopperproductiondecreasedto43.2Ktin2024(2022:49.3Kt)primarilyduetolowercathode

production due to lower dump throughput which has now been addressed

n Realisedcopperpriceincreasedto$9,116/t(2023:$8,492/t)

n FY25:CapstoneCopperguidanceindicatestotalcopperproductionintherangeof49,000t–59,000t,afterachieving

record Q4 2024 production volumes following the successful completion of a project to increase throughput

Maracás

Menchen

$2.2mvs$3.1m

n Salesvolumesflatin2024at8,900t(2023:9,000t)

n RealisedvanadiumpricewasimpactedbyoversupplyinAsiaandEuropedecreasingto$6.62/lb(2023:$9.21/lb)

n 2024 production was impacted by lower ore grades and scheduled maintenance

n FY25:Largoguidanceindicatessalesintherangeof7,500t–9,500t

FourMile

$1.4mvs$6.8m

n Salesvolumesdecreasedin2024to1.9Mlbs(2023:5.0Mlbs)reflectingabuild-upofinventorybyoperator

n Realiseduraniumpriceincreasedto$75.01/lb(2023:$50.88/lb)

n 2023contributionincluded$5.4minpreviouslyunderpaidroyalties,followingtheoriginaljudgementofthe

SupremeCourtofWesternAustraliainfavouroftheGroupbeingupheldonappeal

n FY25:volumesareexpectedtoreturntoanaveragerunrateof5.0Mlbsinlinewithannualproduction,

Carlota

$0.6mvs$0.6m

n Salesvolumesflatin2024at3.0Mlbs(2023:3.2Mlbs)

n Realisedcopperpriceincreasedto$9,458/t(2023:$8,466/t)

n FY25:expectvolumestodecreaseby~20%comparedto2024,asminingprogresstowardstheendofthemine

lifein2028

Dividends

$0.5mvs$2.0m

n Decreaseindividendsreflectsthepartialdisposalof~95%oftheGroup’sholdinginLIORCbetweenQ42023

andQ22024

n Flowstreamdividendsremainedflatat$0.2m(2023:$0.3m)

Takingthisportfoliocontributionanalysis,andallowingforoperating,financecostsandtax,thefollowingtableoutlinestheGroup’s

adjustedearningsfor2024.

2024 2023

$m % $m

Royalty-relatedrevenue 59.6 (4%) 61.9

EVBC royalties 1.8 157% 0.7

Metal streams cost of sales (1.2) (9%) (1.3)

Operating expenses (11.0) 1% (10.9)

Finance costs (8.9) 7% (8.3)

Finance income 0.3 (67%) 0.9

Other income/(losses) — (100%) 1.6

Tax (11.7) (17%) (14.1)

Adjustedearnings 28.9 (5%) 30.5

Weighted average number of shares (‘000) 252,398 257,896

Adjustedearningspershare 11.43c (3%) 11.82c

43Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Financial review continued

Results continued

TheGroup’soperatingexpenseshaveremainedflatat$11.0m

(2023:$10.9m)despiteongoingglobalratesofinflation.

TheGroup’sborrowingshaveincreasedfrom$82.4m

at31December2023to$90.2mat31December2024.

Thisreflectsthe$9.2mpaidduringQ12024indeferred

consideration relating to the South32 portfolio acquired in

2022,aswellasthefinaltaxpaymentsrelatingtotheyear

ended 31 December 2023, made at the end of Q2 2024 when

theGroup’sborrowingspeakedat$99.0m,beforesome

deleveraginginthesecondhalfoftheyear.Theincreasein

borrowings has resulted in a corresponding increase in the

Group’sfinancecostsfortheyear.

As a result of all of the above and including the contribution

fromEVBC,theGroupgeneratedadjustedearningsforthe

yearof$28.9m(2023:$30.5m)andadjustedearningspershare

of11.43c(2023:11.82c).Recognisingvaluationmovements,

amortisation,impairments(seebelowrelatingtoVoisey’sBay)

andthetaxeffectoftheseitems,theGroupgeneratedaloss

aftertaxfortheyearended31December2024of$9.8m(2023:

profitUS$0.8m)andabasiclosspershareof3.89c(2023:

earnings0.33c).

Balance sheet

Netassetsdecreasedby$47.4mto$434.6mduringtheyear

ended31December2024(31December2023:US$482.0m).

Thiswaslargelyduetothe$16.2mdecreaseinthevalueofthe

Kestrelroyalty(netoftax),$7.9minamortisationoftheGroup’s

producingroyalties,the$24.9mimpairmentoftheVoisey’sBay

cobaltstreamandassociateddeferredtaxasset,the$10.0m

sharebuybackprogrammeundertakeninthefirsthalfof2024,

thedistributionof$10.8mindividends,andthe$16.3m

unrealised foreign exchange impact of the Australian dollar

weakeningagainsttheUSdollar.Thiswaspartiallyoffsetbythe

Group’sadjustedearningsfortheyearof$28.9mandthe

$9.8mincreaseinthevalueoftheGroup’sroyaltyfinancial

instruments(netoftax).

Impairment of Voisey’s Bay cobalt stream

Despite positive momentum at Voisey’s Bay as operations

continuetorampupfollowingthetransitionfromtheopen-

pitminetotheundergroundmine,theunderlyingcobaltprice

remained weak throughout 2024 as new supply from operations

locatedintheDRCpushedthecobaltmarketintooversupply.

As a result of this, together with a decline in cobalt price forecasts,

theGrouphasrecognisedanimpairmentchargeof$15.1m

the Voisey’s’ Bay metal stream for the year ended 31 December

2024,

togetherwithadeferredtaxchargeof$9.8mrelatedto

tax losses which, based on this lower price deck would not be

utilisedinfull.Theimpairmentchargebeingrecognisedis

purely price driven at the time of undertaking the impairment

review.Thisreviewwasconductedpriortotheannouncement

bytheDRCGovernmentoftemporaryexportrestrictionsaimed

atprovidingpricesupport.TheDRChasindicatedthatthereis

Net asset reconciliation ($m)

575

525

475

425

375

325

275

225

175

1 January 2024

Adjusted earnings

Kestrel (net of tax)

Amortisation, depletion

and impairment

FV movement – royalty

financial instruments

Impairment of metal

streams and associated

deferred tax asset

Share buy back

Dividends

Other (FX)

31 December

2024

482.0

28.9

16.2

7.9

9.8

24.9

10.0

10.8

16.3

434.6

44 Ecora Resources PLC Annual Report and Accounts 2024

thepotentialforfurtherpricesupportmeasurestotakeeffect

afterthistemporarybanends.Thishasresultedinthecobalt

priceincreasingbyover70%.Furtherdetailsontheimpairment

oftheVoisey’sBaycobaltstreamcanbefoundinnotes16and

26tothefinancialstatements.

Netassetsof$434.6mattheendofDecemberresultedinnet

assetspershareof$1.72(£1.37)–asignificantpremiumtothe

closingsharepriceof£0.64at31December2024.

Cash flow and liquidity

TheGroup’snetcashgeneratedfromoperatingactivities,

largely represented by royalty related income less overheads

andtaxes,decreasedto$29.6m(2023:$33.5m).Adjustingthe

cashflowsfromoperatingactivitiesforfinancecostsof$10.3m

(2023:$6.0m)andtheprincipalrepaymentsreceivedfrom

DenisonMinesof$3.0m(2023:$2.3m)resultsinfreecashflow

of$22.1mfortheyearended31December2024(2023:$29.7m),

asdetailedinnote34tothefinancialstatements.

Duringtheyear,theGrouppaidthefinalinstalmentofdeferred

considerationtoSouth32totalling$9.2minrelationtothe

acquisitionoftheSouth32royaltyportfolioinJuly2022.Inaddition,

theGroupacquireda0.85%grossrevenueroyaltyoverthe

PhalaborwaRareEarthsProjectinSouthAfricafor$8.5m

andmadea$1.5mequityinvestmentinRainbowRare

EarthsLtd,operatorofthePhalaborwaproject.

Partiallyoffsettingthedeferredconsideration,royaltyacquisition,

equity investment and associated transaction costs was the

receiptof$2.0mindeferredconsiderationand$0.3min

price-linkedcontingentconsiderationarisingfromthe2021

disposaloftheNarrabriroyalty.Combinedwiththe$3.0m

inprincipalrepaymentsreceivedundertheDenisonloanand

the$8.1minproceedsrealisedthroughthepartialdisposalof

theGroup’sholdinginLIORC,thisresultedintotalcashusedin

investingactivitiesfortheyearof$6.3m(2023:$43.2m).

FollowingtheannouncementoftheGroup’supdatedcapital

allocationpolicyinQ12024,theGroupexecuteda$10.0m

sharebuybackprogrammebetweenMarch2024andMay2024.

The share buyback programme was primarily funded by recycling

capital realised through the disposal of the majority of the

Group’sholdinginLIORC.

Thedividendsof$10.8mpaidduringtheyearrepresentthe

interimdividendforQ32023of2.125cpershareandthefinal

dividendfortheyearended31December2023of2.125cper

share.Thefirstdividenddeclaredundertheupdatedcapital

allocationpolicy(detailedbelow),waspaidinJanuary2025.

ThereductioninfreecashflowsalongwiththeGroup’s

investingactivitiesresultedintheGroup’snetdebtposition

increasingby$7.8mto$82.3masat31December2024(2023:

$74.5m).Eventhoughborrowingsincreased,theleverageprofile

associated with this remained very manageable and at the end

of2024thekeyleveragecovenantwas1.5xcomparedtothe

maximum3.5xpermitted.

Cash flow sources and usage ($m)

1 January 2024

Portfolio

contribution

Narrabri

consideration

Debt draw

drown

LIORC disposal

proceeds

FX & other

Overheads

Finance costs

Taxes

Deferred

consideration

Repayment

of debt

Dividends

Share buy back

Phalaborwa

acquisition

31 December

2024

110

100

7.9

63.2

2.3

21.3

8.1

0.4

7.8

10.3

23.6

9.2

12.4

10.8

10.0

10.4

7.9

45Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Cash flow and liquidity continued

Inconjunctionwiththe$50.0macquisitionoftheMimbula

copperstreamcompletedinFebruary2025,theGroupextended

the maturity date of its revolving credit facility by 12 months to

30January2028andincreasedthetotalcommitmentsunder

thefacilityto$180.0mbypartiallyexercisingtheaccordion

feature and amended the following key terms:

n adjusted EBITDA to calculate the leverage and interest cover

ratios will be calculated using annualised Kestrel income from

the trailing six quarters;

n theinterestcovercovenanthasbeenreducedfrom4.0xto

3.0xfortheperiodto30January2028;

n interestpayableisSOFRplusaratchetbetween2.25%and

4.50%dependingonleveragelevels(previously2.25–4.00%);

n theuncommittedaccordionfeaturehasreducedto$45.0m

followingthe$30.0mincreaseintotalcommitmentsunder

the facility; and

n theGroupretainstheoptiontoextendthematurityofthe

facilitybyuptoafurther12months,subjecttolenderconsent.

Following the completion of the Mimbula copper stream acquisition,

theGrouphasnetdebtof$129.2matthedateofthisreportand

hasaccessto$45.8mofliquiditywithapotentialfurther$45.0m

bywayoftheaccordionforfutureacquisitions.

Asmentionedpreviously,theGroupundertookanumberof

initiativesinconjunctionwiththeMimbulafinancinginorderto

prioritisedeleveraging.Thisincludedbringingforward$6.2m

paymentsfromWhitehavenCoaldueundertheNarrabridisposal.

Dividends

AsannouncedinMarch2024undertheGroup’scapital

allocation policy, the dividend is now calculated based on

apayoutratioof25%-35%oftheaveragefreecashflow

generatedintheimmediatetwoprecedingsix-monthperiods.

The averaging of the two periods is designed to smooth out

quarterly volatility from the Kestrel royalty as it moves in and

outoftheGroup’sprivateroyaltylands.

TheH22024freecashflowof$9.5mcombinedwiththeH1

2024freecashflowof$12.6mresultsinanaveragefreecash

flowoverthetwoperiodof$11.0m.TheBoardisproposinga

finaldividendof1.11centspershare,whichequatestoapayout

ratioforthesecondhalfoftheyearof25%.Whencombined

withtheinterimdividendof1.70centspersharepaidon31

January2025,thetotaldividendfortheyearended31

December2024is2.81centspershare.

Subjecttoapprovalbyshareholdersatthe2025AGM,thefinal

dividendwillbepaidon25July2025,toallshareholdersonthe

Kevin Flynn

Chief Financial Ofﬁcer

26 March 2025

Financial review continued

46 Ecora Resources PLC Annual Report and Accounts 2024

ENGAGEMENT IN ACTION

The following are some examples of how the Directors

have considered matters set out in sections 172(1)(a) – (f)

whendischargingtheirsection172dutiesandtheeffect

ofsuchconsiderationsoncertaindecisionstakenby

them.Theseexamplesalsoillustratehowtheviewsand

interestsofsomeofthestakeholderssetoutonpages48

and49impacttheDirectors’decisionmaking.

Principal decisions

Distributions to shareholders and



Ecora Resources published an updated capital allocation

frameworkin2024.Thedividendisnowbetween25%

and35%offreecashflow.In2024theBoarddetermined

thattheH1dividendwouldequateto33%ofFCF1.70c

pershare;inH2thepayoutwas25%ofFCFequating

to1.11cpershare.Totaldividendfortheyearwas

2.81cpershare.

TheBoardsanctionedaUS$10msharebuybackduring

theyearunderwhichtheGroupacquired9.5msharesat

avolumeweightedaveragepriceof83.77pencepershare.

Details of the capital allocation policy can be found

onpage21.



DuringtheyeartheGroupacquireda0.85%royalty

overthePhalaborwaRareEarthsProjectforacash

considerationof$8.5m.Inconnectionwiththeroyalty

acquisition,theGroupalsosubscribedfor10,442,427

sharesinRainbowRareEarthsLtdforUS$1.5m.

TheGroupsold~85%ofitsholdinginLIORCrealising$8.1m

whichwasusedtopartiallyfunda$10msharebuyback.

When making decisions, the Directors have



likely to promote the success of the Company

fi

also considering the broad range of stakeholders

who interact with or are impacted by its business.

In doing so the Board had regard, amongst other

matters, to:

n thelikelyconsequencesofanydecisioninthelongterm;

n the interests of the Company’s employees;

n the need to foster the Company’s business relationships

withitscounterparties;

n the impact of the Company’s operations on the community

and the environment;

n the desirability of the Company maintaining a reputation

forhighstandardsofbusinessintegrity;and

n theneedtoactfairlyasbetweenmembersoftheCompany.

How does the Board engage with stakeholders?

DuetothesizeoftheGroup’soperationsandthenicheposition

ithasasoneofthefewroyaltycompaniesfocusedonfuture-

facing commodities on the London Stock Exchange, the Board

will occasionally engage directly with certain stakeholders

oncertainissues.Wherethisisnotpossibleorefficient,

stakeholder engagement takes place at the Executive

Committeelevel,ledbytheChiefExecutiveOfficer.

The Board considers and discusses information from

acrosstheorganisationtohelpitunderstandtheimpactof

theGroup’soperations,andtheinterestsandviewsofourkey

stakeholders.Italsoreviewsstrategy,financialandoperational

performance, and information covering areas such as key risks

andlegalandregulatorycompliance.Thisinformationis

provided to the Board through reports sent in advance of

eachBoardmeetingandthroughin-personpresentations.

In addition to the principal decisions and the examples of

ourrelationshipswithallofourstakeholders,theBoardalso

considerstheGroup’simpactontheenvironmentasoutlined

intheSustainabilitysectiononpages50to59andourTCFD

disclosuresonpages70to83.

As a result of these activities, the Board has an overview of

engagement with stakeholders and other relevant factors,

which enables the Directors to comply with their legal duty

undersection172oftheCompaniesAct2006.

Section 172(1) statement

Our stakeholder engagement

More information on the portfolio acquisition

can be found on pages 7 and 37

47Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Our stakeholders

Investment community

Our investor relations team leads the engagement

withstakeholdersacrosstheinvestmentcommunity

includingdebtproviders,andretailandinstitutional

investors.Weaimtoengageinatransparentand

informative manner across multiple

communicationschannels.

How we engage

n OurAnnualGeneralMeetingprovidesallshareholders

anopportunitytoaskquestionsoftheBoard

n Annual Report and website provide detailed

information on the Company

n Issue regular trading updates

n Meet with institutional investors on roadshows,

atconferencesandonanadhocbasis

n Publishvideoandothercontentthroughsocial

mediaplatforms

n HoldpresentationsforretailinvestorsviaInvestor

Meet Company platform

n Regularlymeetandspeaktoourlendinggroup

Topics of engagement

n EvolutionoftheGroup’scommodityportfolio

n TimelineoftheGroup’sdevelopmentassets

n Capital allocation policy

n RevisionstotheDirectors’remunerationpolicy

n Sustainability performance and disclosure

Outcomes

n Updatedcapitalallocationframework

n Focus on income producing royalty acquisitions

n Review sustainability disclosure to increase focus

onbiodiversityissues

Counterparties and

mineoperators

Wemaintaincloserelationshipswithmineoperatorsand

counterpartiesregardingpotentialnewinvestments

andongoingmonitoringofourexistinginvestments.

How we engage

n Regular meetings between key personnel

atEcoraandthemineoperator

n Site visits to the mine to view operations

andmeetemployees

n Issue annual data request to monitor

sustainabilityperformance

Key topics of engagement

n Evidenceofenvironmentallyandsociallyresponsible

performanceandriskmanagement

n Performanceoftheunderlyingoperationsandoutlook

n Terms and conditions of the royalty

andstreamingagreements

Outcomes

n Site visits have led to stronger relationships between

theGroupandmembersofoperatingcompanies

Strong engagement across

all stakeholder groups

Link to strategy



Link to strategy



48 Ecora Resources PLC Annual Report and Accounts 2024

Key to strategy

Commodity selection Investment framework Portfoliodiversification Capital allocation

Key to principal risks

Catastrophic and natural

catastrophic risk

Investment success

Future demand

Commodity prices

Operator dependence and

concentration risk

 Geopoliticalevents

Financing capability

Stakeholder support

Employees

Our employees are our biggest resource and we

engagewiththemtoensurethatweprovideapositive

working environment in order to maximise individual

productivityandperformance.

How we engage

n DesignatedNon-ExecutiveDirectorresponsible

forworkforceengagementmeetings

n HR function

n Weekly team meetings

n Employeewell-beingsurveys

n Annual Company strategy day

n Regular ‘lunch and learn’ sessions to develop

skillsandknowledge

n Further detail of our employee engagement can

befoundonpages57and58

Topics of engagement

n EngagementandalignmentwiththeGroup’spurpose

and values

n Desiretoreviewbenefitspackage

n Opportunities for personal development

n Workforce remuneration policies, particularly focused

onlong-termretention

Outcomes

n Implementedsalarysacrificescheme

Communities

As a royalty company we don’t operate any of the

underlyingassetswithinourportfolio.Whilethis

impactsthedirectinvolvementtheGrouphas

withthecommunitiesimpactedbytheoperations

underlyingtheportfolio,theBoard,throughthe

widerteam,engageswithmineoperatorsseeking

toinfluenceandencouragecompliancewithrelevant

sustainabilitystandards.

How we engage

n Track operator metrics and disclosures

n Send sustainability questionnaires to operators

n Community engagement is an agenda item when

wegoonsitevisitstotheminesinourportfolio

Topics of engagement

n Updatesoncommunityengagementprogrammes

and initiatives

n Impact on environment and local community

Outcomes

n Donated to the Community Food Sharing Association,

inNewfoundland,Canada,inpartnershipwithVale.

n The Ecora team spent a day with the Children’s Book

Project, a charity that seeks to tackle book poverty by

distributing over 100,000 books each year across

LondonandtheSouthEast.

Link to strategy



Link to strategy



49Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Supporting

asustainable

future

Our approach

tosustainability

Sustainability

highlights 2024

SBTi near-term science



We have achieved the target of

zeroScope1andScope2emissions.

UNGC membership

ThisisourthirdfullyearasaUNGC

participantandwesubmittedour

second Communication on Progress

inJuly2024.

MSCI ESG rating

Rated ‘AA’ by MSCI at the start

of2024.

Sustainalytics rating

Rated7.7.

Engagement with



We continued to work closely with

our operators and in 2024 members

of our team visited the Mantos

Blancos, Voisey’s Bay, EVBC,

MimbulaandPhalaborwaprojects.

Mine sites visited in 2024

At Ecora we are committed to integrating

sustainability into our strategic decision making,

capital allocation and corporate behaviour, and

toproviding transparency, where possible, in all

sustainability matters.

Climate Action

Wecontinuetorecognisethatasignificant

portion of our Scope 3 emissions stem

fromourinvestments.Wecarefullymonitor

thecarbonfootprintsandclimate-related

commitments, targets and initiatives of

our operating partners’ operations in

whichwedeploycapital.Lastyear,for

thefirsttime,wehavedisclosedour

attributable emissions from our investments

(‘financedemission’)forthelastfew

years.Accountingforthesefinanced

emissions provides a more complete

profileofourScope3emissionsandit

will enable us to work with our operators

tosetfurthermeaningfulscience-based

targetsanddefineourcombinednet

zeroambitionsinthefuture.

In2025,wewillbeexploringthepossibility

ofprovidingfinancedemissionsincopper

equivalent terms’ which will enable more

accurate assessment of the relative

emissionsfromourvariousinvestments.

Materiality Assessment

Our approach to managing sustainability

continuestoevolve.In2022,werevised

our sustainability reporting framework

and in 2023 we developed a sustainability

strategy roadmap (the ‘Roadmap’), which

setoutourshort,mediumandlong-term

sustainabilityobjectives.In2024,we

conducted a Materiality Assessment to

identify the material issues that our key

stakeholdersbelieveweshouldprioritise.

This exercise provided assurance that

wearefocusedontheissuesthatmatter

mosttoourstakeholders.Italsoidentified

potential areas of further focus for our

disclosures, such as the potential biodiversit

impacts of projects, that we will look to

addressduring2025.

Further details on the Materiality

Assessment can be found in the

box on page 51

Strategic report

50 Ecora Resources PLC Annual Report and Accounts 2024

Materiality Assessment

During2024weconductedourfirsteverMateriality

Assessment with the aim of identifying the sustainability

risks and opportunities that are deemed most important to

thebusinessbyourkeystakeholders.Followingatender

process, we appointed Ever Sustainable to perform the

independentMaterialityAssessment.

We adopted a ‘compressed’ double materiality approach

alignedwiththekeyprinciplesofISSBandCSRD.Two

phases informed our Materiality Assessment:

1.Impactmateriality:wedefinedtheissuesthatarerelevant

to Ecora from an impact perspective and assessed the

externalimpactthatouractivitiesmayhaveontheissue.

2.Financialmateriality:weassessedthefinancialimpacts

andmaterialeffectsofeachsustainabilityissueidentified

inPhase1.

We outline below the methodology followed to complete

the Materiality Assessment:

1. Peer and collateral review

Detailed review of peer companies’ approach to sustainability and

our current policies, activities and disclosures; completed a value

chainmappingexercise.

fi

Utilisingresearchalongsideareviewofsustainabilitystandardsand

frameworks to identify and develop a list of sustainability issues to

beassessedfrombothanimpactandfinancialmaterialityperspective.

3. Stakeholder engagement

Key stakeholders, including employees, Board of Directors,

shareholders and operating partners’ were engaged through a

combination of surveys and interviews to determine our material

impactagainsttheagreedissueslist.Afinancialmateriality

workshopwascompletedtodeterminethefinancialmateriality

ofthesustainabilityissues.

4. Materiality output

Resultsfromtheimpactandfinancialassessmentswereanalysed

todeterminethematerialissuesfrombothperspectives.Information

was also collected on what stakeholders perceived as the key

sustainabilityframeworksandratingsforEcora.

Being a royalty and streaming business, we have a very light direct

footprintwith12employees,primarilybasedinoneheadoffice

location.Theresultsoftheassessmentwerethereforebroken

downtoassessimpactsfromaheadofficeperspectiveandfrom

thewiderinvestmentportfolioofminingprojects.Thechartopposite

shows the issues that were highlighted as being material on either

animpactbasis,financialbasis,orboth.

The results of the Materiality Assessment were endorsed

bytheBoardanditwasagreedthatwewouldreviewthe

followingin2025:

n value chain engagement – continuing to optimise our operator

engagement and due diligence processes as a key means

to mitigating sustainability risk at the operational level;

n biodiversity and nature related impacts – review the

regulatory and voluntary frameworks for biodiversity

disclosures and develop disclosures around these issues;

and

n priority would be given to engaging with, and disclosing

under, the ratings agencies and frameworks deemed most

relevant by our key stakeholders

fi

EnvironmentalSocialGovernance

Investments

Financially material

Impact material

Financialandimpactmaterial

Tailings and waste management

Labour conditions in the value chain

Anti-corruption,briberyandtransparency

Climate change

Water use and management

Air pollution

Biodiversityandnature-relatedimpacts

Rights of indigenous people and wider

community relations

Political environment, stability

andreceptiveness

Value chain engagement and management

UN Global Compact and Sustainable



EcorajoinedtheUnitedNationsGlobalCompact(UNGC)

inFebruary2022.Asaparticipant,wearecommittedto

voluntarily aligning our operations and strategy with the

UNGC’sTenPrinciplesintheareasofhumanrights,labour,

environmentandanti-corruption.Assuch,inourcontinued

supportoftheUNGC,wecompletedoursecondCommunication

on Progress describing the practical actions that we have taken

and the qualitative and quantitative results of our Company in

furtheranceoftheTenPrinciples.OurCommunicationon

ProgressisavailableontheUNGlobalCompactwebsite(www.

unglobalcompact.org/what-is-gc/participants/150805-Ecora-

Resources-PLC).

Initiatives across our business help advance a number of the

UnitedNationsSustainableDevelopmentGoals(SDGs),which

wereadoptedbytheUnitedNationsin2015asauniversalcall

to action to end poverty, protect the planet, and ensure that

by2030allpeopleenjoypeaceandprosperity.

Marc Bishop Lafleche

Chief Executive Officer

51Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Sustainability continued

Long-term value for all our stakeholders can only

beachieved through sustainable and responsible

investment. We look to finance resources that enable

asustainable future, and to potentially influence others

inthe miningsector towards sustainable outcomes.

7. Affordable and



Description:

Ensure access to clean,

affordable,reliable,sustainable

andmodernenergyforall.

Reason for alignment:

Ecora invests in mining

projects that will increase

thesupplyofcommodities

central to the production,

storageandtransmission

ofrenewableenergy.

9. Industry, innovation

and infrastructure

Description:

Build resilient infrastructure,

promote inclusive and

sustainable industrialisation

andfosterinnovation.

Reason for alignment:

Ecora invests in mining

projects that will increase

thesupplyofcommodities

central to the energy

transmission that will enable

sustainableindustrialisation.

12. Responsible

consumption



Description:

Ensure sustainable consumption

andproductionpatterns.

Reason for alignment:

Ecora invests in mining

projects that will increase

thesupplyofcommodities

central to the production,

storage and transmission

ofrenewableenergy.

13. Climate action

Description:

Take urgent action to combat

climatechangeanditsimpacts.

Reason for alignment:

Ecora invests in mining

projects that will increase

thesupplyofcommodities

central to the production,

storage and transmission

ofrenewableenergy.

Responsible

investors

Update

In2024,weinvested$8.5mintoaprojectthatwillproduce

rare earth elements that are integral to permanent magnets

usedinwindpowerturbinesandelectricvehiclemotors.

This project will help the achievement of goals 7, 9, 12

and13.

Weinvestinprojectsthatwillincreasethesupplyofcritical

minerals and mining operations that embed sustainable

practicesintheirapproachtobusiness.

Since 2021, we have deployed over $400m into copper,

nickel,rareearthsandcobaltroyaltiesandstreams.By2027,

over90%oftheCompany’sportfoliocontributionisexpected

tobederivedfromfuture-facingcommodities.

United Nations Sustainable Development Goals (SDGs)

Ecora’s purpose is to provide capital to the natural resources sector with a focus on projects that will increase the supply of critical

minerals.Inadditiontoourbusiness’strongalignmenttothetwoSDGswhichwepreviouslyreported,webelieveourbusinessis

stronglyalignedtoSDG12andSDG13,assetoutbelow:

52 Ecora Resources PLC Annual Report and Accounts 2024

Sustainability due diligence

We commit to conducting robust sustainability



investment decisions.

Progress in 2024

n Integrated sustainability operator monitoring during

site visits to Voisey’s Bay, Mantos Blancos and Mimbula

n Updatedoursustainabilityduediligenceprocesstaking

into account the development stage of each project

anditsforward-lookingsustainabilitytargets

2025 priorities

n Updatesustainabilityduediligenceframeworktoalign

with results of Materiality Assessment

n Develop sustainability due diligence framework

forpre-productioninvestmentopportunities

We continually review our sustainability due diligence

framework to ensure that our approach and assessment tools

continuetoreflectindustrybestpractice.TheMateriality

Assessment highlighted an interest from our stakeholders

inbiodiversityissuesandthesewillcontinuetobeoffocus

goingforwards.

We are proud of the ongoing commitment to sustainable and

responsible mining from our operating partners, which remains

apre-requisiteforustoconsiderwheninvestinginaproject.

Engaging with operators

In 2024, we continued to engage with our operators, many of

which publish detailed sustainability reports which contain an

extensivesetofkeymetrics.Consequently,wehaveadapted

our processes such that initially, we extract as much data as

possiblefromthesesustainabilityreports.Wethenfollowup

withtheoperatorstoobtainspecificsustainability-linked

informationnotavailableinthepublicdomain.

We focus on the following key metrics of our portfolio operations:

n water management;

n energy;

n climate;

n waste management;

n health and safety; and

n diversity.

Our sustainability investment process guides our approach to

evaluating potential investment opportunities, which includes

screening against our sustainability investment criteria (further

details are available in the Sustainability section of the

Company’swebsite).

In the past few years, we have declined royalty and stream

opportunitiesduetosustainability-relatedissuesidentified

inourduediligencereviewprocess.

Due diligence process for potential



We recognise that the most critical time for assessing and

mitigating risks, including sustainability risks, relating to an asset

is at the outset prior to entering into any royalty or stream

agreement.Beforecompletinganynewinvestment,we

undertakeathoroughduediligenceprocessusingour

sustainabilityriskduediligenceframework.Theduediligence

processistailoredtoeachopportunityusingarisk-based

approach, varying based on the jurisdiction, counterparty

andcommodity,whethertheprojectisanexploration,

developmentorproducingprojectandwhetheritis

aprimaryorsecondaryroyaltyorstreamtransaction.

TheEcorateamhasmanyyearsofcollectiveexperience

ofcarefullyevaluatingtherisks,opportunitiesandlong-term

viabilityofpotentialprojectsandexaminingfinancial,technical,

legalandsustainabilityfactors,oftensupportedbythird-party

industryexpertsandconsultants.

Initial screening

We employ rigorous screening tools and

strictinvestmentcriteriatoevaluateinitial

investmentopportunities.

Assessment criteria

We assess potential investments using a set of

qualitative and quantitative criteria, which look at

thelevelofaparticularsustainabilityriskandthe

wayinwhichitisbeingmanaged.

Tailored due diligence

We use a tailored and detailed due diligence

frameworktoassessthefullrangeof

sustainabilityrisksfacingparticularassets.

Regular review

Our screening and due diligence tools are

regularly reviewed and updated to ensure that

theycontinuetoreflectthemostup-to-date

developmentsandminingindustrybestpractice.

Ourinvestmentdecisionmaking

involvesthefollowingkeysteps:

53Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Sustainability continued

Engaging with operators continued

Allofourdetailedoperatorsustainabilitymetricsfor2019-2024

canbefoundintheSustainabilitysectionoftheGroupwebsite

(www.ecora-resources.com).

Usingoursustainabilityriskduediligenceframework,wecontinue

to maintain close dialogue with our operating partners to proactively

monitor the performance of our portfolio assets and ensure

earlyidentificationof,andengagementon,anyrisksand

opportunities.Ourongoingengagementincludesregular

discussions between our operating partners and our technical,

legal and investment teams, which also allows for the opportunity

to understand their sustainability practices and transition plans

andanysustainabilityriskstobemitigated.

In addition to monitoring and disclosing our operating partners’

sustainability performance, we encourage operators’ adherence

to sustainability best practice by: (i) monitoring external media

reports and other publicly available information on the assets;

(ii) engaging in regular dialogue with operating partners

(including conducting periodic site visits); (iii) encouraging our

operating partners to adopt policies on relevant sustainability

issues; and (iv) gathering periodic reports from our mining

partnersontheirsustainabilityactivities.

Community initiatives with operators

Ecora maintains an ongoing dialogue with its operating partners

to identify opportunities to collaborate on charitable initiatives

that positively impact the communities within the proximity of

theprojectsinwhichtheGrouphasinvested.TheGroupis

committedtoinvestinginprojectsthathaveapositivelong-term

impactoncommunitiesandwhichhelpbreakthepovertycycle.

Assuch,theGroupisexploringprojectsthatfocusonthe

provisionofhealthcare,educationandnutrition.

In 2024, Ecora once again partnered with Vale (operator of the

Voisey’s Bay mine) to donate to the Community Food Sharing

AssociationinNewfoundlandandLabrador,Canada.

Go to page 82 for our greenhouse gas emission data

Engaging with our operators

Be a positive influence on our



Progress in 2024

n Continued to explore opportunities of partnering

withoperatorsoncommunityengagementinitiatives

n Donated to the Community Food Sharing Association

in partnership with Vale

n Publishedfinancedemissionsmetricsforthefirsttime

2025 priorities

n Review and update our operating partner sustainability

due diligence questionnaire

n Continue to participate alongside operators

oncommunityengagementinitiatives

n TakestepstomeasureCuequivalentfinancedemissions

54 Ecora Resources PLC Annual Report and Accounts 2024

Thematic investing

Investing in commodities that support



Progress in 2024

n 100%ofcapitaldeployedintofuturefacingcommodities

n Invested$8.5mintoPhalaborwaRareEarthsProject

inSouthAfrica

2025 priorities

n Addfurtherscaleanddiversificationtotheportfolio

n Focus on income producing royalties and streams

We invest in projects that will increase the supply of critical

minerals and mining operations that embed sustainable

practicesintheirapproachtobusiness.



We are in a transitional phase as the income generated by

theKestrelsteelmakingcoalroyalty,whichisnotexpected

tobematerialbeyond2026,isredeployedintofuture-facing

commodities that play a vital role in the generation, storage

andtransmissionofrenewableformsofenergy.

These minerals and metals are key for the general trend

towardselectrificationwithendusesincluding:

n data centres expansion;

n power storage and generation;

n construction of renewable energy infrastructure; and

n transmissionofrenewableenergy.

Over the past four years, we have deployed over $400m into

copper,nickel,cobaltandrareearthsroyaltiesandstreams.

By2027over90%ofourrevenuecontributionwillbederived

fromfuturefacingcommodities.

In2024weinvested$8.5mintoaroyaltyoverthePhalaborwa

RareEarthsProjectinSouthAfrica.Theprincipalrareearth

elements found at Phalaborwa are neodymium and

praseodymium, which are essential in the production of

permanent magnets, key components in wind power turbines

andelectricvehiclemotors.

55Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Responsible

business

Sustainability continued

AtEcora, wepromote health and safety, diversity and

inclusion, and continuously develop our employee

culture, well-being and skill set. We are committed to

operating our business with the highest standards of

ethics andintegrity. We proactively seek to align our

frameworks with globally recognised initiatives such

asthe UNGC.

Membership and Commitments

We are committed to improving our

sustainability disclosures by aligning with

suitable sustainability frameworks such as

the UNGC and the SDGs.

Progress in 2024

n Embedded the sustainability roadmap as the pathway

towardsachievinglonger-termsustainabilitygoals

n Calculatedandpublishedfinancedemissionsdata

forproducingandnear-termproducingoperators

n Incorporatedfinancedemissionsmetricsintoour

TCFDdisclosure

n ImprovedSustainalyticsscoreto7.7(negligiblerisk)

and maintained MSCI rating at AA

2025 priorities

n PrepareforchangesinUKstatutoryreporting

requirements

n Further develop reporting and disclosure against

UNSDGs

n Explore additional regulatory and voluntary

frameworks for biodiversity disclosures and TPT

disclosure requirements

As part of the Materiality Assessment, our key stakeholders

provided feedback on the most relevant disclosure frameworks

andsustainabilityratingsagenciesforEcora.

TheUNGlobalCompactandSDGsweredeemedtobemost

important.MoredetailonourupdatedSDGscanbefound

onpage52.

During the course of the year, the Ecora team engaged with

bothMSCIandSustainalyticsontheGroup’sbusinessmodel

andapproachtosustainability.Consequently,ourMSCIrating

improved from A to AA, and we also achieved an improved

Sustainalyticsscoreof7.7(negligiblerisk).Identifiedbyour

stakeholders as the key ratings agencies during the Materiality

Assessment,wewillcontinuetoengagewithMSCIand

Sustainalytics,amongstothersasappropriate,in2025.

TheGroupsubmitteditssecondCommunicationonProgress

asaUNGCParticipantduring2024.Furtherdetailsofthe

Group’ssubmissioncanbefoundat:www.unglobalcompact.

org/what-is-gc/participants/150805-Ecora-Resources-PLC.

In line with our Sustainability Policy, we seek to promote

responsibleandsustainableminingacrossourportfolio.

Inordertodoso,EcoraendorsestheInternationalCouncil

onMiningandMetals’(‘ICMM’)TenPrinciplesofSustainable

Development, which promote ethical and sustainable resource

development.Wealsoendorseothergloballyrecognised

mining standards such as the International Finance Corporation

Performance Standards, the Equator Principles, the Voluntary

PrinciplesonSecurityandHumanRights,theUNGuiding

PrinciplesonBusinessandHumanRights,theWorldGold

Council’sResponsibleMiningPrinciplesandtheGlobal

IndustryStandardonTailingsManagement.

Senior members of Ecora management belong to industry

associations in order to enhance their personal development

intheirfieldsofexpertise.

56 Ecora Resources PLC Annual Report and Accounts 2024

Responsible employer

We aim to create a safe working environment



empowered to succeed. We promote and

fi



efforts to contribute to society through

fi

Progress in 2024

n Enhancedemployeewell-beingprogrammewith

theimplementationofanewsalarysacrificeand

benefitsscheme

2025 priorities

n Continue to participate in at least one annual

charitable initiative scheme

n Continue charitable support through matched

givingprogramme

n ExpandontheCompany’semployeehealthandwell-

being programme

Diversity, inclusion and equal opportunities

We value diversity, inclusion and equal opportunities, recognising

thebenefitsitcanbringtoourBoard,seniormanagementteam

and,ultimately,thelong-termsuccessoftheCompany.

In 2024, we continued to review and embed our diversity,

inclusion and equal opportunities policies and commitments

across the business, including with respect to our corporate

initiatives,portfolioassetsandnewinvestments.Pleaserefer

totheCorporateGovernancesectionforfurtherinformation

onourdiversitydisclosures.

Health and well-being

Ecora is committed to promoting mental, physical

andemotionalhealthandwell-being.

Weofferanenhancedemployeebenefitspackagetoall

employees, which includes life insurance, and access to our

long-termillnessandsicknesspolicy.Toensurethephysical

health of employees, we provide access to additional healthcare

benefits,includingmedicalanddentalcover,regulareyetests

andfluvaccinations.

In2024,weintroducedanewsalarysacrificeandrelated

benefitsschemepackageofferingemployeescost-effective

options to lease electric vehicles and bicycles, amongst other

things.Thisinitiativealignswithourcommitmenttolowercarbon

emissions, promoting sustainable travel and supporting a

healthierwork-lifebalance.

Gender diversity

Female 58%

Male 42%

Employee nationalities

British 42%

Irish 17%

Australian 8%

Canadian 8%

New Zealand 8%

Slovakian 8%

South African 8%

57Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Sustainability continued

Training and development

We believe that supporting the professional development of

our employees leads to the establishment of a strong pipeline

of talent and organic succession planning from within the

business.In2024,weprovidedopportunitiesforprofessional

and personal development through workshops, speakers,

onlineresources,coursesandcoaching.

We continue to operate an annual training programme

forallDirectorsandemployees,coveringkeyareasrelated

tocorporategovernance.PleaserefertotheCorporate

Governancesectionforfurtherinformationonour

governancedisclosures.

Corporate charitable initiatives

Wecontinuetosupportouremployees’effortstocontribute

tosocietythroughnon-profitcharitableactivities.Toencourage

and support employees’ personal charitable and fundraising

efforts,weimplementeditsmatchedgivingprogrammeunder

itsCharitableDonationsPolicy.In2024wemadematched

contributionsofover$6,000.

In 2024, as part of our social commitment to contribute to

thelocalcommunitythroughcharitableinitiativesinLondon,

the team spent a day at the Children’s Book Project, a charity

aimed at tackling book poverty by giving every child the

opportunitytoownabook.

Employee relations 2024 2023 2022

Performance indicator

Total number of employees (at 31 December) 12 14 14

Employeeturnoverrate(annual%) 14.3 0 7.1

%ofemployeeswhohavebeenwiththeCompanyformorethantenyears 42 31 31

Health and safety 2024 2023 2022

Performance indicator

Fatality rate zero zero zero

Lost time injury frequency rate zero zero zero

Total recordable injury frequency rate zero zero zero

58 Ecora Resources PLC Annual Report and Accounts 2024

Diversity and inclusion 2024 2023 2022

Performance indicator

%offemaleemployees–alllevels

(at 31 December) 58 67 67

%offemalesinmanagementor

higher positions 50 50 -

%offemaleExecutives/Board

members (at 31 December) 29 29 14

Ethics and compliance 2024 2023 2022

Performance indicator

%ofemployeeswhocompleted

annual ABC and AML training 100 100 100

Corruption incidents zero zero zero

Whistleblower reports zero zero zero

Effective governance

Ecora is committed to conducting business

ethically and transparently, in accordance

with high corporate governance standards



Progress in 2024

n Appointed new Chair of the Board

n Reviewed and updated Modern Slavery Statement

n Adopted new cybersecurity policies

n Transferred listing from Equity Shares (Transition)

Category to the Equity Shares (Commercial Companies)

CategoryoftheOfficialListoftheFCA

2025 priorities

n Provide DEI training

n Completion of Modern Slavery Statement KPIs

n Rollout2025corporategovernancetrainingprogramme

Corporate governance

In January 2024, Andrew Webb was appointed to the Board as

aNon-ExecutiveDirectorandbecameChairoftheBoardinMay

2024.TheappointmentofthenewChairfollowedanextensive

search process overseen by the Nomination Committee with

theassistanceofexternalconsultants.AfullDirector

on-boardingprocesswasundertakenbyAndrew,including

meetingwithanumberofshareholders.

Our Board and employees are committed to championing and

embedding our purpose, values and standards, which are set

outinourCodeofConduct.In2024,wecontinuedtoreview,

updateandimplementkeypolicies.Thefulllistofourpolicies

and terms of reference can be found on our website,

www.ecora-resources.com/about-us/governance/.

We continue to operate an annual training programme

forallDirectorsandemployees,coveringkeyareasrelated

tocorporategovernance.AllemployeesandDirectorscompleted

our2024CorporateGovernanceTrainingProgramme,which

includedtrainingonanti-briberyandcorruption,conflictsof

interest,thenewUKListingRules,amongstothertopics.

PleaserefertotheCorporateGovernancesectionforfurther

informationonourgovernancedisclosures.

Modern Slavery Statement

We are committed to embedding human rights and labour

principlesinourbusinessandareaUNGlobalCompact

participant.WepublishedourannualvoluntaryModernSlavery

Statement, which demonstrates our commitment to human

rightsatthecorporatelevelandthroughoursupplychains.

Wecompletedour2024ModernSlaveryStatementKPIs.

Transfer of listing category

We are committed to upholding high corporate governance

standards.In2024,wetransferredourlistingfromtheEquity

Shares (Transition) Category to the Equity Shares (Commercial

Companies)CategoryoftheOfficialListoftheFCA.Weupdated

our policies and procedures to ensure compliance with the

newUKListingRules.

59Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Risk management

Our risks and

riskmanagement

Our strategy, values and risk appetite inform and shape our risk

managementandinternalcontrolsframework.TheBoardand

the Executive Committee provide oversight of our principal and

emerging risks, and the Audit Committee monitors the overall

effectivenessofourriskmanagementprocessesandinternal

controls.AsunderstandingandeffectivelymanagingtheGroup’s

risks are fundamental to being able to execute our strategy, we

are committed to a robust system of identifying and responding

totherisksweface.

The impact of risk on our strategy and viability

Risk can arise from events outside of our control or from

operationalmatters.Eachoftherisksdescribedonthe

following pages can have an impact on our ability to deliver

ourstrategyandontheGroup’songoingviability.

Risk management framework

Our risk management processes are designed to provide a

consistent and clear framework for embracing, managing and

reportingrisksfromtheGroup’sbusinessactivitiestothe

Executive Committee and the Board by allowing us to:

n understandtheriskenvironment,identifythespecificrisks,

and assess the potential opportunities and exposure for Ecora;

n determine how best to deal with these risks to manage

overall potential exposure;

Identify

Material risks that we consider

maylead to threats to our business

model, strategy and liquidity are

identified through ourrisk

management framework which

encompasses the analysis of

individual processes and

procedures and consideration

ofthe strategy and operating

environment of the Group.

Assess

We analyse the risks and

evaluate their commercial,

strategic, regulatory and other

impact as well as the likelihood

of occurrence together with the

mitigating controls in place.

Respond

We respond to changes in the

materiality of risks by reviewing

the mitigating actions and

checking that they are still

appropriate for the level of risk.

Monitor

The executive management

team is responsible for the day-

to-day monitoring of the

controls and progress of actions

to manage principal risks. It is

supported through the Group’s

audit and assurance programmes

and the principal risks are

reviewed on a semi-annual

basis by the Board.

The effective management of risk is integral to delivering our strategy.

n managetheidentifiedrisksinappropriateways;

n monitortheeffectivenessofthemanagementoftheserisks

and intervene with improvements where necessary; and

n report to the Executive Committee and Board on a periodic

basis on how principal risks have changed, are being managed

andmonitored,withanyidentifiedenhancementsthatare

beingmade.

Risk appetite

InadditiontoapprovingtheGroup’sstrategy,theBoarddefines

thelevelofriskthattheGroupiswillingtoacceptwhilepursuing

itsobjectiveofcontinuingtoaddvalue-enhancingroyaltiesand

streamstoitsportfolio.TheBoardlookatriskappetitefromthe

context of the severity of the consequences should a material

riskmaterialise,anyinternalorexternalfactorsinfluencingthe

risk, and the status of management actions to mitigate or

controltherisk.

Throughout2024andatthedateofthisreport,alloftheGroup’s

principal risks and uncertainties were operating within the limits

oftheBoard’sriskappetite.

Risk management

framework

60 Ecora Resources PLC Annual Report and Accounts 2024

fi

Our risk assessment process considers the likelihood and

impactofrisks,andthetimescaleoverwhichariskcouldoccur.

Fromthisassessment,weclassifytherisksfacedbytheGroup

asemergingrisks,principalrisksandcatastrophicrisks.

Emerging risks

Wedefinerisksasemergingifweneedtoknowmoreabout

how likely they are to materialise, or what impact they might

haveiftheydidmaterialise.Weinvestigate,analyseandmonitor

theserisksfurthertoassessiftheyshouldbeclassifiedas

principalrisks.Typically,emergingrisksarethoseona

three-yearhorizon,inlinewithourViabilityStatement.

For more on the Group’s emerging risks refer to page 62

Principal risks

Wedefineaprincipalriskasariskorcombinationofrisks

thatwouldthreatenthebusinessmodel,futureperformance,

solvencyorliquidityoftheGroup.Whileprincipalrisksare

typicallycurrentrisksthatcouldaffectourabilitytoachieve

ourlong-termobjectives,theyarealsoconsideredoverthe

nextthreeyearsasaminimum,withtheGrouprecognising

thatmanyofthemwillberelevantforalongerperiod.

For more on the Group’s principal risks refer to pages 63 to 69

In addition to principal risks, we continue to be exposed to

otherrisksrelatedtotheday-to-dayoperationofthebusiness,

forexamplecreditrisk,foreigncurrencyriskandcybersecurity.

Theimpactoftheserisksisnotexpectedtobesosignificantas

tomateriallyaffecttheGroup’sbusinessmodel,futureperformance,

orsolvency.Theidentificationandmitigationoftheserisksare

throughtheGroup’sinternalcontrolframework,theeffectiveness

ofwhichisreviewedatleastannuallybytheChiefFinancialOfficer

asoutlinedonpage96,102and103.

Catastrophic risks

TheGroupalsofacescertainrisksthataredeemedcatastrophic

risks.Theseareveryhighseverity,verylowlikelihoodevents,

outsideoftheGroup’scontrol,thatcouldresultinanunplanned

fundamentalchangetotheGroup’sstrategyandhavesignificant

financialconsequences.TheBoarddoesnotconsider‘likelihood’

when assessing these risks, as the potential impact means

theserisksmustbetreatedasapriority.Catastrophicrisks

areincludedasprincipalrisks.

Changes to our risks in 2024

TheGroup’sriskprofilecontinuedtoevolvein2024asthebroader

macroeconomic environment continued to be impacted by the

rising geopolitical uncertainty in the lead up to and following

theUSelections,togetherwiththeongoingwarbetween

UkraineandRussiaandconflictintheMiddleEast.

ThechangeintheUSadministrationisexpectedtofurther

increasegeopoliticaluncertaintythroughout2025andbeyond

withtheimpositionoftariffsbetweenmajortradingblocsand

increased volatility making long term investment decision

makingmorecomplicated.Theimpactofsuchtrademeasures,

together with the expected rolling back of environmental

targets’ are likely to add increased volatility to commodity prices

already impacted by a number of supply shocks, in particular

nickelandcobalt.

OfdirectconsequencetotheGroupin2024wasthecontinued

impact of supply shocks in the nickel and cobalt markets as a

result of considerable additional supply from Indonesia and

theDemocraticRepublicofCongo.Thismarketimbalanceand

theimpactonnickelpricesledtotheannouncementbyBHPto

temporarily suspend its Australian nickel operations, including

theWestMusgraveprojectoverwhichtheGroupholdsa2%

NSR, from October 2024 with this decision to be reviewed by

February2027.Giventheattractivereturnprofileexpected

from this royalty, the delay to the start date has not resulted

inanyimpairmentchargeintheperiod.

Cobalt prices have been similarly impacted by market imbalance

resultinginpricesremainingdepressedthroughout2024.The

resultoflowerpricesledtoanimpairmentprovisionoftheGroup’s

Voisey’sBaycobaltstream,despitestrongoperationalperformance.

There is, however, a positive development with the recent

announcement by the Democratic Republic of Congo

Governmentseekingtoimplementcontrolstostabiliseprices

inthenear-termandpossiblybeyond.Shouldpricescontinue

theirrecentgains,itispossiblethatthepricingledimpairment

charge recognised during the period could be reversed at some

pointinthefuture.

The temporary suspension of the West Musgrave project,

together with the lower returns from the Voisey’s Bay cobalt

stream, highlight that not only have geopolitical and commodity

price risks increased, the risks from operator dependence,

financingcapabilitiesandinvestmentsuccesshavealso

increasedoverthepast12months.TheGroup’sotherprincipal

riskshaveremainedneutral.Catastrophicriskremainsour

highestpriorityrisk,giventhepotentialconsequences.

Inresponsetotheprincipalrisksthathaveincreased,theGroup

is prioritising the acquisition of producing royalties and streams

asevidencedbytheacquisitionofthe$50millioncopperstream

overtheproducingMimbulaprojectinFebruary2025outlined

innote37tothefinancialstatements.Inconjunctionwiththe

Mimbulaacquisition,theGroupalsoincreased,amendedand

extendeditsrevolvingcreditfacility,providingtheGroupwith

furtherfinancingcapacitytopursuegrowth.Theprioritisation

of acquiring producing royalties and streams will diversify the

Group’sincomeprofileandshouldreducetherisksofoperator

dependence and investment success, and provide a clear path

todeleveraging,andthereforereducetheriskoffinancingcapabilities.

Cybersecurity

TheimpactofthelossorharmtotheGroup’sinformation

technologyinfrastructureisunlikelytomateriallyaffect

theGroup’sbusinessmodel,futureperformanceorsolvency

as it is not linked to the operations underlying our portfolio

ofroyaltiesandstreams.TheGroupretainsathird-party

cybersecurity risk specialist to undertake an annual

cybersecurity risk assessment and audit, together with

providingongoingmonitoringoftheGroup’sinformation

technology infrastructure and education and training of

allemployeesandDirectors.Workingwithourcybersecurity

riskspecialistwehavemaintainedourUKCyber

Essentialscertification.

ThroughtheGroup’sprincipalriskof‘operatordependence’

the Board considers the indirect impact of the loss or

harm to the information technology infrastructure of our

operating partners as it is their responsibility for managing

thecybersecurityriskthatexistsintheiroperations.

61Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Emerging risks

Emerging risks that are currently being monitored are:

Climate change

Cause

The physical impacts from climate change,

together with the impact of the response

toaddressclimatechange,mayhavea

significantimpactontheGroup’sexisting

portfolio of royalties and streams together

with its ability to acquire further royalties

andstreamsinthefuture.

Commentary

During 2024, we again assessed the physical and transitional risks and

opportunitiesassociatedwithclimatechangedetailedonpages74to76.

Supporting our assessment of the physical and transitional risks and

opportunities, together with our assessment of the resilience of our existing

portfolio to these risks, was the scenario analysis undertaken in the prior year

asdetailedonpages77to80.

While our assessment to date does not indicate that climate change will have a

materialadverseimpactontheGroup’sbusinessmodelgiventhecommoditymix

underlying our portfolio, the assessment is an iterative process, as assumptions

relatingtoboththephysicalandtransitionalimpactsarerefined.Asaresult,we

continuetoclassifyclimatechangeasanemergingrisk.

Inflation

Cause

Persistenthigherratesofinflation

continuetobeexperiencedacrossmost

ofthejurisdictionsinwhichthemines

andmillsunderlyingtheGroup’sportfolio

arelocated.

The increased costs could delay or prevent

expansion projects or development projects

inthecaseofournon-producingroyalties.

Commentary

TheroyaltymodellargelyinsulatestheGroupfromtheimpactofinflation,with

costs primarily limited to corporate overheads in comparison to the operating

costs and capital expenditure incurred by the operators of the mines and mills

underlyingtheGroup’sportfolio.

Thesignificantincreaseinoperatingcostsandcapitalexpenditurecouldresult

inprojectsbecominguneconomicwithoperationsordevelopmentsuspended

temporarilyorentirely.Thiscouldinturnresultindelaysovertheshorttermof

royaltyrevenueandpotentiallyimpactthevaluationoftheGroup’sroyalties.To

addressthispotentialrisk,theGroup’sstrategyistoacquireroyaltiesandstreams

over projects operating in the lower half of industry cost curves which provides

headroomtoprotecttheeconomicsoftheunderlyingproject.

This risk is closely linked with the principal risk of ‘operator dependence’ and

‘investment success’, particularly with a focus on the cost curve position of the

investments undertaken and the ability of operations to remain economic

throughcycle.

Supply chain disruption

Cause

Severe supply chain and logistics

disruptions have the potential to impact not

only the production and distribution of our

operators’ underlying commodities but also

the timely delivery of development projects

inthecaseofournon-producingroyalties.

Commentary

Supply chain and logistics disruptions continue to be observed, typically resulting

inhighercapitalexpenditureandmaintenancecosts.WhiletheGroupisshielded

from such costs through the royalty model, there is the potential for delays over

theshort-termofroyaltyrelatedrevenue.

This risk is closely linked with the principal risks of ‘operator dependence’

and‘geopoliticalevents’.

62 Ecora Resources PLC Annual Report and Accounts 2024

Key to strategy

Commodity selection

Investment framework

Portfolio diversification

Capital allocation

Risk movement

Increasing

Decreasing

Neutral

Principal risks and uncertainties

TheGroup’sprincipalrisksanduncertaintiesare:

Catastrophic and natural catastrophic risk

A potentially

catastrophic incident

such as a mine shaft

failure, slope wall

fi

one of the operations

underlying the Group’s

portfolio or royalties

and streams, which

could result in the loss

of life, the destruction

or loss of ore body or

render it uneconomic.

Risk movement



Link to strategy

Cause

Inadequate design or construction, adverse geological

conditions,naturaleventssuchasseismicactivityorfloods.

Impact

A major incident could result in our mining partner losing its

licencetooperate.Inaddition,suchanincidentcouldresultin

loss of resource or destruction of the ore body together with

a halt in production or metal deliveries, resulting in lower cash

flows,potentialimpairments/valuationlosses,abilityto

servicedebtobligationsandlimitingtheGroup’sabilityto

pursueitsgrowthstrategy.

Mitigation

Although these risks cannot be easily mitigated or transferred,

theGroupundertakesextensiveduediligenceengagingboth

internal and external experts to assess the viability of the

project,beforeproceedingwithaninvestment.

TheGroupmonitors,throughongoingengagementwith

itsminingpartners,technicalandsustainabilityrelated

matters.Anysignificantsustainabilityrisksandopportunities

arereviewedanddiscussedbytheSustainabilityCommittee.

Commentary

While such risks have a low frequency,

their impact is potentially very high,

asaresulttheyaretreatedwiththe

highestpriority.

Climate change risks



Physical risk

See more on pages 75 and 76

Catastrophic and natural catastrophe risk

Investment success

Future demand

Commodity prices

Operator dependence and concentration risk

Geopoliticalevents

Financing capability

Stakeholder support

(1) Freecashfloworbusinessvalue(NPV).

(2) Consideringeffectivenessofexistingcontrolsmitigation.

fifi

(1)

Very low Moderate HighLow Very high

Increasing likelihood

(2)

Current assessment of principal risks and uncertainties

Toensurewecanprioritiseoureffortsandresources,weregularlyassessthematerialityofourprincipalrisksintermsofpotential

consequenceandlikelihood.Thisallowsustoimplementresponsesthatmitigateorotherwisereducenegativeimpactsandrealise

thebenefitsofopportunities.Theseassessments,andtheeffectivenessofourassociatedmitigants,reflectmanagement’scurrent

expectations,forecastsandassumptions.

63Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Principal risks and uncertainties continued

Investment success

Ecora Resources’

success will depend

on the Board making

sound investment

decisions to ensure

that the royalties and

streams acquired





point of acquisition.

Risk movement



Link to strategy

Cause

The actual performance of the royalties and streams acquired

fail to achieve the expected returns, due to variations in the

commodity prices, production volumes and start dates

assumedintheinvestmentbasecasemodel.

Impact

The underperformance of an investment could result in the

inabilitytoachievecashfloworprofitabilitytargets.Inturn

theGroup’sabilitytoobtainfundingforfuturegrowth,service

its debt obligations and provide shareholder returns could be

significantlyreduced.

Potential damage to Ecora Resources’ reputation, and loss

ofsupportfromstakeholders.

Mitigation

TheGroupundertakesathoroughduediligenceandscreening

process when considering each investment opportunity,

whichiskeytoreducingtherisksofmakingabadinvestment.

Disciplined approach to investment, based on key criteria set

out on pages 20 and 21, with all material investments subject

to review and challenge by the Executive Committee and the

independentDirectors.

Commentary

Despite positive momentum at Voisey’s

Bay as operations continue to ramp up,

the impact of a lower pricing environment

has resulted in an impairment charge in

theperiod.WhiletheGroup’sstreamis

expected, based on consensus pricing to

generate less income over its life, the

incomeprofileoverthenextthreeyears

adequatelysupportstheGroup’s

borrowing position and projected

leverageprofile.

Inaddition,thetimingoffirstincome

from West Musgrave has been pushed

out compared to the investment case,

following BHP’s decision to temporarily

suspend construction given the weakness

inthenear-termoutlookfornickelpricing.

The issues experienced at these

operationsreflectshort-termsupply

shockswhichhaveimpactedsignificantly

onpricing.Pricingisoftenverydifficult

topredictandcanbeinfluencedby

eventsoutsideoftheGroup’sorthe

operators’control.However,theGroup

seekstoobtainexposuretolong-life

assetswhicharesufficientlylowonthe

cost curve which can remain operational

andprofitablethroughcycle.Whilst

short-termlowerpricingcanbe

endured, it is vital that technical and

operationalaspectsoftheGroup’s

diligence are accurate such that

existential issues around investments

donotmaterialise.

Climate change risks



Transition risk and opportunity

See more on pages 74 to 76

64 Ecora Resources PLC Annual Report and Accounts 2024

Future demand

fi

via royalties and

streams may change

depending on

macroeconomic

conditions.

Increased competition

within the royalty and

streaming sector may

impact the ability to

continue adding accretive

assets to the portfolio.

Risk movement



Link to strategy

Cause

High commodity price environments typically reduce the

demandfornear-termfinancingthroughroyaltiesorstreams,

as operators have greater access to conventional sources of

financing.Converselyinflationarypressureandincreasesin

cost of capital for operators may increase the demand for

near-termfinancingthroughroyaltiesandstreams.

Increased competition in the royalty and stream sector could

alsomakeitdifficulttoexecutedeals.

Impact

Royalties and streams are, by their nature, depleting assets,

and as a result failing to acquire new assets may lead to lower

cashflows,profitabilityandvaluation,whichinturnlimitthe

Group’sabilitytopursueitsgrowthstrategy.

Mitigation

Disciplined application of investment criteria which includes

thepreferenceforlong-lifeassetsthatwillgeneratereturns

throughthecycle.

Ecora Resources has built a credible global brand and

network, backed by a successful track record of identifying

andexecutingroyaltytransactions.

Commentary

TheGrouphasremainedactivewith

two acquisitions in the past twelve months

andhasastablemedium-termrevenue

profiletosupportgrowthinitiatives.

Inaddition,theGroup’sportfolioof

development stage royalties, notably

the royalties over the Santo Domingo

copper-ironoreprojectandPhalaborwa

Rare Earths Project will provide medium

tolong-termportfoliocontribution

growth, while the option to upsize the

Piaui royalty provides an additional

organic growth opportunity within

theexistingportfolio.

TheGroupcontinuestoface

competition for royalty and streaming

opportunities although the last two

acquisitionswereonabi-lateralbasis,

leveragingtheGroup’snetworkand

connections.Competitionfromlarger

precious metals peers is expected to

continue, as they look to increase

theirexposuretocriticalminerals.

Theongoingcompetitionwithinthe

royalty and streaming sector has

notchangedincomparisonto2023;

therefore, the risk of future demand

remainsneutralyearonyear.

Climate change risks



Transition risk

See more on pages 74 and 75

Key to strategy

Commodity selection

Investment framework

Portfolio diversification

Capital allocation

Risk movement

Increasing

Decreasing

Neutral

65Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Principal risks and uncertainties continued

Commodity prices

Global macroeconomic

conditions leading to

sustained low product



Risk movement



Link to strategy

Cause

Commoditypricesreacttomanymacroeconomicevents.

Recentexamplesincludearmedconflictinvolvingmajor

economies, global trade disputes and sanctions and

economicslowdowninaleadingeconomy.

Impact

Low commodity prices can result in higher cost operations

becoming uneconomic which can in turn result in lower levels

ofcashflow,profitabilityandvaluation.Lowercashflowsand

valuationsmayinturnconstraintheGroup’sabilitytofund

theacquisitionofnewroyaltiesandstreams,ormeetfinancial

covenantsassociatedwithitsborrowingfacility.

Low commodity prices may also result in our mining partners

delaying or suspending operations, which would also result

inlowerlevelsofcashflowandtheimpairmentofthe

Group’sportfolio.

Mitigation

Maintaining a portfolio of royalties and streams that

isdiversifiedbybothcommodityandgeography.

Regular updates of economic analysis and commodity price

assumptions are discussed by the Executive Committee and

theBoard.

Disciplined approach to investment decisions, including the

assessment of commodity price forecasts, with a focus on

generatingshareholderreturnsthroughthecycle.

Commentary

TheGroup’sdiversifiedportfolioshould

reduce the impact of volatility in

commodityprices.However,the

significantdeclineinthenickelpriceover

thepast18monthsdrivenbynewsupply

from Indonesian operators resulted in

the closure of a number of Australian

operators together with the

announcement by BHP to suspend of the

development of the West Musgrave

projectinJuly2024.

In addition to the weakness in the nickel

price, the cobalt price has remained

depressed throughout 2024 as a result

ofDRCsupplycomingbackonline.The

impact of lower cobalt price forward

pricing has resulted in an impairment

chargefortheGroup’sVoisey’sBay

cobalt stream in the period, despite

improvedoperationalperformance.

As a result of the sustained weakness

inbothnickelandcobaltprices–two

commoditieswhichunderpintheGroup’s

forward-lookingportfolio–thecommodity

priceriskhasincreasedyearonyear.

Despite the supply side imbalance in

certain commodities, particularly nickel

and cobalt, there are some encouraging

signs that countries are now seeking to

monetise their natural resources in a

moreeconomicmanner.TheIndonesian

andDRCGovernmentsareseekingto

implement supply controls designed to

stabiliseprices,theeffectsofwhichare

alreadybeingseen.

Climate change risks



Transition risk and opportunity

See more on pages 74 to 76

66 Ecora Resources PLC Annual Report and Accounts 2024

Operator dependence and concentration risk

The Group is

dependent on



operating effectively

while upholding industry

best practices to

provide the returns



of investment.

Of the Group’s nine

producing royalties

and streams, two

accounted for 73%



contribution in 2024.

Risk movement



Link to strategy

Cause

Ecora Resources is not directly involved in the ownership or

operationofminesandmillsunderlyingitsportfolio.Asaresult,

it is generally the owners and operators that determine the

manner in which the underlying projects are mined, including

decisions to expand, advance, continue, reduce, suspend or

discontinue production, together with decisions about the

marketingofthemineralsextractedfromtheprojects.

Impact

Thetimingandquantumofcashflowsmaydiffermaterially

from those expected at the time of investment, potentially

resulting in asset impairments/valuation losses, reduced

profitabilityandlowercorporatevaluation.Lowercashflows

andvaluationsmayinturnconstraintheGroup’sabilityto

fund the acquisition of new royalties and streams required

topursueitsgrowthstrategy.

Mitigation

Whenassessingpotentialinvestmentopportunities,theGroup

undertakesextensivecounterpartyduediligence.Forour

existing portfolio, we maintain ongoing engagement with our

mining partners, to understand the mine plans and development

timetablesassociatedwithourassets.

Oncertainroyaltiesandstreams,theGrouphasinformation

andauditrightswhichitgenerallyexercisesontheidentification

ofanyunexpectedroyaltyoutcome.Ithasalsodevelopeda

Sustainability Risk Assessment and Monitoring Framework

whichassistpre-andpost-acquisitionreportingonmatters

whicharefundamentaltotheGroup’sinvestmentthesis.

TheGroupaimstoincludetransferrestriction/changeofcontrol

clauses into its new royalty agreements to help ensure its

exposure continues to be to trusted counterparties underpinned

bystrongsustainabilityprinciples.

TheGroupisactivelyexpandinganddiversifyingitsportfolio

of royalties and streams, as demonstrated by the Mimbula

copper stream acquisition subsequent to year end, to ensure

thatithasawell-balancedanddiversifiedsourceofincometo

reduce reliance on any one operation, operator, commodity

orjurisdiction.

Commentary

ForfurtherdetailsontheGroup’s

operatorengagementrefertopages48,

53and54.

As income from the Kestrel royalty

winds down over the next two years,

theGroup’sincomeprofileand

financingcapacitybecomemorereliant

onthesuccessfulramp-upof

operations at Voisey’s Bay and the

development stage projects (Santo

Domingo, Phalaborwa, Piaui and

WestMusgrave)overwhichthe

Groupholdsroyaltiescommencing

commercialproduction.

The decision by BHP to suspend the

development of the West Musgrave

project announced in July 2024, with the

decision to be reviewed by February 2027,

has resulted in the risk of operator

dependence and concentration risk

increasing year on year and highlights

that even some of the most economic

operations can incur market forces

which result in commercial decisions

beingtakenwhichdifferfromthe

investmentthesis.

Climate change risks



Physical and transition risk

See more on pages 74 to 76

Key to strategy

Commodity selection

Investment framework

Portfolio diversification

Capital allocation

Risk movement

Increasing

Decreasing

Neutral

67Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Principal risks and uncertainties continued

Geopolitical events

and tensions have the

potential to negatively

impact our business.

Risk movement



Link to strategy

Cause

Geopoliticaldisputesincludingarmedconflictinvolvingworld

powers and restrictions or constraints to free trade can have

adirectimpactoncommodityprices.Furthermore,theresults

of recent elections could alter the outlook for commitments

to climate change reduction and the speed at which countries

committotheenergytransition.

The introduction of new policies linked to natural resources

or capital controls as a result of changes in the domestic

politics of the countries our counterparties operate may

impactourbusiness.

Impact

Commodity price and sales volume volatility experienced by

theoperationsunderlyingtheGroup’sportfolioasaresult

oftradeactions(increasedtariffs,retaliationsandsanctions)

couldleadtolowerlevelsofcashflow,profitabilityandvaluation,

whichinturncouldconstraintheGroup’sabilitytofundthe

acquisitionofnewroyaltiesandstreams,ormeetfinancial

covenantsassociatedwithitsborrowingfacility.

If capital controls are introduced by a country, this could

subsequently lead to a counterparty being unable to remit

fundstotheGroup.

Mitigation

TheGroup’sportfolioofroyaltiesandmetalstreams

isdiversifiedbybothcommodityandgeography.

Commentary

The ongoing war between Russia

andUkraine,theescalationofthe

Israeli-Palestinianconflict,together

withChina’seconomicoutlook,create

uncertainty.Inaddition,theresults

fromrecentelectionsintheUSwiththe

threatofinternationaltariffsandthe

withdrawal from international climate

agreements result in the risk from

geopolitical events increasing year

onyear.

Financing capability

The Group is

dependent on



order to achieve its

growth ambitions.

Risk movement



Link to strategy

Cause

Sudden adverse change in capital market conditions,

includinghighercostofcapital.Productionissuesor

significantcommoditypricevolatility.

Impact

The inability to access either debt or equity funding

couldmateriallyimpacttheGroup’sabilitytoachieve

itsgrowthambitions.

Mitigation

TheGrouphasastrongshareholderbaseandasyndicateof

lenders who understand the royalty and streaming business

modelandaresupportiveoftheGroup’sstrategy.

We regularly meet with advisers, shareholders and lenders to

discuss the types of transactions we are considering to gauge

theirsupport.

Commentary

TheGrouphastakenonadditional

leverage with its recent acquisition of a

copperstreamontheMimbulaoperation.

Theleverageprofiledependsonthe

Group’sportfoliooperatinginline

withexpectations’whichsupportsa

deleveragingprofileoverthenextthree

years.Beyondthistimehorizon,the

advancementoftheGroup’sdevelopment

assetswillbekeytoenablingtheGroup

tocontinuefinancingacquisitionsfrom

itsbalancesheet.

TheGrouphasextendedthematurity

ofitsborrowingfacilitytoJanuary2028

andhasnofixedamortisationor

step-downsassociatedwiththefacility.

Climate change risks



Transition risk and opportunity

68 Ecora Resources PLC Annual Report and Accounts 2024

Stakeholder support

Ecora Resources

needs to be well

supported by all

stakeholders including:

n Operating counterparties

n Employees

n Shareholders

n Lending banks

n Brokers/analysts

Risk movement



Link to strategy

Cause

Failure to identify, understand and respond to the needs

andexpectationsofourstakeholders.

Impact

A breakdown in the relationship between Ecora Resources

and any of its stakeholders could materially impact its ability

to achieve its strategy, fund future growth and execute on

newacquisitions.

Mitigation

TheGroup’sCodeofConductgovernsitsinteractionwith

allourstakeholders.Inaddition,theExecutiveCommittee

and the Board have regular and ongoing interaction with all

ofitsstakeholders,withthesupportofexternaladvisers.

Commentary

TheGrouphashadconsiderable

engagement with its largest shareholders

duringtheyearonanumberofmatters.

Inaddition,therefinancingoftheGroup’s

borrowing facility is testament to the

supportbeingreceivedfromtheGroup’s

lendingsyndicate.

Further information on how we engage

with our stakeholders can be found on

pages47to49.

Climate change risks



Transition risk and opportunity

See more on pages 74 to 76

Key to strategy

Commodity selection

Investment framework

Portfolio diversification

Capital allocation

Risk movement

Increasing

Decreasing

Neutral

69Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

TCFD

Climate-related risks

andopportunities

Task Force on Climate-related Financial Disclosures (‘TCFD’)

Climate change continues to be one of the biggest challenges of

ourtimes.Asaresult,wehavearesponsibilitytoourstakeholders

to assess the physical and transitional risks and opportunities

togetherwiththefinancialimplicationsassociatedwithclimate

changethatcouldpotentiallyimpactourbusinessmodel.The

GrouphasusedtheTCFDframework,assetoutbelow,tofacilitate

thisassessment.

WhiletheGroupdoesnotcontrolordirectlyoperateanyofthe

mines or mills from which it receives royalties or physical metal

deliveries, it does control its strategy and investment decisions;

accordingly,ourmostsignificantexposuretoclimate-related

risks and opportunities arises indirectly through the operations

underlyingourportfolioofroyaltiesandstreams.Itisinthis

context that we:

n undertakeourassessmentofclimate-relatedrisksand

opportunities, including the scenario analysis used;

n respondtotherisksandopportunitiesidentified;and

n will look to expand our metrics and targets to be used in

managingclimate-relatedrisksandopportunitiesaswell

asmeasuringtheGroup’sperformance.

Theclimate-relatedfinancialdisclosuresonpages70to83,

aretherefore,consistentwithallfourTCFDpillarsandthe11

recommendeddisclosures.

Governance

Ultimateresponsibilityforthelong-termsustainablesuccess

oftheCompanylieswiththeBoard,whichdeterminesthe

purpose, values, culture, strategy, governance and risk

managementframework.TheSustainabilityCommitteeisa

subcommittee of the Board, consisting of two Independent

Non-ExecutiveDirectorsandtheChiefExecutiveOfficer,and

has the mandate of overseeing the development, recommendation

andsubsequentimplementationoftheGroup’sBoardapproved

sustainabilitystrategyandsustainabilityrelatedpolicies.The

SustainabilityCommitteeisresponsibleforreviewingtheGroup’s

assessment of the sustainability risk and opportunities, including

thoselinkedtoclimatechange,acrosstheGroup’sexisting

portfolioandpotentialinvestments.Inaddition,theSustainability

Committee collaborates with the Audit Committee to oversee

theGroup’sriskmanagementprocesses,withaparticularfocus

onclimate-relatedrisksandopportunities,includingtheidentificatio

of such risks and opportunities and the scrutiny of the mitigation

plans.TheSustainabilityCommitteeReportonpages104and

105detailsitsrolesandresponsibilities,togetherwiththe

climate-relateddecisionstakenintheyear.

Someclimate-relateddecisionsandmattersarereserved

fortheAuditandRemunerationCommitteeswithdelegated

authorityfromtheBoard,ashighlightedasfollows.

Audit Committee

In addition to collaborating with the Sustainability Committee

inoverseeingtheGroup’sriskmanagementprocesses,the

AuditCommitteemonitorstheintegrityofclimate-related

disclosuresandtheGroup’scompliancewithclimate-related

reportingrequirements.

Remuneration Committee

The Remuneration Committee designs and implements the

Group’sremunerationpolicy,whichincludessettingsustainability

targetsincollaborationwiththeSustainabilityCommittee.

TheRemunerationCommitteemonitorsperformanceagainst

thetargetssetandapprovesremunerationaccordingly.

Management’s role

TheExecutiveCommittee,supportedbytheGroup’ssenior

leadershipteam,isresponsibleforexecutingtheGroup’sstrategy

of building a portfolio of royalties and streams through a disciplined

approach to investment in commodities that directly enable the

energy transition or will lower the carbon intensity of a product

supplychain.CentraltothesuccessfulexecutionoftheGroup’s

strategy is the investment approval process, which is underpinned

bytheGroup’sinvestmentframeworkoutlinedonpages20to

24 and includes an extensive due diligence process to identify

and

addressamongotherfactors,climate-relatedrisksand

opportunities

.AsinvestmentsuccesscouldaffecttheGroup’s

abilitytoachieveitslong-termobjectives,itcontinuestobe

classifiedasaprincipalrisk(refertopage64).

Once an investment is made, the Executive Committee is

ultimatelyresponsiblefortheday-to-daymonitoringofthe

performanceoftheGroup’sportfolioincludingsustainability

andclimate-relatedincidents.Inaddition,theExecutive

CommitteeisresponsibleformaintainingtheGroup’srisk

assessmentwhichincludessustainabilityandclimate-related

risksfortheBoardanditsCommitteestoreviewandchallenge.

70 Ecora Resources PLC Annual Report and Accounts 2024

TCFD framework

Governance

Our response

Sustainability Committee established in 2020, to assist with

theBoard’sscrutinyandoversightofallsustainabilitymatters,

includingclimate-changerelatedriskandopportunities.

Focus for FY25

Continued monitoring of the impact of climate change on the

Group’sexistingportfolioandintheassessmentofnewroyalty

andstreamacquisitions.

Boardtrainingagendaincludesspecificsessionsonclimate

change to ensure members have the expertise to meet

theirresponsibilities.

Further information

RefertotheSustainabilityCommitteeReportonpages104and105.

TheGroup’sgovernanceprocessesforclimaterisksand

opportunitiesaredescribedintheGroup’sSustainability

PolicywhichcanbefoundontheGroup’swebsite

www.ecora-resources.com/sustainability.

Risk management

Our response

MonitoredandreviewedtheGroup’sclimateriskregister.

The climate risk register was presented to and discussed in

detailbytheBoardaspartoftheenterprise-wideriskdiscussions

duringtheyear.

Focus for FY25

Monitoring of risk mitigation and opportunity implementation

throughtheSustainabilityandAuditCommittees.

Further information

RefertotheGroup’sapproachtoriskmanagementandprincipal

risksanduncertaintiesonpages60to69.

Refertopages74to76forthehighestrankedclimaterelated

risksandopportunities.

Metrics andtargets

Our response

TheGroup’sScope1,Scope2emissionsandScope3(upstream)

emissionsaredisclosedonpages80to83.

Atthestartof2023,theGroupachievedapprovalofitsscope1

and2reductiontargetsbytheScience-basedTargetsInitiative

(SBTi) for small to medium enterprises (SMEs), and continues

toreportagainstthesetargets,asdetailedonpage83.

GiventheGroup’sbusinessmodel,ourScope3financed

emissionsarethemostmaterialcategoryofemissions.Asa

result, we have

established a methodology for calculating Scope 3

financedemissions

for our royalties and streams, which are

disclosedonpages81and82.

This methodology has been applied to the emissions inventory

collatedfortheoperationsunderlyingtheGroup’sportfoliofor

2023asdetailedonpage82.

Focus for FY25

The Board will continue to assess the available climate related

datainadditiontoabsoluteGHGemissionsforrelevantmetrics

whichcouldbeusedtoassessclimate-relatedrisksand

opportunitiesinlinewiththeGroup’sstrategy.

AstheGroup’smaterialexposuretoGHGemissionsarisesfrom

Scope 3 downstream emissions, management will continue to

engagewiththeGroup’soperatingpartnerstoencourage

transparent climate change disclosure with a view to provide a

morecompleteemissionsinventoryandtounderstandwhat%

ofourfinancedemissionsarecurrentlycoveredbynetzero

emissionstargetsalignedwithscience-basedtargets.

TheGroupwillconsideradaptingitsfinancedemissions

methodologyovertimeiffurtherguidancebecomesavailable.

Further information

Refertopages80to83fortheGroup’sScope1,Scope2,Scope3

(upstream)emissionsandScope3financedemissionsand

reduction targets, together with emissions data published

orprovidedbyouroperatingpartners.

Strategy

Our response

Monitoredandreviewedclimate-relatedrisksandopportunities

mostmaterialtotheGroup.

UpdatedtheGroup’sclimatechangescenariostoreflectthe

assumptions included in the IEA Announced Pledges Scenario

andStatedPoliciesScenario,togetherwiththeNGFSNationally

DeterminedContributionsscenario,whichbetterreflectthe

Group’sexposuretotransitionandphysicalriskfactorsandthe

likelyfuturedemandforthecommoditiesunderlyingtheGroup’s

portfolioofroyaltiesandstreams.

The Sustainability and Audit Committees considered management’s

conclusions in relation to the scenario analysis and assessed the

appropriatenessoftheGroup’sstrategy.Inaddition,theresults

wereconsideredaspartoftheGroup’sassessmentforindicators

of impairment, the valuation of those royalty assets carried at

fairvalue,andtheGroup’sgoingconcernandviability

statementassessment.

Focus for FY25

Furtherrefinethescenariostoenablethefinancialimpact

tobequantified.

Ongoing review of climate risks and opportunities to ensure

impact assessment are updated with the latest climate science

andbusinessunderstanding.

Further information

Highest ranked climate related risks and opportunities,

areshownonpages74to76.

Scenarioanalysisandresultsisdetailedonpages72to80.

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Risk management

To fully understand the implications of climate change, the

Group’ssemi-annualenterprisewideriskassessmentincludes

a detailed review of the key climate change related risks to and

opportunitiesoftheGroup’sbusinessmodel,togetherwith

identifying the timeframes over which they are expected to

materialise.TheGroup’sclimateriskandopportunitiesregister,

consideredboththephysicaleffectsofchangingweatherand

the economic and regulatory transitions required for society to

either mitigate climate change or adapt to a new environment

andisreviewedanddiscussedindetailbytheBoardsemi-annually.

Giventhespecialisedknowledgerequiredtounderstandand

respondtoclimaterisk,theGroupengagedEverSustainable,

toreviewandupdatetheGroup’stailoredclimatechange

scenarios to assist the Executive Committee and senior leadership

teamassesstheGroup’sstrategicresilienceagainstthescenarios

andtoidentifymitigationplanswhereapplicable.Theresultsof

the 2024 scenario analysis indicated that under both scenarios

thedemandforthecommoditiesunderlyingtheGroup’sportfolio

remained strong given the alignment with requirements of the

energytransition.

Risk assessment criteria

The likelihood and potential impact of each risk were rated in

linewiththeGroup’sexistingriskrankingsystemincluding

within its sustainability due diligence framework, the results of

whicharesummarisedintheriskassessmentheatmap.

Thelikelihoodassessmentreflectstheprobabilityoftherisk

havinganimpactontheGroupintheshorttomedium-term

time horizon and takes into consideration desktop research

inadditiontoevidenceofhistoricalimpactsontheGroup’s

portfolio.Theimpactassessmentisonapost-mitigationbasis

andreflectstheestimatedincomestatementimpactofthatrisk

withinthefinancialyear.TheGroup’sdefinitionofasignificant

financialimpactiswheretheimpactisofover$6.5m(2023:

$7m)whichalignswiththematerialitysetbytheGroup’s

statutoryauditor,assetoutonpage130.Inthiscontext,a

significantimpactreferstoanoperationalorfinancialeffectthat

would require an active response or strategic planning by

seniormanagement.

Climate risks are categorised into ‘physical risks’, being

risksarisingfromthephysicaleffectsofclimatechange,and

‘transition risks’, being the risks related to the transition to a

lowercarboneconomy.TheGroup’sclimate-relatedtransition

risks, physical risks and opportunities with the highest risk

ratingsareshownonpages74to76.Thetimeframes

presented are the period over which the risks and

opportunitiescouldmanifesttoasignificantimpactandare

definedasfollows:

Short term:

12–24 months – aligned with the

Group’sgoingconcernanalysis

Medium term:

3–5years–alignedwiththeGroup’s

Viability Statement period of 3 years

Long term:

5+years–mostoftheGroup’sproducing

andnear-termdevelopmentroyaltiesand

streams are over mines with an expected

lifeinexcessof5years

Rising temperatures

Extreme weather

Pressurefromfinanciers

Heavy rainfall

Stakeholder concern for climate

Drought and water scarcity

GHGemissionspricing

Uncertaindemandforcommodities

Rising sea level

Increasing climate regulation

Unpredictabletechnologicaldevelopment

Climate litigation

Impact

Negligible Moderate MajorMinor Critical

Likelihood

Rare PossibleUnlikely Likely Very likely

7 8

1211

TCFD continued

72 Ecora Resources PLC Annual Report and Accounts 2024

Risk management and response

The Sustainability Committee and Audit Committee review the

climateriskregisteraspartofthesemi-annualriskreviewto

ensure that the assigned mitigating actions remain appropriate

andarebeingimplemented.Priorityisgiventothoseriskswith

ahighratingthatmaymanifestovertheshorttomediumterm.

TheBoardalsoformallyconsiderstheGroup’sriskindesignated

sessionsattheGroup’ssemi-annualstrategydays,inaddition

to the reports it receives from the Sustainability Committee

andAuditCommittee.

Ongoingoversightoftheimplementationandeffectiveness

oftheseactionsisdelegatedtotheExecutiveCommittee

supportedbytheseniorleadershipteam.Theseniorleadership

team meets monthly to review sustainability action items and

monitorsustainabilityandclimate-relatedincidents.

Strategy

Weidentifiedinthemiddleofthelastdecadethatinorderto

manageclimatechange,asignificantshiftinenergyorigination,

consumptionandstoragewouldbeneededinfutureyears.

Werealisedthatasignificantamountofbasemetalsandrare

earths would be required to construct the technologies which

would be required to drive such a step change and began to

shape our strategy and investment decisions towards these

futurefacingcommodities.Wecontinuetobelievethatconsiderable

quantities of these commodities will be required for the energy

transition and so our investment priorities are to focus on such

materials.Wealsorecognisethatbothphysicalandtransition

climate risks and opportunities could impact our investment

strategy, and we are committed to understanding and mitigating

anypotentialfinancialimpactsonourbusiness.

Our climate-related risks and opportunities

The following tables outline the transition risks, physical risks

and opportunities with the highest impact ratings that could

affecttheGroupdirectlythroughourownoperationsor

indirectly through the operations of our mining partners

underlyingourportfolio.

Totheextentthatclimatechangeadverselyaffectsourbusiness

andfinancialposition,itmayalsohavetheeffectofheightening

a number of our principal risks and uncertainties detailed on

pages63to69.Forexample,theGroup’sportfoliocontribution

may be impacted by changes to production, for a variety of

reasons including, but not limited to, climate change and the

impact on production closely linked to the principal risk of

‘operatordependence’.Whererelevant,wehavedetailedthe

related principal risks and uncertainties that may be exacerbated

byclimatechangerisksinthetablesonthefollowingpages.

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Transition risks

Pressure from

fi

Risk description:

Providers of debt and equity

funding are increasingly

making more stringent

demands relating to climate

impacts and decarbonisation,

and in some cases raising

the rate of loans of divesting

completely from organisations

that do not align with their

criteria.Financiersare

increasingly focused on

understanding the impacts

ofScope3emissions.

Related principal risks

and uncertainties:

n Operator dependence

n Investment success

n Financing capability

n Stakeholder support

Potential impact

Operators

n Delays, suspension or abandonment of development or production

projects linked to unexpected decrease in commodity demand,

rendering the project uneconomical

Potential impact on Ecora

n DivestmentfromtheGroup’ssecuritiesduetosustainability

constraints

n Debt providers withhold or increase the cost of capital

Potential ﬁnancial impacts for Ecora

n Marketprice:DecreaseintheGroup’smarketvalueandcostofshares

n Cost of capital: Reduced access and/or increased costs of capital

n Assetvaluation:Potentialimpairmentorwrite-offofthecarrying

valueoftheGroup’sroyalty-relatedassets

n Revenue:Medium-termdelaysinroyaltyandmetalstreamrevenue

Mitigating activities:

n Provision of data through reporting frameworks like the TCFD

n Work to enhance sustainability rating scores with providers like MSCI

andSustainalytics

n Clear and transparent reporting on climate impacts, including

Scope3emissions

n Aligning with recognisable net zero initiatives like SBTi

Time horizon:

12–24 months

Overall rating:

Moderate

Increasing regulation



Risk description:

Policymakers will need to

set stricter emissions and

environmental compliance

regulations, which are likely

to be localised according to

the priorities and ambitions

ofdifferentregions.

Companies may therefore

encounter changing

expectations related to

theirclimateimpacts.

Related principal risks

and uncertainties:

n Investment success

n Operator dependence

Potential impact

Operators

n Increased costs and possible project abandonment related to longer

timelines and more arduous mining permitting processes

n Delays, suspension or abandonment of projects linked to costs to

address mandatory compliance with local or national greenhouse

gas emission laws, rendering the project uneconomical

Potential impact on Ecora

n More resources need to meet more complex climate reporting obligations

n Failuretoretrievesufficientdatafromoperatorstoreportaccurately

Potential ﬁnancial impacts for Ecora

n Assetvaluation:Potentialimpairmentorwrite-offofthecarrying

valueoftheGroup’sroyalty-relatedassets

n Revenue:Medium-termdelaysinroyaltyandmetalstreamrevenue

n OPEX: Increased operational costs to meet reporting obligations

Mitigating activities:

n Proactive work to enhance greenhouse gas inventory methodology

and align with standardised sustainability reporting frameworks

includingTCFD,UNGCandSBTi

n Extensive operator due diligence process which focuses on

environmentalaspects,includingeffortstoreduceemissions

n Regular market and regulation scans and forecasting in

operatorjurisdictions

Time horizon:

12–24 months

Overall rating:

Minor

TCFD continued

74 Ecora Resources PLC Annual Report and Accounts 2024

Transition risks continued

Stakeholder concern



Risk description:

Stakeholders becoming

more aware of and concerned

by the impacts of climate

change on their daily lives

and the future, as well as

the role and responsibilities

of businesses in either

supporting or detracting

fromtheenergytransition.

Related principal risks

and uncertainties:

n Operator dependence

n Stakeholder support

Potential impact

Operators

n Disruption, suspension or abandonment of production or

development projects due to community opposition or protests

relatedtounderlyingcommodityorhigh-carbonminingoperations

Potential impact on Ecora

n Stigmatisation of the industry leads to challenges in talent

acquisition and retention within the organisation

Potential ﬁnancial impacts for Ecora

n Revenue:Shortormedium-termdelaysinroyaltyandmetal

streamrevenue

n Assetvaluation:Potentialimpairmentorwrite-offofthecarrying

valueoftheGroup’sroyalty-relatedassets

n OPEX: Higher costs to attract adequate talent to achieve the

Group’sstrategy

Mitigating activities:

n Enhancingreportingtransparencyandcommunicationefforts

toillustratetheorganisation’sroleintheenergytransition

n Encouraging operators to invest in the decarbonisation of their operations

n Participationinindustryforumstoraisetheprofileofthewiderindustry

Time horizon:

12–24 months

Overall rating:

Minor

Physical risks



events

Risk description:

Increased frequency and

intensity of acute weather

events including more

frequent and intense

storms,floodsandfire

weather.Theseevents

mayleadtodamageto

infrastructure and

disruption to supply

chainsandlivelihoods

intheminingsector.

Related principal risks

and uncertainties:

n Catastrophic events

n Operator dependence

Potential impact

Operators

n Delays, suspension or abandonment of production or development

projects linked to partial or full destruction of assets

n Projectdelayslinkedtoimpactsonlocallabourforceincludingstaff

health and safety and availability or higher costs associated with

developmentsinresponsetoclimate-relatedevents

Potential impact on Ecora

n Direct impacts likely minimal

Potential ﬁnancial consequence for Ecora

n Revenue:Shorttomedium-termdelaysinroyaltyandmetal

streamrevenue

n Assetvaluation:Potentialimpairmentorwrite-offofthecarrying

valueoftheGroup’sroyaltyandmetalstream-relatedassets

Mitigating activities:

n Extensive operator due diligence process which focuses on

environmental aspects, including exposure to extreme weather events

Time horizon:

3–5years

Overall rating:

Minor

75Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Physical risks continued

Drought and water

scarcity

Risk description:

Changes to precipitation

patterns and increasing

aridityarelikelytoaffect

groundwater and surface

water availability and water

quality in several regions

aroundtheglobe.

Related principal risks

and uncertainties:

n Operator dependence

n Investment success

n Stakeholder support

Potential impact

Operators

n Higher CAPEX investments to mitigate water impacts/availability

(e.g.desalinationplants)orOPEXcostsassociatedwithwater

treatment and discharge, potentially rendering the project uneconomical

n Projectdelaysorsuspensionlinkedtoconflictwithsurrounding

communities on water withdrawal

Potential impact on Ecora

n Direct impacts likely minimal

Potential ﬁnancial impacts for Ecora

n Revenue:Medium-termandpotentiallyrecurringdelaysinroyalty

and metal stream revenue

n Assetvaluation:Potentialimpairmentorwrite-offofthecarrying

valueoftheGroup’sroyalty-relatedassets

Mitigating activities:

n Extensive operator due diligence process which focuses on

environmental aspects, including water usage

Time horizon:

3–5years

Overall rating:

Minor

Opportunity

Increased demand



Opportunity description:

85%oftheGroup’sportfolio

contributionin2026is

expected to be generated

from royalties and streams

directly linked to commodities

required for a low carbon

future – copper, cobalt, nickel

and vanadium – demand for

these commodities is

expected to increase

between 2x and 4x from

2023to2050asoutlinedin

theGroup’sscenarioanalysis.

Related principal risks

and uncertainties:

n Investment success

n Future demand

n Commodity prices

n Geopoliticalevents

Potential impact

Potential ﬁnancial impacts for Ecora

n Revenue: the increase in demand for the commodities underlying

theGroup’sportfolioshouldresultinhigherprices,increasingthe

mediumtolong-termroyaltyandstreamingrevenue

n Price premium may eventuate for those commodities ethically

sourced or derived from operations with low carbon footprints and

highsustainabilitycredentials–e.g.cobaltfromVoisey’sBaywhich

hasstrongsustainabilitycredentialsandlowcarbonfootprints.

Time horizon:

3–5years

Overall rating:

High

TCFD continued

76 Ecora Resources PLC Annual Report and Accounts 2024

Scenario analysis

In 2024 the senior leadership team with the support of external consultancy Ever Sustainable, undertook climate scenario analysis

toenhanceourunderstandingoftherisksfacingourbusinessandtoassesstheresilienceoftheGroup’sinvestmentstrategy.

Theunderlyingassumptionsofthetwobespokeandchallengingscenariosdevelopedin2022toexplorehowouridentifiedrisks

and opportunities might develop over the short, medium and long term were reviewed in 2023 with management concluding that

thescenariosremainappropriate.

Thekeyparametersusedtodefinethescenarioswere:

Parameter Selection Rationale

Scenariosource CombinationofNGFSandIEAwithsome

input from IPCC

n Thenatureofourbusinessasaprovideroffinancialcapital

createsnaturalalignmenttothefinancialfocusoftheNGFS.

n TheIEAprovidesspecificdataandcommentaryoncommodity

demand outlook in the context of the energy transition that

ishighlyrelevanttoourbusinessandstrategy.

n Supplementing physical scenarios with IPCC data allows for

deeperunderstandingofphysicalrisks.

Basescenarios 1.7°C–DelayedTransition

(emphasis on transition risk)

n GiventheGroup’sstrategicemphasisonprovidingcapitalto

support the energy transition, this scenario was chosen to

understand how delayed time horizons could impact our

strategyaswellastheexpectationofgreaterfinancialinstability

inmarkets.

2.3–3°C–CurrentPolicies

(emphasis on physical risk)

n The impact of climate change on mining operators is most

evident in ‘Hot House World’ style scenarios, and this scenario

was selected to understand how our operator dependence risk

couldevolveinlightofincreasedphysicalclimaterisk.

Timeframe Short term: 12–24 months

Mediumterm:3–5years

Longterm:5+years

n The time horizons selected align with our business planning

horizons.Becauseclimaterisksarelongerterminnatureand

forthepurposeofthisexercise,welookedoutto2050togauge

potentiallong-termimpacts.

Geographies GlobalwithsomefocusonSouth

America, North America and Australia

n Tobetterunderstandthebreadthofclimate-relatedrisks,

geographical emphasis was kept wide with some tailoring

towardsregionswiththegreatestportfolioexposure.

Commodities Cobalt, Copper, Nickel and Vanadium

n Where possible, data and trends relevant to these commodities

wasemphasisedduetoEcora’sportfolioexposuretothesemetals.

n WhilethecontributionfromtheGroup’sKestrelroyaltywas

materialin2024,productionwilltransitionoutsideoftheGroup’s

privateroyaltylandsoverthenext5years,asaresultmetallurgical

coalisnotafocuscommodityforthescenarioanalysis.

ThefirstscenariowasinfluencedbytheNGFSDelayedTransitionScenariowithinputsfromtheIEAAnnouncedPledgesScenario

(APS).Thisscenarioassumesthatglobalemissionsdonotbegintodeclineuntil2030whensuddenandstringentpolicyactionis

taken.Thesecondscenario,HotHouseWorld,reliesprimarilyontheNGFSNationallyDeterminedContributions(NDC)andIEA

StatedPoliciesScenario(STEPS).Thisscenariodescribesapathwayinwhichonlycurrentlyimplementedpoliciesarecontinued,

withcarriedimplementationofNDCs,leadingtoseverephysicalrisksandirreversiblechangeslikesealevelrise.

77Ecora Resources PLC Annual Report and Accounts 2024

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Scenario analysis continued

Assessing our resilience

ThekeyhighlightfromthescenarioanalysiscontinuestobethatwiththeGroup’scurrentcommoditymix,thepotentialfinancial

upsidefortheGroupintheDelayedTransitionScenarioisstronger,whilethetrajectoryofcommoditydemandinlinewithexpectations

outlinedintheHotHouseWorldScenarioremainsattractivefortheGroup’sfinancialprospects.TheExecutiveCommittee,

Sustainability Committee and Board have considered the outcomes of the scenario analysis exercise and conclude that our

investmentstrategyremainsresilientunderbothscenarios.

Copper – Stated Policies Scenario (STEPS)

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

20,000

15,000

10,000

5,000

Nickel – STEPS

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

4,000

3,000

2,000

1,000

Nickel – STEPS

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

4,000

3,000

2,000

1,000

Copper – Announced Pledges Scenario (APS)

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

20,000

15,000

10,000

5,000

Solar PV Wind Other low emissions power generation Electric vehicles

Grid battery storage Electricity networks Hydrogen technologies

TCFD continued

Cobalt – STEPS

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

500

400

300

200

100

Cobalt – APS

2023 2030 2035 2040 2045 2050

Demand for key energy transition minerals (kt)

500

400

300

200

100

78 Ecora Resources PLC Annual Report and Accounts 2024

Otherkeyfindingsfromthescenarioanalysiswere:

Delayed Transition Hot House World

n Depending on the form of carbon pricing introduced, Ecora

couldbedirectlyimpacted.However,theGroup’sfocusonlow

carbon operators helps to mitigate its exposure to high costs,

andtheGroupwouldexpectanyeventualcoststoposea

minimalimpacttothebusiness.

n IncreasedvolatilityinthemarketplacemaydisrupttheGroup’s

abilitytoraisecapitalinpublicmarketstemporarily.However,

poor market conditions may also provide opportunities for the

Grouptoidentifyattractivedeals.

n Development projects in particular could face regulatory

headwinds from government in the medium term, although

theGroup’sportfolioexposureislimited.

n Intheshortterm,Ecora’sexposuretocoalwillrolloff,

greatlyreducingassociatedreputationalorfinancialrisks.

n UnderstandingthephysicalclimaterisksfacingtheGroup’s

assetswouldbehelpfulindeterminingtheGroup’sexposure

tophysicalclimateimpactsinthelongterm.TheGroupis

enhancing its assessment of physical climate exposure as

partofitssustainabilityduediligenceframework.

n Lower productivity levels at mine sites due to environmental

hazards such as heatwaves could exacerbate the existing

talentshortagefacingtheindustry.

n Lower demand or market uncertainty linked to depressed

GDPcouldleadtoperiodsofreducedincome;however,

long-termsupplydynamicssuggestthateveninareduced

demand scenario, there will still be shortfalls in supply that

willneedtobemet.

ManagementhavealsoconsideredthelikelihoodofGroup’sclimate-relatedrisksdetailedonpages74to76manifestingofthe

short,mediumandlongterminthecontextofbothscenarios,assummarisedbelow.

Delayed transition

Risk category Risk Short Medium Long

Physicalrisk

Extreme weather

Drought and water scarcity

Rising temperatures

Rising sea level

Heavy rainfall

Transitionrisk

Increasing climate regulation

GHGemissionspricingmechanisms

Climate litigation

Uncertaindemandforcommodities

Unpredictabletechnologicaldevelopments

Pressurefromfinanciers

Stakeholder concern for climate change

Low Moderate High

79Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Hot House World

Risk category Risk Short Medium Long

Physicalrisk

Extreme weather

Drought and water scarcity

Rising temperatures

Rising sea level

Heavy rainfall

Transitionrisk

Increasing climate regulation

GHGemissionspricingmechanisms

Climate litigation

Uncertaindemandforcommodities

Unpredictabletechnologicaldevelopments

Pressurefromfinanciers

Stakeholder concern for climate change

Low Moderate High

Overall assessment of the impact of climate change

The Sustainability Committee, Audit Committee and Board have considered the outputs of the scenario analysis, and after applying

existing consensus pricing to the future demand scenarios have concluded that climate change is not expected to have a material

impactontheGroup’sbusinessmodel.Asaresult,wedonotconsideraquantitativeanalysistobematerialtoourdisclosuresat

thisstage.TheBoardcontinuetobelievetheassessmentoftheimpactofclimatechangeontheGroup’sbusinessmodelisan

iterativeprocess,asassumptionsrelatingtoboththephysicalandtransitionalimpactsarerefinedasmoredatabecomesavailable.

Asaresult,wecontinuetoclassifyclimatechangeasanemergingrisk.Whileonlyqualitativedescriptionsofthepotentialimpact

oftheGroup’sclimaterelatedrisksandopportunitieshavebeenprovidedin2024,asfurtherdatabecomesavailableandas

methodologiesbecomemoreconsistentacrosstheroyaltyandstreamingsector,theGroupwilllooktoprovidequantitative

descriptionsoftheimpactoftheclimaterisksandopportunitieswhereappropriate.

Metrics

TheSustainabilityCommitteehavingconsideredthecross-industrymetricguidance,togetherwiththeavailabledatathatcouldbe

usedtoassesstheclimaterelatedrisksandopportunitiesidentifiedonpages74to76,concludedthatthattheGroup’sScope1,2

and3(upstream)emissions,togetherwiththeGroup’sScope3(downstream)emissionscontinuetobethemostrelevantmetrics

forassessingtheGroup’stransitionrisksandthosephysicalriskswithashort-termtimehorizonof12–24months.

Inrelationtothelonger-termphysicalrisksandopportunities,theSustainabilityCommitteeiscontinuingtoassesstheavailable

data.GiventheGroup’smostmaterialexposuretoclimateriskandopportunitiesarisesfromourinvestmentdecision,considerationis

currentlybeinggiventoametricthatmapsthealignmentoftheemissionsreductionplansofouroperatingpartnerswithscience-based

targets.Itmayalsobepossiblethatsuchametriccouldappliedwhenassessinginvestmentopportunitiesinthefuture.TheSustainability

Committeewillcontinuetoconsiderthismetricin2025inthecontextoftheGroup’sroadmaptodevelopinganetzerotransitionplan.

Greenhouse Gas Emissions

Atthestartof2024,webegancollatingtheGroup’sgreenhousegasemissionsinventoryfollowingtheGreenhouseGasProtocol

CorporateAccountingandReportingStandardandScope2GuidanceforEcora’sScope1,2and3(upstream)emissionsatthe

corporatelevel.ThetablebelowdetailstheGroup’sgreenhousegasemissionsfrom2021to2024.

Greenhousegasemissiontype 2024 2023 2022 2021

Direct(Scope1)GHGEmissions — — — —

Indirect(Scope2)GHGEmissions — 4.5t — —

Total Scope 1 and Scope 2 — 4.5t — —

Scope3GHGEmissions–upstreamatacorporatelevel 179.7t 192.1t 102t 35t

TCFD continued

80 Ecora Resources PLC Annual Report and Accounts 2024

Scope 1 (direct) and Scope 2 (indirect) emissions

Asaroyaltyandstreamingcompany,Ecorahasasmalldirectcarbonfootprintwithonlyoneofficeand13employees.Asaresult,

theCompanydoesnotproduceScope1(direct)emissions.EcorahadnoScope2(indirect)emissionsin2021or2022,asouroffice

electricitywasfromrenewableenergysources.In2023theGrouprelocatedtoamoreenergyefficientoffice,however,forthefirst

halfoftheyeartheelectricitysupplywasunabletobeconnectedtoasupplierwithagreentariff.Thiswasrectifiedforthesecond

halfof2023,resultingintheGroup’sScope2(indirect)emissionsreducingtonilin2024aftertheGroup’sofficeelectricitywasonce

againfrom100%renewablesources.

Scope 3 (upstream) emissions

ThemajorityofourScope3(upstream)emissionsarisefrombusinesstravel.Internationaltravelisanessentialpartofour

business.Engagingwithandmonitoringouroperatorpartnersandconnectingwithourstakeholdersisakeypartofourwider

sustainabilitystrategyofresponsibleoperationsandresponsibleinvestments.

Scope3(upstream)emissionshavedecreasedin2024comparedto2023duetoaslightreductionininternationaltravel.While

internationaltravelisessentialgiventhelocationsoftheoperationunderlyingtheGroup’sportfolio,wecontinuetolookatwaysto

reducetheassociatedcarbonemissions.Wesetoutourcommitmenttothemeasurementandreductionoftheseemissionsbelow:

n Ecora encourages employees to make sustainable travel choices where possible through its sustainable travel and expenses

policy,whichwillbereviewedduring2025tounderstandwhetheradditionalchangescanbemadetoimproveoursustainable

travelchoices.

n Undertheexistingtravelpolicy,allinternationalflightsofemployeesneedtobeauthorisedbyamemberoftheExecutiveCommittee.

n Ecora commits to using, where possible, airlines that have committed to the reduction of carbon emissions in line with

science-basedtargets,andwehopetoseemoreairlinesinthefuturealigntotheSBTi(orequivalent).

n Ecora continues to measure its Scope 3 (upstream) emissions and invest in carbon reduction and removal projects on an annual

basis,notingthatcarboncreditsdonotcounttowardsanyofEcora’sscience-basedtargetsbutareameanstofinanceadditional

climatemitigationbeyonditsongoingreductionefforts.

Since2021,Ecorahaspurchasedoffsetstoneutraliseallemissionsthatarecurrentlyreportedinitsemissionsinventory.Ecora

remainscommittedtooffsettingemissionsthatithashistoricallymeasuredandforwhichithasthemostcontrol.Thesemainly

includeemissionsassociatedwithScope3(upstream)emissions(beingemployeecommutingandemployeetravel).Withrespect

toourglobalemissionsfor2024,throughClimatePartnerweinvestedinaGoldStandardVER(GSVER)carbonreductionproject

thatdistributesimprovedcookstovesinZambia.Theimprovedcookstovesburnbiomassfuelsmoreefficiently,reducing

greenhousegasandparticulatematteremissions,andimprovinghouseholdairquality.WiththeMimbulacopperminelocated

inZambia,wechosetoinvestinthiscarbonreductionprojectasEcoraiscommittedtosupportingandpromotingsustainable

developmentintheregionswhereweinvest.

fi

Wearecommittedtocapturingacompletepictureofouremissionsprofileincludingouroperatingpartners’orScope3(downstream)

emissions.AsaproviderofcapitaltotheminingsectorwerecognisethatasignificantproportionofourScope3emissionsstem

fromourinvestmentsinoperatingmines.ThoughtheseemissionsarenotdirectlycreatedorcontrolledbyEcora,wearecommitted

tomonitoringouroperatingpartners’annualemissionsdatatoenableustotrackourongoingemissionsexposure.

Methodology

Financed emissions refers to Ecora’s attributable share of emissions generated by the operations underlying our portfolio of

royaltiesandstreams.Thereiscurrentlynodefinedmethodologyforcalculatingfinancedemissionsforroyaltyandstreaming

companiesandalthoughthePartnershipforCarbonAccountingFinancialshasdevelopedguidancetohelpthefinancialindustry

assessanddisclosefinancedemissions,thisguidancecurrentlydoesnotcoverroyaltyandstreaminvestments.

Asthereiscurrentlynoroyaltysectormethodologyforcalculatingfinancedemissions,afterdetailedanalysisbytheSustainability

Committee,wehaveappliedamethodologyreferencingourproportionalproductionwhichisdescribedinmoredetailbelow.We

willconsiderrevisingoradaptingthemethodologyasfurtherapplicableguidancebecomesavailable.Thecalculationsrelyonour

operatingpartners’toprovideproductionandemissionsdata.Ecoracannotverifytheaccuracyoftheassetdataandeachofthe

operatorsmayhavedifferingmethodologies,reviewsorjudgementsinthecollationofemissionsinformation.

Applied methodology

Financed emissions

per asset

Total Ecora attributable production (equivalent terms)

Total asset production

(equivalent terms)

Scope 1 & 2

asset emissions

Royalty or

stream rate

81Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Greenhouse Gas Emissions continued

fi continued

Methodology continued

Applied methodology continued

Aproductioncoefficientiscalculatedforeachoperatingminelistedinthetablebelow.Royaltyinvestmentstypicallycoverall

metalsproduced;inthesecasestheproductioncoefficientwouldequal1.Streamsareoftenlinkedtoaspecificcommodity

requiringaproductioncoefficienttobecalculatedbyrepresentingallproductioninequivalenttermsofthemine’sprimary

commodity.Forexampletotalproductionofnickel,copperandcobaltatVoisey’sBay(whereEcoraholdsacobaltstream)would

berepresentedasasinglenickelequivalentproductionfigure.

Conversionintoequivalenttermsislinkedtocommodityprices.Inordertoreducetheimpactofpricevolatility,wehaveused

five-yearaveragespotprices.Thiswidetimeperiodwillallowforimprovedvisibilityandmonitoringofchangestoactualemissions

insubsequentyears,withlessinfluencefromannualpricefluctuations.

Emissions data

WehavereceivedthefollowingScope3(downstream)emissionsdatafromouroperatingpartnerswhichissetoutinthetablebelow.

DuetothetimingofGHGemissionsreportingfromouroperatingpartners,themajorityof2024mineemissionsdatawasnotavailable

intimeforpublicationofthisreport,asaresultwehavepresentedthedatafor2020,2021,2022and2023.Thisdataisinrelationtothe

operators’totalScope1&2emissionsgeneratedfromoperationsunderlyingtheGroup’sassociatedroyaltyorstream.Foreachasset

withdata,wehavecalculatedEcora’stotalfinancedemissionsoverthepreviousthreeyearsusingthemethodologydescribedabove.

2020 2021 2022 2023

Emissions breakdown tCO

e tCO

Voisey’s Bay Scope 1 – LHPP 41,458 35,958 31,505 18,672

Scope 1 – VB 73,397 83,745 91,521 128,440

Scope 2 – LHPP 8,205 9,044 7,403 4,223

Scope 2 – VB — — — —

Total (tCO

e) 123,061 128,746 130,429 151,335

Ecora financed emissions attr. (tCO

e) 3,264 3,421 3,363 2,889

Mantos Blancos Scope 1 132,848 156,382 129,397 138,909

Scope 2 65,043 71,689 72,157 55,334

Total 197,891 228,071 201,554 194,243

Ecora financed emissions attr. (tCO

e) 2,878 3,348 2,922 2,790

Kestrel Scope 1 970,726 1,178,560 1,236,654 1,453,834

Scope 2 133,270 142,117 148,269 154,576

Total 1,103,996 1,320,677 1,384,923 1,608,410

Ecora financed emissions attr. (tCO

e) 45,622 68,533 80,878 51,571

Maracas Scope 1 78,506 77,817 82,948 93,872

Scope 2 4,169 8,036 2,816 2,907

Total 82,675 85,853 85,764 96,779

Ecora financed emissions attr. (tCO

e) 1,654 1,717 1,715 1,936

Carlota Scope 1 0.4 0.4 0.3 0.3

Scope 2 — — — —

Total 0.4 0.4 0.3 0.3

Ecora financed emissions attr. (tCO

e) 0 0 0 0

McClean Lake Mill

(1)

Scope 1 22,758 28,695 32,775 26,341

Scope 2 23,802 24,900 27,250 26,199

Total 46,560 53,595 60,025 52,540

Ecora financed emissions attr. (tCO

e) 10,476 12,059 13,506 11,822

Piauí Scope 1 — 1,209 1,411 1,639

Scope 2 — 31 133 366

Total — 1,240 1,544 2,005

Ecora financed emissions attr. (tCO

e) — 16 19 25

EVBC Scope 1 5,612 6,168 7,113 2,082

Scope 2 24,876 23,904 23,404 22,387

Total 30,488 30,072 30,517 24,469

Ecora financed emissions attr. (tCO

e) 915 902 916 734

TotalEcorafinancedemissionsattr(tCO

(2)

64,807 89,997 103,319 71,766

TCFD continued

82 Ecora Resources PLC Annual Report and Accounts 2024

(1) GHGemissionsandwasterecoverymetricsincludesite(McClean

Lake),Saskatoonofficeandexplorationactivities.

(2) Excludes the emissions from the Four Mile uranium mine, as the

operatorisnotrequiredtodisclosegreenhousegasemissions.

TheGroupdoesnotconsidertheemissionfromtheFourMile

uraniumminetobematerialinthecontextoftheGroup’s

overallScope3(downstream)andScope3financedemissions.

Other cross-industry climate related metrics

Internal carbon pricing

With negligible Scope 1, 2 and 3 (upstream) emissions, the

Group’smaterialexposuretogreenhousegasemissions

arisesfromtheScope3financedemissionsgeneratedbythe

operations underlying our portfolio, as a result carbon pricing

isunlikelytohaveadirectimpactontheGroup.Theindirect

impactofcarbonpricingislikelytobetheeffectithasoncost

structures of the operations underlying our portfolio, which

highlights the importance of our operators having emission

reductionplansalignedwithscience-basedtargets.

Remuneration

FollowingtherunoffoftheKestrelroyalty,theSustainability

Committee will investigate reporting emissions on an intensity

basis.Oncetheemissionsintensityofourportfoliocanbe

accurately calculated, the Remuneration Committee in consultation

with the Sustainability Committee will consider if appropriate

targets for this metric can be set for inclusion as a performance

measureintheLTIP.Beforeproceedingwiththeintroduction

ofthismetricasaperformancemeasurefortheLTIPhowever,

the Committee will consult with leading shareholders, to obtain

feedback on whether such a metric aligns with their

sustainabilitypriorities.

Targets

The Sustainability Committee continues to consider

greenhouse gas emissions are the most relevant metric for

assessingthoseclimaterelatedriskswithashort-termtime

horizon.Asaresult,considerationhasbeengiventosetting

meaningful targets to mitigate the carbon impacts of the

Group’sbusiness.

InrelationtotheGroup’sScope1and2greenhousegasemissions,

EcoracommittedtoreducingabsoluteScope1andScope2GHG

emissionsby46%by2030froma2019baseyear.Thistarget

was approved by the Science Based Targets initiative (SBTi) in

2023,astheGrouphaslessthan500employeesandtherefore

meetsthedefinitionofaSmalltoMediumEnterprise(SMEs).

TheGroupachievedthistargetin2024astheScope2greenhouse

gasemissionsreducedtonilaftertheGroup’sofficeelectricity

supplywasonceagainfrom100%renewablesources.

In addition to informing our approach to achieving zero Scope 1

and 2 emissions in 2023 and reducing our Scope 3 (upstream)

emissions, the SBTi guidance for SMEs has enhanced our

understandingofwhatitmeanstobenetzero.TheGroup

iscontinuingitseffortstodevelopasustainabilitystrategy

roadmap, which includes how Ecora can look to become net

zeroatthecorporatelevelandeventuallyacrossourportfolio.

In this spirit, Ecora has also committed to the following

additional objectives:

n EcoracommitstomaintainingzeroScope1and2GHG

emissions.

n Ecora commits to measure and reduce its scope 3

(upstream)emissions

n Where Ecora cannot reduce its emissions, we will invest in

carbon reduction or removal projects with respect to our

Scope 3 (upstream) emissions on an annual basis, noting that

carboncreditsdonotcounttowardsanyofEcora’sscience-

basedtargetsbutareameanstofinanceadditionalclimate

mitigationbeyonditsongoingreductionefforts.

n Ecora will continue to engage with its operating partners to

understand their emission reduction and net zero targets

andrespectiveactionplans.

n EcorawillcontinuetocalculateitsScope3financed

emissions on an annual basis and look to review and expand

themethodologyforScope3financedemissionsasmore

guidancebecomesavailable.

n WhiletheGroupacknowledgesthattheScope3financed

emissionsfromitsoperatingpartnersareitsmaterialGHG

exposure, a target to reduce these emissions has not been

set for the following reasons:

– ItistheGroup’sstrategytocontinuetogrowtheunderlying

portfolio of royalties and streams which, all things being

equal,wouldresultinScope3financedemissions

increasinginabsoluteterms.

– TheGroup’sroyaltiesandstreamsarebytheirnature

depletingassetswhichmeansovertimeScope3financed

emissions would decrease if the assets are not replaced or

where the commodity mix changes as a result of depletion,

tolesscarbonintensivecommodities.

Expanding on the depletion of our royalties and streams and

theimpactthiswilllikelyhaveontheGroup’sGHGemissions,

theKestrelroyalty,whichistheGroup’ssinglelargestcontributor

toScope3financedemissionsisexpectedtocommenceits

runoffin2026.Asaresult,between2025and2030thereisa

reasonableexpectationthattheGroup’sGHGemissionswill

significantlyreduce,absentanymaterialacquisitionsof

producingroyalties.

In light of the limitations in setting targets for the absolute

reductioninScope3financedemissionsdescribedabove,

consideration is currently being given to a metric that assesses

thepercentageoftheGroup’sportfoliowithoperatingpartners

thathaveemissionsreductionplansalignedwithscience-based

targets, with a view to setting a target of an agreed percentage

ofourfinancedemissionsbeingcoveredbyemissionsreductions

plansalignedwithscience-basedtargets.

We continue to monitor our existing assets within our portfolio

through our sustainability risk due diligence framework and

monitoringtools.Partofthisprocessincludescontinuingto

engage with our operating partners to understand their current

and historic emissions including how such emissions are

calculated, their emission reduction and net zero targets and

respective action plans, which, in time, will enable Ecora to set

itsownnetzerotransitionplan.

83Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Viability statement

Inaccordancewithprovision31ofthe2018UKCorporate

Governance2018,theDirectorshaveassessedtheprospects

oftheGroupoveralongerperiodthanthe12monthsrequired

bythe‘goingconcern’provision.TheDirectorsconfirmthatthey

have a reasonable expectation that Ecora will continue to

operate and meet its liabilities, as they fall due, over the next

threeyears.TheDirectors’assessmenthasbeenmadewith

reference to Ecora’s current position and prospects, its

strategy, the Board’s risk appetite and Ecora’s principal risks

andhowthesearemanaged,asdetailedonpages60to69in

theStrategicReport.

The Board reviews our internal controls and risk management

policies and approves our governance structure and code of

conduct.Italsoappraisesandapprovesmajorinvestmentand

financingdecisions,andevaluatesandmonitorstheperformance

andprospectsofEcoraasawhole.Thefocusisoncontinuingto

applytheGroup’sdisciplinedapproachtoinvestmentandbuild

ourportfoliothroughtheacquisitionofroyaltiesandstreamsto

sustainourlong-termfinancialperformance.

TheBoardreviewsEcora’sstrategyandmakessignificantinvestment

decisionsoveralong-termtimehorizon,basedonamulti-year

assessment of return on capital, the performance of the company,

andtheoutlookforcommodities.Thisapproachisalignedwiththe

long-lifebutdepletingnatureoftheGroup’sroyaltiesandstreams.

However, since many external factors, such as commodity prices,

become increasingly unpredictable over longer time horizons, Ecora

focusesitsdetailed,bottom-upbasecasefinancialforecastona

three-yearcycle

Thebasecasefinancialforecastisreviewedandapprovedat

leastannuallybytheBoard.TheBoardbelievethatathree-year

assessment period for the Viability Statement is most

appropriateasitalignswiththeGroup’swellestablished

businessplanningprocessesthatbalancethelong-termnature

of our royalties and streams with an assessment of the period

overwhichanalysisofnear-termbusinessperformanceis

realisticallyvisible.

Assessment process and key assumptions

Thebasecasefinancialforecastcoveringthenextthreeyearsis

based on a number of key assumptions, the most important of

which include commodity prices and estimated volumes as

provided the operators of the mines and mills underlying the

Group’sportfolio.Inaddition,thebasecaseassumesnofurther

acquisitions or investment, holds our cost base constant and the

continuedapplicationoftheGroup’scapitalallocationpolicy,

whereby dividends are determined as a percentage of free cash

flows.Onthisbasis,theGroupwouldexpecttoremaincovenant

compliant throughout the tenure of its borrowing facility with a

manageablerefinanceratioatmaturity.

Assessment of viability

AssessmentoftheGroup’sviabilityisbasedonafinancial

forecast covering the next three years, which is consistent with

theGroup’smedium-termplanninghorizonandthetermsof

itsborrowingfacility.TheDirectorsstresstestedthebasecase

financialforecastona‘severebutplausible’scenariotosee

whether the same conclusion would be reached should this

materialise.Thescenarioisamendedeachyearasrequired,

toreflectthekeyareasofsensitivitybytheBoardandforthe

current assessment the following adjustment were made to

theGroup’sbasecasefinancialmodel:

n 10%reductioninvolumes

n 10%reductioninconsensuscommoditypriceassumptions

This scenario is directly related to the following principal risks:

commodity prices, operator dependence and concentration

andgeopoliticalevents.Theotherprincipalrisksareeither

likelytomanifestoutsidethethree-yearviabilityperiodorwill

be addressed by general mitigating strategies available to the

GroupsuchthattheyareunlikelytojeopardisetheGroup’s

viabilityoverthethree-yearperiod.

Thethree-yearreviewalsoassumestherearenoadditional

acquisitionsduringtheperiodandthattheGroup’sexisting

revolvingcreditfacilityisrefinancedonmaturityinJanuary2028.

The combination of the above downside scenarios would result in

a~22%reductioninportfoliocontributionovertheassessment

period.Despitethedecreaseinportfoliocontributionunderthis

scenario,theGroupretainssufficientliquidityheadroomto

operatewithinthefinancialcovenantsofitsexistingfacility.The

Directors, therefore, have a reasonable expectation that even

undertheseverebutplausiblescenario,theGroupwillbeableto

continue in operation and meet its liabilities as they fall due over

thethree-yearperiodofassessment.

Approval

Thestrategicreportonpages1to84wasapprovedbythe

Boardon26March2025andsignedonitsbehalfby

Marc Bishop Lafleche

Chief Executive Officer

84 Ecora Resources PLC Annual Report and Accounts 2024

Governance

report

86 Corporate governance

88 Board of Directors

97 Nomination Committee

99 Audit Committee

104 Sustainability Committee

106 Remuneration Committee

110 Directors’ remuneration policy

114 Annual remuneration report for 2024

123 Directors’ report

127 Statement of Directors’ responsibilities

85Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Andrew Webb

Chairman

Corporate governance

Our approach towards corporate governance

FollowingchangestothelistingcategorisationsoftheOfficial

Liston29July2024,wheretheCompany’slistingwasinitially

assigned to the Equity Shares (Transition) category, the Board

concluded that the Equity Shares (Commercial Companies)

categoryoftheOfficialListwasthemostappropriatelisting

segmentfortheCompany.Asaresult,theCompanyrequested

and the FCA approved the transfer of the Company’s listing to

theEquityShares(CommercialCompanies)categorywitheffect

from30October2024.

Following the transfer of the Company’s listing category, the

Companycomplieswithcertainadditionalprovisionsofthe

UKListingRulesthatapplytotheCompany(someofwhichthe

Companyhasappliedonavoluntarybasissince2015).These

additionalprovisions,whicharesetoutunderUKLR4andUKLR

6toUKLR10(inclusive),relatetothefollowingmatters:

n UKLR4Sponsors:responsibilitiestoissuers;

n UKLR6Equityshares(commercialcompanies):

continuingobligations;

n UKLR7Equityshares(commercialcompanies):significant

transactions and reverse takeovers;

n UKLR8Equityshares(commercialcompanies):related

partytransactions;

n UKLR9Equityshares(commercialcompanies):further

issuances, dealing in own securities and treasury shares; and

n UKLR10Equityshares(commercialcompanies):contents

ofcirculars.

Prior to the transfer of listing categories, as a standard listed

company on the London Stock Exchange, the Company was

required to comply with, at a minimum, the relevant Listing

Rules,theDisclosure,GuidanceandTransparencyRules,the

ProspectusRulesandUKMarketAbuseRegime.However,it

wasnotrequiredbylawtocomplywiththesuper-equivalent

provisions of the previous Listing Rules which applied to

companieswithapremiumlisting.TheCompanywas,however,

complying on a voluntary basis with related party requirements

that were substantially equivalent to those set out in the

predecessortoChapter8oftheUKListingRules(whichwas

ListingRule11).

Compliance with the UK Corporate



TheBoardsupportstheprinciplesandprovisionsoftheUK

CorporateGovernanceCode(theCode)issuedbytheFinancial

Reporting Council (FRC), which is available on the FRC’s website

(www.frc.org.uk).WhiletheCompanywasnotsubjecttothe

Code prior to the transfer to the Equity Shares (Commercial

Companies) listing category, on account of its standard listing

on the London Stock Exchange, the Company voluntarily

adheredtotherequirementsoftheCode.ItistheBoard’sview

thattheCompanyhascompliedthroughoutthefinancialyear

ending31December2024withtheCode.

TheCodespecificallyrequirescompaniestoreportonhowit

complieswithfivemainareasofgovernance:boardleadership

and company purpose; division of responsibilities; composition,

succession and evaluation; audit, risk and internal control;

andremuneration.

This section of the

Annual Report provides

an overview of the means

by which the Company is

directed and controlled.

The Board is there to

support and challenge

management and to ensure

that the decisions taken

promote the long-term

success of Ecora.

Governancereport

86 Ecora Resources PLC Annual Report and Accounts 2024

Executive Committee

SupportstheChiefExecutiveOfficerinfulfillinghisduties.Responsibleforformulatingstrategy,settingtargets/budgets

andmanagingtheGroup’sportfolioofroyaltiesandstreams.

Chief Executive Office

Audit

Committee

Oversightoffinancial

reporting, audit, internal

control and risk

management.

For more info see



Remuneration

Committee

DesignstheGroup’s

overall remuneration

strategyandpolicy.

Setstheremuneration

oftheExecutive

Directors,theChairman

and senior management

andconsidersthe

remuneration policy for

thewiderworkforce.

For more info see



Nomination

Committee

Responsible for the

composition of the Board

ensuring an optimum mix

of skills and experience,

succession planning for

the Board and senior

management, and annual

effectivenessevaluationof

the Board, Committees

andindividualDirectors.

For more info see



Sustainability

Committee

Responsible for the

development and

implementation of the

Group’ssustainability

strategy and overseeing

sustainability issues

including environment,

climate change and

socialperformance.

For more info see



Board Committees

Chairman

AndrewWebbleadstheBoard,shapingthecultureoftheboardroomtoensuretheDirectorsfunctioneffectivelyasateam.Hismain

responsibilities include: chairing the Board and Nomination Committee and setting their agendas; Board composition encompassing Director

performance,induction,traininganddevelopmentandsuccessionplanning;supportingtheChiefExecutiveOfficerandhisteam;

engagementwithexternalstakeholders;andattendancebytheBoardatshareholdermeetings.

Senior Independent Director (SID)

Varda Shine was appointed SID on 1 June 2023, following

anorderlytransitionfromJamesRutherford.

The SID acts as a sounding board for the Chairman and engages

with shareholders to develop a balanced understanding of their

interestsandconcerns.TheSIDleadstheannualreviewofthe

performance of the Chairman and is available to meet with

shareholdersasrequired.



(NEDs)

The role of the NEDs is to support, constructively challenge and

provideadvicetoExecutivemanagement;effectivelycontribute

tothedevelopmentoftheGroup’sstrategy;scrutinise

performance of management; and monitor the delivery of

theGroup’sstrategy.

fi

MarcBishopLaflecheformulatesandleadstheimplementationoftheGroup’sstrategyasagreedbytheBoard,chairstheExecutive

Committeethroughwhichhecarriesouthisdutiesandoverseescorporaterelationswithshareholdersandotherstakeholders.Hehasoverall

responsibilityfortheGroup’ssustainabilitypolicyandpractices.

fi

KevinFlynnisamemberoftheExecutiveCommitteeandplaysakeyroleintheoverallmanagementanddirectionoftheGroupinpartnership

withtheChiefExecutiveOfficer.HeisresponsiblefordevisingandimplementingtheGroup’sfinancialstrategyandpolicies.

The Board

87Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

3 4

88 Ecora Resources PLC Annual Report and Accounts 2024

Corporate governance continued

Board of Directors

Committee membership:

Audit

Remuneration

Nomination

Executive

Sustainability Chair

– Andrew Webb

Chairman, 56

AppointedNon-ExecutiveDirectorandChairmanDesignateinJanuary

2024.Andrewhasover25years’experienceincorporatefinanceand

capitalmarketswithsignificantfinancialandnaturalresourcesexperience.

HehasaBAinNaturalSciencesfromtheUniversityofCambridgeand

waspreviouslyamanagingdirectoratRothschild&Co.intheGlobal

Advisoryteam,whereheworkedfor25yearsuntil2018.Duringthis

time, Andrew advised governments, private and listed companies and

jointventuresonstrategy,fundraising,debtfinancing,mergers,onand

off-marketacquisitions,disposalsandrestructurings.Andrewcurrently

servesasChairmanofKenmareResourcesplcandactsasanon-executive

directorofanumberofprivateandnotforprofitcompanies.

– Marc Bishop Lafleche

fi

JoinedtheBoardasChiefExecutiveOfficeron1April2022.Hebringsa

deep understanding of the royalty and stream sector, Ecora Resources’

current portfolio as well as its culture and values developed over the past

tenyears.MarcjoinedEcoraResourcesin2014andwasinstrumentalin

the transformational Voisey’s Bay cobalt stream acquisition in 2021 and

the acquisition of the South32 portfolio of copper and nickel royalties in

2022,pivotingtheGrouptowardscriticalmineralsandawayfromitscoal

heritage.PriortojoiningtheGroup,heworkedatCitigroupprimarilyin

the metals and mining investment banking team as well as in the

Europeanleveragedfinanceteam,whereheworkedonavarietyofM&A

transactionsaswellasdebtandequityfinancingsforclientsacrossthe

metalsandminingandothersectors.HehasanMScinBankingand

International Finance from Bayes Business School and a BA (Hons) in

PoliticalSciencefromtheUniversityofWesternOntario,andbecame

aCFAcharterholderin2013.

– Kevin Flynn

fi

JoinedEcoraResourcesasChiefFinancialOfficerinJanuary2012,and

wasappointedExecutiveDirectorinJanuary2020.Kevinisamemberof

the Executive Committee and plays a key role in the overall management

and direction of the Company in partnership with the Chief Executive

Officer.HeisaCharteredAccountantwithover20yearsofexperience

incorporatefinancebothinpracticeandintheLondonlistedmarket,

havingheldseniorroleswithinFTSE100andFTSE250realestate

businesses.InhistimewithEcoraResources,hehasoriginatedand

negotiatedalloftheGroup’sborrowingfacilitiesandplayedaleading

roleinraisingequity.Keviniscloselyinvolvedinallinvestmentdecisions

andindrivingtheCompany’sstrategy.

89Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Committee membership:

Audit

Remuneration

Nomination

Executive

Sustainability Chair

– Varda Shine

Senior Independent Director, 61

AppointedNon-ExecutiveDirectorinAugust2021.Sheisalsothe

Group’sSeniorIndependentDirectorandChairoftheRemuneration

Committee.Vardaisahighlyexperiencednon-executivedirector,

executive mentor and mining industry adviser with a career spanning

over30years.PreviouslyshewasCEOofDeBeersTradingCompany,

where she worked with stakeholders across the supply chain to introduce

newdistributionandpricestrategiesforthebusiness.Inaddition,Varda

has worked extensively as an executive mentor focusing on leaders and

businessgrowthandtransformation.Vardawaspreviouslyanon-executive

director of Lonmin plc and served on the board of Petra Diamonds plc

fromJanuary2019toNovember2024,initiallyasanon-executivedirector

beforebeingappointedchairoftheboardinNovember2023.Whileat

Petra Diamonds plc, Varda also served as chair of the nomination and

investmentcommittees.InadditiontoherroleatEcoraResources,

Vardaisalsoleadindependentdirectorandremunerationcommittee

chairofSarineTechnologies,andtrusteeoftheTeenageCancerTrust.

– Christine Coignard



AppointedNon-ExecutiveDirectorinJanuary2023.Shehasover30years’

experienceinthefinanceandminingsectors.Christineisfounderand

managingdirectorofCoignard&HaasGmbH,astrategyandcorporate

financeadvisoryfirmspecialisinginemergingmarketsandarangeof

commoditiesincludingnickel,copper,gold,PGMs,lithium,ironore,

PGMsandrareearths.ShehasworkedasmanagingdirectorofHCF

International Advisers, a leading independent strategic and corporate

financeadvisertothemetalsandminingsector.PriortothatChristine

washeadofinvestment,strategyandcorporatefinanceatNorilskNickel

PJSCfollowingseveralyearsofservinginvariousrisk,projectfinance

andcorporatefinancerolesattheRoyalBankofCanada,Société

GénéraleandCiti.Between2014and2020shewasanindependent

non-executivedirectorofPolymetalInternationalPlc,servingasa

member of the audit and risk committee, the nomination committee

andtheremunerationcommitteethroughoutthisperiod,chairingthe

remunerationcommitteefrom2015to2020.Between2014and2018

ChristinewasalsoPolymetal’sseniorindependentdirector.Christineis

currentlyanon-executivedirectorofErametSAwheresheisamember

of the nomination committee, the strategy and sustainability committee,

andtheaudit,risk,andethicscommittee.Sheisalsoanon-executive

directorofRigelResourcesAcquisitionCorp.since2021,aSPAClisted

ontheNYSE.

– Graeme Dacomb



AppointedNon-ExecutiveDirectorinNovember2019.Hewasapartner

atErnstandYoungLLPfor26yearswhere,forhislast12years,hewasa

leadpartnerintheextractiveindustry,responsibleforco-ordinatingthe

provision of a full suite of services to multinational mining and oil and

gas clients including Xstrata, Fresnillo, and BP across a broad range of

countriesincludingemergingmarkets.Inadditiontoauditservices,Graeme

provided critical advice for his clients on corporate governance structures,

riskmanagement,acquisitions,disposalsandfinancialsystemsand

controls.From2011to2018,GraemewasamemberoftheFinancial

ReportingReviewPanel.Graemewasanon-executivedirectorof

Ferrexpo plc from June 2019 to December 2023, where he also served

aschairoftheauditcommittee.InadditiontohisroleatEcoraResources,

sinceDecember2024GraemehasservedontheboardofCapital

Limitedasanon-executivedirectorandchairoftheauditcommittee

andasamemberoftheremunerationandnominationcommittees.

– James Rutherford



AppointedNon-ExecutiveDirectorinOctober2019.Hehasover25years’

experience in investment banking and investment management, specialising

intheglobalminingandmetalssector.Jameshasextensiveinternational

experience,andbringstotheBoardconsiderablefinancial

insight from

the perspective of the capital markets and a deep understanding

of the

miningindustry.Hehasheldseniorappointmentswithvariouscompanies

including senior vice president with Capital International Investors, a

divisionofCapitalGroup,andvicepresidentofEquityResearchatthe

investmentbankHSBCJamesCapelinNewYork.Jameshasalsoheld

investmentanalystroleswithCreditLyonnais,coveringdiversified

industrials,andwithCRUinternational,coveringthecopperindustry.

Hehaspreviouslyservedasanon-executivedirectorofAngloAmerican

plcfrom2013to2020andwastheseniornon-executivedirectorofGT

GoldCorpfrom2019to2021whenitwastakenoverbyNewmontCorporation

.

Jamessteppeddownasanon-executivedirectorofEvrazplcon3March

2022havingservedontheboardsince15June2021.Jamesservedon

the board

ofCentaminplcfromJanuary2020initiallyasdeputynon-

executive chairma

nandthenasnon-executivechairmanfromJuly2020

toNovember2024whenitwastakenoverbyAngloGoldAshantiplc.

1. Board leadership and Company purpose

Role of the Board

TheCompany’sgovernanceisstructuredtodeliveraneffective

and entrepreneurial Board which:

n iseffectiveinprovidingchallenge,adviceandsupport

tomanagement;

n drives informed, collaborative and accountable decision making;

and

n createslong-termsustainablevalueforourshareholders,

havingregardtoourotherstakeholders.

TheBoardiscollectivelyresponsibleforapprovingtheGroup’s

purpose,long-termobjectivesandstrategyandforreviewing

performanceagainstthem.TheBoardisalsoresponsiblefor

thegeneraloversightoftheGroup’soperationsandmanagement.

The Company’s purpose, values and strategy and

alignment with culture

Through the Ecora Resources Code of Conduct, the Board sets

theCompany’spurpose,valuesandstandardsfortheGroup’s

Directors,employees,contractors,consultantsandagents.

TheCompany’spurposeandvaluesaredetailedonpage1.

TheBoardiscommittedtoactinginaccordancewiththese

values,championingandembeddingtheseintheorganisation.

The Board assesses and monitors the ongoing alignment of

theCompany’sculturewithitspurpose,valuesandstandards.

The Company has an open culture where employees are

encouraged to provide their views on strategic direction and

waysinwhichcommunicationcanbeimproved.Thisisoverseen

bytheDesignatedNon-ExecutiveDirectorresponsiblefor

workforceengagement,asdescribedbelowin“Stakeholder

engagement”,andonpage49.

Company performance and risk management

The Board oversees the Company’s performance and reviews

materialinvestmentsatseveralstagespriortotransacting.

Itaimstomakeinformed,qualitydecisionsinatimelymanner

to achieve the Company’s objectives, in alignment with its

purpose,valuesandstrategy.

The role of the Board in establishing and monitoring the internal

controlenvironmentissetoutinmoredetailonpage96.The

wayinwhichtheCompanyassessesandmanagesriskisset

outinthePrincipalRisksandUncertaintiessectiononpages

60to69.

The formal schedule of matters reserved for the Board’s decision,

availableonourwebsite:www.ecora-resources.com/about-us/

governance,coversareasincluding:settingtheGroup’spurpose

and strategic vision; monitoring performance and the delivery

of the approved strategy; approving major investments,

acquisitions and divestments; the oversight of risk and the

settingoftheGroup’sriskappetite;andreviewingtheGroup’s

governanceframework.

Stakeholder engagement

TheGrouprecognisestheimportanceofdevelopinga

fullerunderstandingofitsbusinessmodelandrisksamongst

investorsthrougheffectivetwo-waycommunicationwithfund

managers,retailandinstitutionalinvestorsandanalysts.Thisis

particularly important in ensuring that the Company’s values

and objectives are aligned with our current and prospective

stakeholders, as further explained in our section 172 (1)

statement,setoutonpages47to49.

Non-Executive Director engagement with employees

The Company’s small number of employees are centrally

located at the Company’s London headquarters, which aids

regulardirectengagementwiththewholeBoard.Since2018

theroleofDesignatedNon-ExecutiveDirectorresponsible

forworkforceengagementhasbeenrotatedbetweenthe

Company’sNon-ExecutiveDirectorstofurtherenhancethe

Board’s interaction with and exposure to the Company’s

employees.GraemeDacombwasappointedtheDesignated

Non-ExecutiveDirectorinMay2023,followingtheretirement

from the Board by Robert Stan, who had been appointed as the

DesignatedNon-ExecutiveDirectorsinceNovember2020.

During2024,GraemeDacombheldtwotownhallswiththe

Company’semployees.Inadditiontothetownhalls,allemployees

attend the annual strategy sessions with the Board, where

theyareencouragedtocontributetoandparticipateinthe

Board’sdiscussions.

The terms of reference for the Designated

Non-Executive Director are available on the Group’s website:



Community engagement

As a royalty and streaming company, we do not operate any of

theunderlyingassetswithinourportfolio.Whilethislimitsthe

directinvolvementtheGrouphaswiththecommunitiesimpacted

by the operations underlying the portfolio, the Board, through

thewiderteam,engageswithmineoperatorsseekingtoinfluence

and encourage compliance with relevant sustainability standards

In 2024 we were pleased to once again partner with Vale, the

operator of the Voisey’s Bay mine, to donate to the Community

Food Share Association which manages the collection and

distributionoffoodthrough54foodbankstomorethan10,700

children,womenandmenthroughoutNewfoundlandandLabrador.

We are committed to investing in projects that have a positive

long-termimpactoncommunitiesimpactedbytheoperations

underlying our portfolio and are exploring projects that focus

ontheprovisionofhealthcare,educationandnutrition.

In addition to partnering with our operating partners, our

employees in our London headquarters have been encouraged

throughout 2024 to participate in community initiatives and

volunteering, together with making charitable donations

throughtheGroup’smatchedgivingprogramme.

Further details of the Group’s community initiatives and charitable

donations are provided on page 58

Corporate governance continued

90 Ecora Resources PLC Annual Report and Accounts 2024

Investor engagement

TheGrouphasanactiveengagementprogrammewithstakeholders

across the investment community, including debt providers,

retailandinstitutionalinvestors,sell-sideanalystsaswellas

potentialshareholders.

Our investor relations team manages the interaction with

thesestakeholdersthroughquarterlyroadshowmeetings,

presentations including at the time of the interim and full year

results, retail investor questions and answer sessions, as well as

regularattendanceatindustryconferences.Keytopicscovered

includemarketoutlook,financialperformance,updatesonthe

performance of and development at the operations underlying

theGroup’sportfolioandgovernancematters.

Inadditiontotheinvestorrelationsteam,theGrouphasthree

joint brokers, RBC Capital Markets, Berenberg and Peel Hunt,

andtheBoardremainssatisfiedthattheUnitedKingdom,

Europe and North America, which are the jurisdictions likely

tomakeupmostofourshareholderbase,arewellcovered

bybrokerswithsignificantlocalexpertise.

TheBoardreceivesabriefingateachmeetingfromtheHeadof

Investor Relations communicating the feedback from meetings

held with shareholders, commentary on the perception of the

Company, views expressed by the investment community,

media reports, share price performance and analysis, so as to

ensure that all Directors are made aware of the major shareholders’

issuesandconcerns.Inaddition,theCommitteeChairsalso

engage with their relevant stakeholders and details of this

engagement are provided in each of the Committee reports

onpages97to122.

Annual General Meeting (AGM)

TheCompany’sAGMisthehighlightoftheyearfortheBoard,

as it provides an excellent opportunity for active engagement

with investors and to further the investors’ understanding of

thecurrentbusinessactivityoftheGroup.TheBoardvaluesthe

AGMasanopportunityforitsretailshareholderstoraisequestions

andprovidefeedbacktotheBoard.Astheattendanceatthe

2024AGMremainedlow,additionalavenuesforengagingwith

our retail shareholders were once again investigated, resulting

inanincreaseinvirtualmeetings,onlinepresentationsand

roadshows,allofwhichhavebeenwellreceived.

Our workforce policies and practices

Ecora’s core values and principles and the standards of

behaviourtowhichpersonnelacrosstheGroupareexpected

toworkaresetoutintheGroup’sCodeofConduct.These

values and principles are applied to our suppliers and our

stakeholders.TheGrouphasdetailedpoliciesandprocedures

in place on a range of relevant areas such as business ethics,

diversity and inclusion, insider dealing and share dealing, health

andsafety,humanrightsandmodernslavery.Thelistofallthe

Group’spoliciesandprocedurescanbefoundonthewebsite

www.ecora-resources.com/about-us/governance.Depending

on the nature of their role, Directors and employees of the

Groupreceivemoredetailedtrainingonthosepoliciesbothas

partoftheirinductionprocessandEcora’songoingtraining

programme.Acorporategovernancetrainingprogramme

developed by the Company Secretary and the Head of Legal

inconsultationwiththeBoardisdeliveredannuallywhich

addresses regulatory updates and other topics such as

insiderdealing,cybersecurityandconflictsofinterest.

Whistleblowing and anti-corruption policies



AlloftheCompany’sworkforce-relatedpoliciesareapproved

bytheBoard.TheBoardisultimatelyresponsibleforour

whistleblowingprocess,withday-to-dayoversightbytheAudit

Committee.Everymemberoftheworkforcehasaccessto

‘Safecall’anindependentthird-partyproviderenablingall

employeestoraiseanymattersofconcernanonymously.

Therewerenoinstancesofwhistleblowingoverthepastyear.

Inadditiontoourwhistleblowingpolicy,theGroupalsohasin

placeanAnti-Bribery,CorruptionandMoneyLaunderingPolicy.

CompliancetrainingisconductedacrosstheGroup,appropriate

due diligence is carried out on counterparties and suppliers,

andthereareanti-briberyandcorruptionprovisionsinour

agreements.Onanannualbasis,allemployeeandDirectors

confirmtheirobservanceofandcompliancewiththeCode

ofConductandtheGroup’sAnti-Bribery,Corruptionand

Money-LaunderingPolicywhichalsodetailstheGroup’s

policyongiftsandhospitality.

Conflicts of interest

InaccordancewiththeCompaniesAct2006andtheArticles

ofAssociation,conflictsofinterestmustbeauthorisedbythe

Boardandthisensuresthattheinfluenceofthirdpartiesdoes

notcompromisetheindependentjudgementoftheBoard.

Directorsarerequiredtodeclareanypotentialoractualconflicts

of interest that could interfere with their ability to act in the best

interestsoftheGroup.TheCompanySecretaryandtheHead

ofLegalmaintainaconflictsregister,whichisarecordofactual

andpotentialconflicts,togetherwithanyBoardauthorisationof

theconflict.Theauthorisationsareforanindefiniteperiodbut

are reviewed annually by the Board, which also considers the

effectivenessoftheprocessofauthorisingDirectors’conflicts

ofinterest.TheBoardretainsthepowertovaryorterminate

theseauthorisationsatanytime.

91Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Directors’ attendance at Board and Committee meetings which they were eligible to attend during 2024 was as follows:

Independent Full Board Audit Nomination Remuneration Sustainability

Andrew Webb

(1)

N/A 6/6 — 1/1 — —

MarcBishopLafleche No 6/6 — — — 4/4

Kevin Flynn No 6/6 — — — —

Christine Coignard Yes 6/6 — 2/2 4/4 4/4

GraemeDacomb Yes 6/6 5/5 2/2 4/4 —

Patrick Meier

(2)

N/A 3/3 — 2/2 — —

James Rutherford Yes 6/6 5/5 2/2 4/4 4/4

Varda Shine Yes 6/6 5/5 2/2 4/4 —

(1) AndrewWebbwasappointedtotheBoardandNominationCommitteeon15January2024.

(2) PatrickMeiersteppeddownfromtheBoardon2May2024,havingservednineyears.

2. Divisions of responsibility

The Chairman, Andrew Webb, leads the Board and is

responsibleforitsoveralleffectiveness.Hewasindependent

onthedateofhisappointment.Herecognisestheimportance

of creating a boardroom culture which encourages openness

and debate and fosters a constructive relationship between

ExecutiveandNon-ExecutiveDirectors.Thisfacilitatesrigorous

challenge while providing the necessary support to execute the

Group’sstrategy.

The Chairman is responsible for: the management of the Board

and its Committees; Director performance; induction; training

and development; succession planning; engagement with

external stakeholders and attendance by the Board at

shareholdermeetings.TheChairmanissupportedbythe

SeniorIndependentDirector,theChiefExecutiveOfficer(CEO),

theCompanySecretaryandtheHeadofLegal.

Theday-to-daymanagementoftheGroupisdelegatedto

theCEO,saveforcertainmattersreservedforconsiderationby

theBoard.TheChairmanandCEOhavedistinctroleswhich

havebeendefinedinwritingandagreedbytheBoard.TheCEO

supportedbytheChiefFinancialOfficer,InvestmentManager

andHeadofLegalformtheExecutiveCommittee.TheExecutive

CommitteeisresponsibleforformulatingtheGroup’sstrategy,

settingbudgetsandmanagingtheGroup’sportfolioofroyalties

andmetalstreams.

Other responsibilities are devolved to the Nomination, Remuneration,

Audit and Sustainability Committees; their members are all

Non-ExecutiveDirectors,savefortheSustainabilityCommittee

where the CEO is a member, and their work is described more

fullyintherespectiveCommitteereportsonpages97to122.

ThetermsofreferenceofeachCommittee,andthematters

reservedtotheBoard,areavailableontheGroup’swebsite.

The Senior Independent Director, Varda Shine, is responsible

for acting as a sounding board for the Chairman and engages

with shareholders to develop a balanced understanding of

theirinterestsandconcerns.TheSeniorIndependentDirector

isnotrequiredtoseekmeetingswithshareholders,however,is

available to do so if required in order to understand shareholder

concernsandtakethemtotheBoardfordiscussion.

Time commitment

All potential new Directors are asked to disclose their other

significantcommitments.TheNominationCommitteethen

takes this into account when considering a proposed

appointment to ensure that the potential new Directors can

dischargetheirresponsibilitiestoEcoraeffectively.Thismeans

not only attending and preparing for formal Board and

Committee meetings, but also making time to understand the

business,andtoundertaketraining.Thetimecommitmentis

agreedwitheachNon-ExecutiveDirectoronanindividualbasis.

In addition, all Directors must seek approval before accepting

anysignificantnewcommitment.

Where circumstances require it, all Directors are expected

tocommitadditionaltimeasnecessarytotheirworkonthe

Board.TheCompanySecretaryandtheHeadofLegalmaintain

arecordofeachDirector’scommitments.Fortheyearended

31 December 2024 and as at the date of publication, the Board

issatisfiedthatnoneoftheDirectorsareover-committedand

thateachDirectorallocatessufficienttimetohisorherrolein

ordertodischargetheirresponsibilitieseffectively.

Corporate governance continued

92 Ecora Resources PLC Annual Report and Accounts 2024

3. Composition, succession and evaluation

Appointments to the Board

All Directors are subject to election by shareholders at the

firstopportunityaftertheirappointment.Underthetermsof

the Company’s Articles of Association, all Directors are required

toretireandseekre-appointmentbyshareholdersatanAGM

thethirdanniversaryoftheirappointment.Allcurrent

Non-Executive

Directorswereappointedforaninitialthree-year

term, renewable at the Board’s discretion for up to two further

three-yearperiodsthereafter,andtheBoardintendsthatall

futureNon-ExecutiveDirectorappointmentswillbeonsimilar

terms.Notwithstandingthis,itistheBoard’sintentionthatall

Directors,includingtheNon-ExecutiveDirectors,shallbe

subjecttore-electionateachAGM.

The Nomination Committee ensures a formal, rigorous and

transparentprocedurefortheappointmentofnewDirectors.

ItisalsoresponsibleforBoardandseniormanagementsuccession

planning, regularly assessing the balance of skills, experience,

knowledge, diversity and capacity required to oversee the delivery

ofEcora’s’strategy.

The remit of the Nomination Committee includes reviewing

proposals for appointments to the Executive Committee, and

monitoring senior management succession planning, including

ensuring that both of these are based on merit and objective

criteria and within this context seeks to promote diversity of

gender, social and ethnic backgrounds, cognitive and personal

strengths.AllNon-ExecutiveDirectorsaremembersofthe

NominationCommittee.TheCommitteeischairedbythe

Chairman, apart from when the Committee is dealing with the

appointmentofhisorhersuccessor.TheNominationCommittee

Reportonpages97and98detailstheprocessfollowedbythe

Committee to identify Andrew Webb as the successor for Patrick

Meier, who stepped down from the Board at the conclusion of the

2024AnnualGeneralMeeting,havingservedfornineyears.

Board diversity policy statement: gender and

ethnicitytargets

The Board is committed to ensuring that it has the right balance

ofskills,experienceanddiversitytoensureitisequippedto

successfullyexecutetheGroup’sstrategy.TheBoardacknowledges

the targets of the FTSE Women Leaders and Parker reviews on

genderandethnicdiversity,togetherwiththetargetsintheUK

Listing Rules; however, two out of the three targets are not

currentlymet.

Atthedateofthisreport,theCompanymeetstheUKListing

Ruletargetthatatleastoneoftheseniorpositionsonthe

Board(definedundertheUKListingRulesasthechair,chief

executiveofficer,seniorindependentdirectororchieffinancial

officer)isheldbyawoman,withVardaShinehavingbeenthe

Company’sSeniorIndependentDirectorsince1June2023.

TheCompanydoesnotcurrentlymeettheUKListingRule

targetsthatatleast40%oftheboardarewomenandatleast

oneboarddirectorisfromanon-Whiteethnicminoritybackground.

Atthedateofthisreport,two(28.5%)ofthesevenDirectorsare

female,whilenoBoardmembersidentifyasminorityethnic.

Appointments to the Board will continue to be made in line with

the Company’s Diversity, Inclusion and Equal Opportunities

Policy, which includes the Company’s policy on diversity at the

Board and Executive management level, and the Nomination

CommitteeTermsofReference.TheCompanyrecognisesand

embracesthebenefitsofhavingdifferencesintheskills,

regional and industry experience, background, race, gender

andotherattributesofDirectors.TheNominationCommittee

isresponsibleforensuringthatanyappointmentstotheBoard

aremadeonmeritfollowingrigoroussearchprocesses,

ensuringtheoverallcompositionoftheBoardandits

Committeescontinuetoreflectanappropriatemixof

capabilities, experience and diversity of gender, ethnicity,

nationality,ageandperspectives.Thenaturalevolutioninthe

Board composition will provide the Nomination Committee

withtheopportunitytoconsiderandbalanceachievingthe

twotargetsnotcurrentlymetagainstthereplacementofthe

capabilities and skills lost as a result of future retirements

fromtheBoard.

TheadditionaldiversitydatarequiredundertheUKListing

Rulesissetoutonpage125.FurtherdetailsontheGroup’s

approach to diversity, inclusion and equal opportunity, including

the gender diversity of our wider workforce, can be found

onpage57.TheCompany’sDiversity,InclusionandEqual

Opportunities Policy and the Nomination Committee Terms

ofReferencearereviewedannuallyandareavailableonthe

Company’swebsite.

Board gender diversity

Female 28.6%

Male 71.4%

93Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

3. Composition, succession and evaluation continued



TheGroup’ssuccessionplanningaimstobringadiverseand

complementary range of skills, knowledge and experience to

the Board, so that the Board is equipped to navigate current

and future challenges, and maximise value from current and

futureopportunities.Achievingtherightblendofskills,

experience,knowledgeanddiversitytosupporteffective

decision-makingisacontinuingprocessandformspartofthe

annualBoardeffectivenessreview,whichalsoattemptsto

identifyanyskillsgaps.

The Chairman regularly reviews the Directors’ training needs

and,whereappropriate,theGroupprovidestheresourcesto

meettheDirectors’requirements.Atleastbiannuallyexternal

subject matter experts are engaged to update and advise the

Boardongovernanceandsecretarialchanges.Inaddition,

theBoardhasinplaceaformalinductionprocessfornew

DirectorsonjoiningtheBoard,whichistailoredtotheneeds

oftheindividual.



Name

Core

industry

Financial,

audit &

risk

Legal/

public

policy

Senior

Executive

Environmental

& social

Technical/

engineering

M&A/

capital

markets

International

markets

Health &

safety

Andrew Webb  — —  — —   —

MarcBishopLafleche



— —



— —

 

—

Kevin Flynn   —  — —   —

Christine Coignard  — —   —   —

GraemeDacomb   —  — —   —

James Rutherford  — —   —   —

Andrew Webb  — —   —   —



Throughout 2024 and as at the date of this report, at least half

oftheBoardareindependentNon-ExecutiveDirectors.The

BoarddeterminesalloftheNon-ExecutiveDirectors(other

than the Chairman) to be independent of management and free

from any business or other relationship which could materially

interferewiththeabilitytoexerciseindependentjudgement.

TheCodedoesnotconsiderachairmantobeindependentdue

totheuniquepositiontheroleholdsincorporategovernance.

AndrewWebbsucceededPatrickMeierastheGroup’s

Chairmanattheconclusionofthe2024AGMandmetthe

independencecriteriacontainedintheCodeonappointment.

ToensurethecontinuedeffectivenessoftheBoard,the

ChairmanandtheNon-ExecutiveDirectorsregularlymeet

withouttheExecutiveDirectorspresent.TheChairmanalso

meetseachoftheNon-ExecutiveDirectors,atleastannually.

On an annual basis, the Senior Independent Director leads the

otherNon-ExecutiveDirectorsintheappraisalofthe

Chairman’sperformance.

Board effectiveness

ABoardandCommitteeeffectivenessevaluationiscarried

outeachyear.Theevaluationconsiders(butisnotlimitedto):

the balance of Board members’ skills and experience;

independence; diversity; the running of the Board; and

Directors’knowledgeoftheCompany.Atleasteverythree

years,theBoardevaluationisexternallyfacilitated.Thelast

externallyfacilitatedeffectivenessreviewoftheBoardwas

undertaken in 2023, the results of which were reported in the

2023Annualreport.

Fromthe2023externalreview,theBoardidentifiedthree

effectivenesspriorityareasfor2024.Anactionplantoaddress

these areas was developed in 2024 and progress measured

throughouttheyear,asillustratedinthetableopposite.

Corporate governance continued

94 Ecora Resources PLC Annual Report and Accounts 2024

Actionstakenin2024toaddresstheareasidentifiedbytheBoardaseffectivenesspriorityareasfollowingtheexternalevaluation

in2023aresummarisedbelow.

Topic Areasidentifiedforaction Actions taken in 2024

Strategy Continue to focus the majority of the Board’s

timeonfurtherdevelopingtheGroup’sgrowth

strategy,ledbytheChiefExecutiveOfficerin

collaboration with the Chairman and supported

bytheNon-ExecutiveDirectors,leveraging

theirexperience.

The Board considered strategic issues at every

meetingin2024andheldatwo-daydedicated

strategymeeting.TheBoarddiscussedprogress

towardsdeliveryoftheGroup’sstrategicpriorities

andinvestmentpipeline.

People Facilitate increased contact between the

Non-ExecutiveDirectorsandthewiderteam,

withaparticularfocusonthenon-Board

members of the Executive Committee and

seniormanagementteam.

TheBoardcontinuedtoengagewiththeGroup’s

small number of employees through the two town

hallsheldwiththeDesignatedNon-Executive

Directorandthroughinformalone-to-onemeetings

withtheNon-ExecutiveDirectorsandnon-Board

membersoftheExecutiveCommittee.

Directordevelopment Strengthen the ongoing development of the

BoardofDirectorstomoreeffectivelyleverage

thediversityofthoughtontheBoard.

The Board continued to leverage the experience and

expertise of each of the Directors, particularly in

relationtotheGroup’sstrategy.

ThiswasachievedbytheChairmaneffectivelyleading

discussions in which each Director contributed their

perspectivesandinsightstoshapetheGroup’s

strategy.

In2024,theDirectorscompletedaquestionnaire-basedinternaleffectivenessreview.The2024reviewreaffirmedthattheBoard

believesitisperformingwell,withnosignificantissuesidentified.TheimportanceoftheBoard’sannualdesignatedstrategysession

togetherwithallocatingsufficienttimeateachBoardmeetingtodiscussstrategy,wereagainhighlightedinthereview,forproviding

clarityandalignmentonstrategy,particularlyinrelationtotheGroup’sinvestmentprioritiesintermsofstageofdevelopmentand

commoditymix.

Buildingonthepriorityareasandactionstakenin2024,andtakingintoaccountthefindingsofthe2024internalreview,theBoard

hasidentifiedthefollowingeffectivenessprioritiesfor2025:

Topic Areasidentifiedforaction

Strategy Ensure that the Board’s focus is on the most pressing issues that will determine success for Ecora,

includingtheGroup’sinvestmentprioritiestocontinuetogrowanddiversifytheGroup’sportfolioof

criticalmineralsroyaltiesandmetalstreams.

The review of the Chairman’s performance was led by the

SeniorIndependentDirector.TheChairmanwasnotpresent

duringthediscussionswithbothExecutiveandNon-Executive

Directorsasitrelatedtohim.AllDirectorsareoftheviewthat

as Chairman, Andrew Webb fosters a positive and supportive

culture that facilitates meaningful contributions from each

Director.Inaddition,theleadershipprovidedbytheChairman

to the Executive Directors and wider workforce, is having a

positive impact on the organisational culture of the Company

asawhole.

Committee effectiveness in 2024

The internal Committee evaluations concluded that each of

theCommitteeswasbelievedtobeperformingwell,was

appropriately constituted and had addressed the focus areas

for2024thathadbeenidentifiedaspartofthe2023external

evaluation.Inaddition,the2024internalevaluationslooked

atwaysinwhichtheCommitteescouldfurtherenhancetheir

overalleffectivenessandidentifiedareasoffocusfor2025

whichhavebeenincorporatedintotheCommittees’workplans.

Board information and support

All Directors have full and timely access to the information

requiredtodischargetheirresponsibilitiesfullyandeffectively.

They have access to the advice and services of the Company

Secretary,othermembersoftheGroup’sseniormanagement

teamandemployees,andexternaladvisers.Directorsmaytake

independent professional advice in the furtherance of their

duties,attheCompany’sexpense.

Where a Director is unable to attend a Board or Committee

meeting, he or she is provided with all relevant papers and

information relating to that meeting and encouraged to discuss

issues arising with the respective Chairs and other Board and

Committeemembers.In2024,allDirectorsattended100%of

the meetings they were eligible to attend, as evidenced in the

tableonpage92.

AllNon-ExecutiveDirectorsareprovidedwithaccesstopapers

for each of the Board’s Committees, including those who do not

serveasmembersofthosecommittees.Non-ExecutiveDirectors

regularly attend meetings of the Board’s Committees they do

notserveon,attheinvitationoftherespectiveCommitteeChair.

Board induction and development

Following appointment and as required, Directors receive

training and development appropriate to their level of experience

andknowledge.Thisincludestheprovisionofacomprehensive,

tailoredindicationprogrammeandindividualbriefingswiththe

Executive Directors, members of the senior management team

and their respective team members to provide newly appointed

DirectorswithinformationabouttheGroup’sbusiness,culture

andvalues,andotherrelevantinformationtoassistthemineffectively

performingtheirdutiesandcontributingtoBoarddiscussions.

95Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

4. Audit, risk and internal control



The Audit Committee monitors the independence and

effectivenessoftheexternalauditors,andmakesanannual

assessmentofwhetheraninternalauditfunctionisrequired.

The Audit Committee is responsible for reviewing key judgements

withintheGroup’sfinancialstatementsandnarrativereporting,

withtheaimofmaintainingtheintegrityoftheGroup’s

financialreporting.

TheGroup’spoliciesandsystemsofinternalcontrolaredesigned

to provide the Directors with reasonable assurance that the

Groupwillnotbehinderedinachievingitsbusinessobjectives,

or in the orderly and legitimate conduct of its business, by

circumstancesthatmayreasonablybeforeseen.However,no

system of internal control can eliminate the possibility of poor

judgementindecision-making,humanerror,fraudorother

unlawful behaviour, management overriding controls, or the

occurrence of unforeseeable circumstances and the resulting

potentialformaterialmisstatementorloss.

ThekeyelementsoftheGroup’scontrolsysteminoperationare:

n The Board meets regularly with a formal schedule of matters

reserved to it for decision and has put in place an organisational

structure with clear lines of responsibility and appropriate

delegationofauthority.

n There are established procedures for planning and approving

investments and information systems for monitoring the

Group’sfinancialperformanceagainstbudgetsandforecasts.

n TheChiefFinancialOfficerisrequiredtoundertakeanannual

assessment process to identify and quantify the risks that

facetheGroup’sbusinessesandfunctions,andtoassess

theadequacyoftheprevention,monitoringandmitigation

practicesinplaceforthoserisks.Thisprocesscoversall

materialcontrols,includingfinancial,operationaland

compliancecontrols.

n The Board is responsible for reviewing the risk assessment

andriskmanagementprocessesforcompletenessandaccuracy.

n In addition to its work on the above, the Audit Committee

alsoreceivesreportsaboutsignificantrisksandassociated

controlandmonitoringprocedures.TheGroup’sinternal

controls and procedures documentation are regular agenda

itemsfortheCommittee.TheCommitteealsoreceives

regularreportsfromtheexternalauditors.

n The Audit Committee reports regularly to the Board on these

matters,soastoenabletheDirectorstoreviewtheeffectiveness

ofthesystemofinternalcontrol.TheBoardalsoreceives

regular reports or updates from its other Committees and

directly from management in addition to carefully considering

theGroup’sriskregisteratregularintervals.

n TheGroup’sinternalcontrolsystemaccordswiththe

FinancialReportingCouncil’sGuidanceonRiskManagement,

InternalControlandRelatedFinancialandBusinessReporting.

Therearenosignificantissuesdisclosedinthereportand

financialstatementsfortheyearended31December2024

anduptothedateofapprovalofthereportandfinancial

statements that have required the Board to deal with any

materialinternalcontrolissues.

TheDirectorsconfirmthattheBoardhasreviewedtheeffectiveness

of the system of internal control during the period and concluded

thatthecontrolsandproceduresareadequate.TheBoardwill

continue to review the adequacy of the Company’s internal

controls on an ongoing basis and will test the controls and

proceduresagainduring2025.

For further detail, please refer to the Audit Committee Report on

pages 99 to 103

Fair, balanced and understandable assessment

The Board is responsible for the presentation of a fair, balanced

and understandable assessment of the Company’s position and

prospects,notonlyintheAnnualReport.TheCompanyhas

athoroughprocessinplaceforthepreparationoftheinterim

and Annual Reports, together with quarterly trading updates

andothermarketannouncements,toensurethatthisisthecase.

Risk management and internal control framework

The Board is ultimately responsible for aligning the risk appetite

oftheCompanywithitslong-termstrategicobjectives,taking

into account the principal and emerging risks faced by the

Company and the risks it is willing to take in achieving its strategic

objectivesandhowthesesupporttheGroup’slonger-term

ViabilityStatement.TheBoardhasriskasaregularagenda

iteminordertoidentifyandrespondtosignificantandsudden

changeswhichmayimpacttheGroup’sabilitytoachieveits

strategicobjectives,asandwhentheymaterialise.TheAudit

Committee monitors the work that the Board does in relation

toriskonaregularbasis.

TheGroup’sprincipalrisksarediscussedindetailonpages63

to69.Thesearedeterminedbasedontwoformalreviews

undertakeneachyear.

5. Remuneration

The Remuneration Committee is responsible for establishing

anddevelopingtheGroup’sgeneralpolicyonexecutiveand

senior management remuneration, together with determining

thespecificremunerationpackagesfortheChairman,Executive

DirectorsandmembersoftheGroup’sExecutivemanagement.

In determining the Executive remuneration, the level of pay and

conditionsthroughouttheGrouparetakenintoconsideration.

In addition to the consideration given to the remuneration of

the wider workforce, the Remuneration Committee consults

with the Company’s shareholders to obtain feedback on the

existingremunerationpolicyandanyrevisions.Furtherdetails

on the Remuneration Committee’s work in 2024, together with

therevisedremunerationpolicy,aresetoutonpages106

to122.

Andrew Webb

Chairman

26 March 2025

Corporate governance continued

96 Ecora Resources PLC Annual Report and Accounts 2024

Nomination Committee

Role and responsibilities

The role of the Nomination Committee is to review the composition

oftheBoardandofitscommittees.TheCommitteeleadsthe

process for appointments and makes recommendations to the

BoardaspartofsuccessionplanningforbothNon-Executive

andExecutiveDirectors.Italsomonitorsthesuccession

planninganddevelopmentofseniormanagement.

The Committee’s objectives and responsibilities are set out

inourtermsofreference,whichareavailabletoviewonline.

For more information, visit 



Committee focus in 2024

TheCommitteemettwiceduring2024.Discussionsatthe

meetings covered the responsibilities outlined above, with a

particularfocusonNon-ExecutiveDirectorsuccessionplanning

andcommitteemembership.

The following matters were considered during 2024:

n the composition, structure and size of the Board and its

Committees,andtheleadershipneedsoftheGroup;

n recommending to the Board the appointment of Andrew

WebbasaNon-ExecutiveDirectorandChairmanDesignate

from15January2024;

n the planned succession of the Chairman at the conclusion

ofthe2024AGM;

n thetimecommitmentexpectedfromeachoftheNon-Executive

Directors to meet the expectations of their roles;

n recommending that the Board supports the election or

re-electionofeachoftheDirectorsstandingatthe2024

AGM.ThelengthoftenureofNon-ExecutiveDirectors

wastakenintoaccountwhenconsideringtosupport

theirre-election,toensuretheyremainindependentand

recognising the need to progressively refresh the Board;

n successionplanningforboththeNon-Executive

andExecutiveDirectors;and

n reviewingtheCommittee’stermsofreference.





We base our appointments to the Board on merit making use

ofobjectiveselectioncriteria,withtheaimofoptimisingthemix

of skills, experience, diversity and perspectives necessary for

Ecora Resources to achieve its strategic objectives now and in

thefuture.

As detailed in the 2023 Annual Report and Accounts, the

appointmentofAndrewWebbasaNon-ExecutiveDirector

andChairmanDesignateon15January2024wastheresult

ofanorderlysuccessionprocesstoidentifyasuccessortoPatrick

Meier as Chairman, who having served for nine years stepped

downfromtheBoardattheconclusionofthe2024AGMon2May

2024.ToassistwiththesearchforPatrickMeier’ssuccessor,

Independent Search Partners was appointed in the second half of

2023,followingacompetitortenderprocess.IndependentSearch

PartnershaspreviouslyworkedfortheGroupinrecruitingfor

non-executiveandseniorleadershipappointmentsand

accordinglyhasagoodunderstandingoftheBoard’s

requirements.ItisaccreditedundertheUKGovernment’s

Voluntary Code of Conduct for Executive Search Firms and has

noconnectionswithEcoraResourcesPLCoritsDirectors.

Committee members

Meetings attended

Andrew Webb – Chairman –

appointed15January2024

1/1

Christine Coignard 2/2

GraemeDacomb 2/2

Patrick Meier – retired

2May2024 2/2

James Rutherford 2/2

Varda Shine 2/2

* Andrew Webb was appointed to the

NominationCommitteeasaNon-Executive

Directoron15January2024,before

succeedingPatrickMeierasbothChairman

of the Company and the Committee on 2

May2024.

TheChiefExecutiveOfficer,ChiefFinancial

OfficerandtheCompanySecretaryalso

participate in meetings of the Committee,

whenrelevanttodoso.

For more on biographies and Board experience

details refer to pages 88 and 89

Andrew Webb

Chairman

97Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements



 continued

Prior to the search commencing, the Nomination Committee

led by the Senior Independent Director, Varda Shine, agreed

theskillsandexperienceitconsiderednecessaryfortherole

ofChairmanandprovidedthistoIndependentSearchPartners.

A long list of gender and ethnically diverse candidates was then

identifiedbyIndependentSearchPartnersanddiscussedwith

theCommitteetoagreeashortlisttobeinterviewed.Shortlisted

candidates were interviewed by the Senior Independent

Director, Varda Shine, and James Rutherford, who

recommendedthefinalfourcandidatestobeinterviewedby

membersoftheCommitteeandotherBoardmembers.

Following the conclusion of the formal process, the Committee

concluded that Andrew Webb had the requisite skills, attributes

andcapabilitiestotakeontheroleasaNon-ExecutiveDirector

and Chairman Designate, and agreed to recommend Andrew

Webb’sappointmenttotheBoardforapproval.Asannounced

in January 2024, Andrew’s appointment was approved by the

Boardwitheffectfrom15January2024asaNon-Executive

DirectorandheassumedtheroleofChairmanon2May2024.

The Committee will continue to review the composition of the

BoardanditsCommitteesthroughout2025toensurethe

appropriate mix of capabilities, experience and diversity is

maintained as part of the Company’s standard succession

planningprocesses.



The Board’s statement on its approach to gender and ethnicity

targets,includingthediversitytargetssetoutintheUKListing

Rules,canbefoundonpage93.Theadditionalnumericaldata

on the diversity of the Board and Executive management, in

theformatprescribedbytheUKListingRule6.6.6R(10),can

befoundonpage125.

Andrew Webb

Chairman of the Nomination Committee

26 March 2025

Information on the Group’s policy on inclusion and diversity,

andthe details of Ecora Resources’ gender balance, can be found

on . The numerical data required by UK Listing Rule

6.6.6R(10) can be found on page 125.



We will continue to

review the composition

of the Board and

its Committees to

ensure the appropriate

the mix of skills,

experience, diversity

and perspectives is

maintained for Ecora

to achieve its strategic

objectives now and

inthefuture.”

Andrew. Webb

Chairman of the Nomination Committee

Nomination Committee continued

98 Ecora Resources PLC Annual Report and Accounts 2024

Audit Committee

Role and responsibilities

The Committee’s objectives and responsibilities are set out

initstermsofreference,whichareavailabletoviewonline.

For more information, visit 



The Committee’s main responsibilities are:

n monitoringtheintegrityoftheannualandinterimfinancial

statements, the accompanying reports to the shareholders

and corporate governance statements;

n making recommendations to the Board concerning the

adoptionoftheannualandinterimfinancialstatements;

n reviewing and challenging the consistency of, and any

changes to, accounting policies, methods and standards;

n overseeingtheGroup’srelationswiththeexternalauditor,

including the assessment of its independence and

itseffectiveness;

n making recommendations to the Board on the appointment,

retention and removal of the external auditor and the

tendering of the external audit;

n advising the Board on the external auditor’s remuneration

forbothauditandanynon-auditwork;

n reviewing the reports from management on the principal

risksoftheGroupoutlinedonpages63to69andmonitoring

the management of those risks;

n monitoringandreviewingtheadequacyandeffectiveness

oftheGroup’sinternalcontrols;

n considering the need for an internal audit function and

reviewingtheGroup’sapproachtoassessingtheeffectiveness

of internal controls in the absence of an internal audit function;

n reviewing and challenging management’s assumptions

underlying the going concern assessment, together with

overseeing completion of the Viability Statement; and

n reviewingandmonitoringtheGroup’swhistleblowing

procedureandtheGroup’ssystemsandcontrolsforthe

prevention of bribery, corruption and money laundering;

The Committee has authority to investigate any matter within

itsremit.IthasthepowertouseanyGroupresourcesitmay

reasonably require and it has direct access to the external

auditor.TheCommitteecanalsoobtainindependentprofessional

adviceattheGroup’sexpensewhereitdeemsnecessary.The

Committee Chairman reports to the Board after each meeting

onthemainitemsdiscussed.

Fair, balanced and understandable

AkeyrequirementoftheGroup’sannualfinancialstatements

isthattheybefair,balanced,understandableandprovidethe

informationnecessaryforshareholderstoassesstheGroup’s

position,performance,businessmodelandstrategy.TheAudit

CommitteeandtheBoardaresatisfiedthatthe2024Annual

Report and Accounts meet this requirement and that

appropriate weight has been given to both positive and

negativedevelopmentsintheyear.

Graeme Dacomb

Chairman of the Audit Committee

Committee members

Meetings attended

GraemeDacomb*–Chairman 5/5

James Rutherford 5/5

Varda Shine 5/5

* The Chairman of the Audit Committee is

deemedtohaverecentandrelevantfinancial

experienceinaccordancewiththeUK

CorporateGovernanceCode.TheCommittee

as a whole has competence relevant to

thesector.

TheChairman,theChiefExecutiveOfficer,

theChiefFinancialOfficer,theHeadofLegal,

theGroupFinancialControllerandCompany

Secretary and the external auditor also

participate in meetings of the Committee,

asrequired.

For more on biographies and Board experience

details refer to pages 88 and 89

99Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Fair, balanced and understandable continued

In justifying this statement, the Audit Committee has considered the robust processes which operate in producing the 2024

AnnualReportandAccounts,including:

n earlyengagementwiththeexternalauditoronsignificantaccountingmattersbythefinanceteaminadvanceoftheyear-end

reporting process;

n thethoroughprocessofreview,evaluationandverificationbyseniormanagementtoensuretheaccuracyandconsistency

ofinformationpresentedinthe2024AnnualReportandAccounts;

n the provision of advice by external advisers to management and the Board on best practice regarding the preparation of the

2024 Annual Report and Accounts;

n ameetingoftheAuditCommitteeheldspecificallytoreviewandconsiderthedraft2024AnnualReportandAccountsinadvance

ofthefinalsign-offbytheBoard.Thisreviewincludedthesignificantaccountingmattersexplainedinthenotestothe

consolidatedfinancialstatements;and

n considerationbytheAuditCommitteeoftheconclusionsoftheexternalauditoronthekeyauditmattersthatcontributedtoits

auditopinion,specificallytheassessmentoftheGroup’sroyaltyintangibleassetsandmetalstreamforindicatorsofimpairment

andthevaluationoftheKestrelroyalty.

Committee focus in 2024

Throughout2024,theAuditCommitteefocusedonthevaluationoftheKestrelroyaltyandtheGroup’sroyaltyfinancialinstruments,

management’sassessmentforindicatorsofimpairmentinrelationtotheGroup’sroyaltyintangibleassetsandmetalstream,the

accountingclassificationandtreatmentofthePhalaborwaroyaltyacquiredfromRainbowRareEarthsLtd,taxationmattersandthe

smoothtransitionofexternalauditorfollowingthe2023tenderprocess.Inaddition,theCommitteereviewedthesystemofinternal

controlandriskmanagement.

TheAuditCommitteeheldfivemeetingsin2024andhasmettwicetodatein2025,coveringthekeytopicssetoutinthetablesbelow.

Significantissuesconsideredby

the Audit Committee in relation to

theGroup’sfinancialstatements Response of the Audit Committee

Assessmentforindicators

ofimpairmentinrelation

totheGroup’sroyalty

intangible assets and

metalstream

The Committee reviewed management’s assessment for indicators of impairment in relation to the

Group’sroyaltyintangibleassetsandmetalstream,andchallengedmanagement’skeyassumptions

includingproductionprofiles,futurecommoditypricesandnominaldiscountratesusedtoestimate

therecoverableamountofeachroyaltyandcomparedthistotherespectivecarryingvalue.

TheCommitteereviewedthedisclosuresrelatedtotheGroup’simpairmentpolicyoutlinedinnote3

andtheimpairmentchargeof$15.1mrecognisedinrelationtotheGroup’sVoisey’sBaycobalt

stream,togetherwiththeassociatedwrite-offofcarryforwardtaxlossesthatarenolonger

expectedtobeutilisedresultinginadeferredtaxchargeof$9.8m,asdescribedinnotes16and26

fortheyearended31December2024.

The Committee concluded that the impairment charges recognised during the year ended 31

December2024,togetherwiththeassociatedwrite-offofcarryforwardtaxlossesthatarenolonger

expectedtobeutilisedwereappropriateandhavebeenadequatelydisclosed.

Reviewofcarryingvalue

oftheKestrelcoalroyalty

TheCommitteereviewedtheindependentvaluationoftheGroup’sKestrelcoalroyalty,togetherwith

management’s review and challenge of the key assumptions used by the independent valuer, including

management’s own assessment of the nominal discount rates and future commodity prices used to

determinethecarryingvalueofthecoalroyaltyasat31December2024.

TheCommitteereviewedthedisclosuresrelatedtotherevaluationlossof$23.1minrelationtothe

Kestrelcoalroyaltydescribedinnote15,fortheyearended31December2024.

TheCommitteeconcludedthatthefairvaluehasbeencalculatedinaccordancewiththeGroup’s

accountingpolicyoutlinedinnote3,isappropriateasat31December2024andisadequatelydisclosed.

Reviewofcarryingvalue

ofroyaltyfinancial

instruments

The Committee reviewed and challenged management’s key assumptions including production

profiles,futurecommoditypricesandnominaldiscountratesusedtodeterminethecarryingvalue

ofthoseroyaltiesheldatfairvalue.

The Committee reviewed the disclosures related to the revaluation gain of $12.0m in relation to

royaltyfinancialinstruments,describedinnote17fortheyearended31December2024.

TheCommitteeconcludedthatthefairvaluehasbeencalculatedinaccordancewiththeGroup’s

accounting policy outlined in note 3, is appropriate as at 31 December 2024 and is

adequatelydisclosed.

Audit Committee continued

100 Ecora Resources PLC Annual Report and Accounts 2024

Significantissuesconsideredby

the Audit Committee in relation to

theGroup’sfinancialstatements Response of the Audit Committee

Reviewofaccounting

classificationand

treatmentofcompleted

acquisitions

TheCommitteereviewedandchallengedmanagement’saccountingclassificationandtreatmentof

thePhalaborwaroyaltyacquiredfromRainbowRareEarthsLtdforcashconsiderationof$8.5m.

TheCommitteeconcurswithmanagement’sclassificationofthePhalaborwaroyaltyasaroyalty

financialinstrumentonthebalancesheet,accountedforinaccordancewithIFRS9–Financial

Instruments, as the royalty agreement includes a number of protective measures which permit the

GrouptotransfertheroyaltytoaseparateandunrelatedmineoperatedbyRainbowRareEarths

Ltd,ormayleadtotherepaymentofthecashconsideration.

TheCommitteereviewedthedisclosuresrelatedtotheacquisitiondetailedinnote17.

Grouptaxexposures TheCommitteeconsideredmanagement’sassessmentofanypotentialoruncertaintaxexposures.

The Committee challenged management, and its professional advisers, on tax positions taken and

concludedthatthedisclosurescontainedinnotes11and36aresufficientandthatnoadditional

provisionisappropriate.

Goingconcernbasisof

accountinginpreparing

thefinancialstatements

TheCommitteereviewedandchallengedtheoutcomeofmanagement’shalf-yearlyandyear-end

reviews of current and forecast net debt positions, together with the headroom on existing

borrowingfacilitiesandongoingcompliancewithdebtcovenants.

The Committee also considered the outcome of management’s downside scenario analysis, which

included possible reductions in commodity prices and production volumes, before concluding that

theapplicationofthegoingconcernbasisforpreparationofthefinancialstatementscontinuedto

beappropriate.

Other issues considered by

theAuditCommittee Response of the Audit Committee

Application of the

policyforcalculating

adjustedearnings

TheCommitteereviewedtheGroup’spolicyforthecalculationofadjustedearningsandconfirmed

theconsistentapplicationofthispolicyyearonyear.

Adjustedearningsistheprofit/(loss)attributabletoequityholdersplusroyaltiesreceivedfrom

financialinstrumentscarriedatfairvaluethroughprofitorloss,lessallvaluationmovementsand

impairments, amortisation charges, unrealised foreign exchange gains and losses, and any

associateddeferredtax,togetherwithanyprofitorlossonnon-coreassetdisposals.

Areconciliationofadjustedearningstoprofit/(loss)attributabletoequityholdersispresentedin

note12.

Riskmanagement The Committee reviews and monitors the mitigation plans in place and the appropriate senior

managementresponsibilitiestoaddresstheprincipalrisks(refertopages63to69)identifiedby

theBoard.

Viability Statement The Committee reviewed the time period over which the assessment is made, along with the

scenariosthatareanalysed,thepotentialfinancialconsequencesandassumptionsmadeinthe

preparationoftheViabilityStatement.

TheCommitteeconcludedthatthedownsidescenariosanalysedweresufficientlyseverebut

plausible and the time period of the Viability Statement was appropriate, given the alignment with

thebudgetingprocess.

Externalaudit TheCommitteereviewedandapprovedtheplanningreportfromtheGroup’sexternalauditor,Ernst

&YoungLLP,outliningthefinalauditplanandfee,inDecember2024,havinggivendueconsideration

totheauditapproach,materialitylevelsandauditrisks.InMarch2025,theCommitteereviewedthe

output of the external audit work that contributed to the auditor’s opinion, including the challenge

totheGroup’sassumptionsontheissuesnotedinthisreport.

101Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Other issues considered by

theAuditCommittee Response of the Audit Committee

Engagementwith

FinancialReportCouncil

The Committee considered the Financial Reporting Council’s request for information and other

observations made following the review of the 2023 Annual Report and Accounts carried out by

theCorporateReportingReviewteam.

The Committee reviewed and approved the Company’s response which explained: the accounting

treatmentappliedtoearly-stageroyaltyandstreamingarrangementssubjecttoproductionrisk;the

basis on which the West Musgrave royalty was accounted as a royalty intangible asset and not as a

royaltyfinancialinstrument;andthattheaccountingtreatmentappliedtoroyaltyfinancial

instrumentsoncecertainfinancialprotectionmechanismsinthecontractsfallawaywasnot

currently relevant, which enabled the Financial Reporting Council to close its enquiry

(1)

In addition to these questions that the FRC raised with the Company, some suggestions were made

asreportingimprovements(totheextenttheyareconsideredtobematerialandofrelevance).The

Audit Committee considered the recommendations as part of its review of this year’s Annual Report

and,inrespectofthoseareasconsideredtobeofrelevance,aresatisfiedthattheyhavebeen

addressed.

TheCommitteereviewedandconsideredthefindingsoftheFinancialReportingCouncil’sAudit

QualityReviewteamfollowingitsinspectionoftheauditoftheGroup’sfinancialstatementsforthe

yearended31December2023byDeloitteLLP.TheCommitteehassharedthefindingsfromthe

inspectionwithErnst&YoungLLPwhowereappointedastheGroup’sexternalauditorsatthe2024

AGM,toassistwiththeauditfortheyearended31December2024.

Internalaudit TheCommitteeconsidersonanannualbasiswhetheraninternalauditfunctionisrequired.

TheCommittee’spresentviewisthatoneisnotcurrentlyjustifiedgiventheGroup’srelatively

uncomplicated control environment and business processes, together with the level of oversight

andinvolvementinindividualtransactionsbytheExecutiveDirectors.

For the same reasons, the Committee does not believe the absence of an internal audit function

adverselyaffectstheDirectors’assessmentoftheGroup’scontrolenvironmentortheworkofthe

externalauditor.

Ethical business conduct TheCommitteereviewedandchallengedmanagement’sannualanti-bribery,corruptionandmoney

launderingriskassessment.Inaddition,theCommittee,alongwithallotherBoardmembers,senior

managementandstaffcompletedtheannualcertificationofcompliancewiththeGroup’sAnti-Bribery,

CorruptionandMoneyLaunderingPolicy.

(1) The letter received from the CRR provides no assurance that the annual report and accounts are correct in all material respects; the FRC’s role

isnottoverifytheinformationprovidedtoitbuttoconsidercompliancewithreportingrequirements.TheFRC(whichincludesitsofficers,

employees and agents) accepts no liability for reliance on its communication by the Company or any third party, including but not limited to

investorsandshareholders.



To safeguard the objectivity and independence of the external

audit process, it remains the Committee’s practice to review

andapproveallfeesrelatedtonon-auditservices.Withthe

exceptionoftheinterimreview,nonon-auditserviceswere

providedduring2024bytheGroup’sexternalauditor.

Other safeguards include:

n The external auditor is required to adhere to a rotation policy

basedonbestpracticeandprofessionalstandardsintheUK.

The maximum period for rotation of the audit engagement

partnerisfiveyears.Theauditengagementpartner,Jessy

Maguhn,wasappointedin2024andwillrotateoffattheend

ofthe2028auditinaccordancewiththisrequirement.

n The external auditor is required to assess periodically whether,

in its professional judgement, they are independent of the

GroupandconfirmthistotheAuditCommittee.

n The Audit Committee ensures that the scope of the auditor’s

workissufficientandthattheauditorisfairlyremunerated.

The Committee reviewed and discussed the 2024 fee proposal,

concluding that the proposed fees were appropriate for the

scopeofworkrequired.Detailsoftheexternalauditor’s

remunerationaredisclosedinnote7.

n An annual assessment is undertaken of the auditor’s

effectivenessthroughjointdiscussionsbetweenthe

Committee,theChiefFinancialOfficer,theGroupFinancial

ControllerandtheGroupReportingManager.Theassessment

identifiesstrengthsandareasforimprovementwhichare

discussedwiththeauditorandactionplansagreed.The

assessment conducted in 2024 of the 2023 external audit

concludedthattheGroup’soutgoingexternalauditor,

DeloitteLLP,wasindependent,objectiveandeffectivein

thedeliveryoftheaudit.

Conclusions of the Audit Committee for 2024

TheCommitteehassatisfieditselfthattheexternalauditor’s

independencewasnotimpaired.

The Committee held meetings with the external auditors

without the presence of management on two occasions and

theChairmanoftheCommitteeheldregularmeetingswith

theauditengagementpartnerduringtheyear.

Audit Committee continued

Committee focus in 2024 continued

102 Ecora Resources PLC Annual Report and Accounts 2024

Consideration given to the appointment of the



Following the conclusion of a formal tender process in 2023,

Ernst&YoungLLPwasappointedastheGroup’sexternal

auditorattheAGMheldinMay2024fortheyearending

31December2024.

The Audit Committee’s assessment of the external auditor’s

performance independence underpins its recommendation

totheBoardtoproposetoshareholdersthere-appointment

ofErnst&YoungLLPasauditoruntiltheconclusionoftheAGM

in2026.ResolutionstoauthorisetheBoardtore-appointand

determine the remuneration of Ernst & Young LLP will be

proposedattheAGMon5June2025.

Risk management and internal control

Risk management is the responsibility of the Board and is integral

totheachievementoftheGroup’sobjectives.TheBoardestablishes

the system of risk management, setting risk appetite and

maintaining the system of internal control to manage risk within

theGroup.Arobustprocessforidentifyingandevaluatingthe

principalandemergingrisks,detailedonpages60to63,wasin

placeduring2024anduptothedateofthisreport.TheGroup’s

system of risk management and internal control is monitored by

theAuditCommitteeunderdelegationfromtheBoard.

The key elements of the control system in operation are:

n The Board meets regularly with a formal schedule of matters

reserved to it for decision and has put in place an organisational

structure with clear lines of responsibility and appropriate

delegationofauthority.

n There are established procedures for planning and approving

investments and information systems for monitoring the

Group’sfinancialperformanceagainstbudgetsandforecasts.

n TheChiefFinancialOfficerisrequiredtoundertakeanannual

assessment process to identify and quantify the risks that

facetheGroup’sbusinessesandfunctions,andtoassess

theadequacyoftheprevention,monitoringandmitigation

practicesinplaceforthoserisks.Thisprocesscoversall

materialcontrols,includingfinancial,operationalandcompliance

controls.Theprocessundertakenduringtheyearisdiscussed

inmoredetailwithinthePrincipalRisksandUncertainties

sectiononpages63to69.TheAuditCommittee,onbehalfof

the Board, is responsible for reviewing the risk assessment

processforcompletenessandaccuracy.

n In addition to its work on the above, the Audit Committee

alsoreceivesregularreportsaboutsignificantrisksand

associatedcontrolandmonitoringprocedures.TheGroup’s

risk register and internal controls and procedures documentation

areregularagendaitemsfortheCommittee.TheCommittee

alsoreceivesregularreportsfromtheexternalauditor.

n The Audit Committee reports to the Board on these matters,

soastoenabletheDirectorstoreviewtheeffectivenessof

thesystemofinternalcontrol.TheBoardalsoreceivesreports

fromitsotherCommitteesanddirectlyfrommanagement.

In carrying out its role and determining in its opinion that the

systemofriskmanagementandinternalcontrolswaseffective

during 2024, the Committee reviewed and considered

thefollowing:

n regular updates of key internal control matters in respect

oftheGroupfinancialreportingprocesses,suchasfinancial

reporting systems and controls;

n the key risk areas of judgement and estimation uncertainty

withinfinancialreportingandmitigatingactionstaken

bymanagement;

n procedures developed by management to identify and

evaluatekeybusiness,financialandoperationalrisks,and

theeffectivenessoftheresponsesbeingimplementedto

mitigate the potential impacts;

n the output of external audit work; and

n policies and procedures in place to detect, monitor and

investigateactivityinrespectofanti-fraud,briberyand

corruption,includingtheGroup’swhistleblowingfacilities.

Whistleblowing programme

TheGroupoperatesawhistleblowingprogrammeprovidedby

anindependentthird-partyserviceprovider.Thewhistleblowing

programmeiscalledSafecallandisavailabletoallemployees.

Safecallenablesemployeestoconfidentiallyandanonymously

report any matters of concern about potentially unethical,

unlawfulorunsafeconductorpracticesthatconflictwiththe

Group’svaluesandCodeofConduct.

During 2024, there were no reports received through the

Safecall channel or any other instances of whistleblowing

(2023:nil).

Therearenosignificantissuesdisclosedinthereportand

financialstatementsfortheyearended31December2024

anduptothedateofapprovalofthereportandfinancial

statements that have required the Board to deal with any

relatedmaterialinternalcontrolissues.

Graeme Dacomb

Chairman of the Audit Committee

26 March 2025

103Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Sustainability Committee

Role and responsibilities

The role of the Sustainability Committee, on behalf of the

Board,istooverseetheGroup’ssustainabilitystrategies,

targets, performance, disclosures, policies and processes

designedtopromotethelong-termsuccessoftheCompany

andcontributepositivelytowidersociety.TheCommittee

managestheGroup’ssustainabilityrisksandensures

compliancewithitssustainability-linkedresponsibilities

andcommitments.

The Committee’s objectives and responsibilities are

set out in its terms of reference, which are

available to view online. For more information, visit



The Committee’s main responsibilities are summarised in more

detail below:

n approving the development and implementation of the

Group’ssustainabilitystrategy;

n ensuringthattheGroup’ssustainabilityprioritiesare

reflectedintheGroup’sculturebyalignmentwiththe

corporate strategy, purpose, values and the Code of Conduct;

n approving and overseeing the implementation, review and

ongoingmonitoringof,andcompliancewith,theGroup’s

Sustainability Policy and other sustainability processes

andpolicies;

n considering material regulatory and voluntary developments

in the sustainability regulatory and reporting landscape,

andineachcase,advisingtheBoardonimplementingany

consequentchangesrequiredtotheGroup’spolicies,

processes and strategies;

n recommendingannuallytotheBoardtheGroup’ssustainable

development targets, metrics key performance indicators,

objectivesandcommitmentsagainstwhichtheGroup’s

implementation of its sustainability strategy can be

monitored and evaluated;

n makingrecommendationstotheGroup’sRemuneration

Committee in relation to appropriate sustainability and

sustainability-relatedperformanceobjectivesforExecutive

Directors, and providing an assessment of the outcomes of

thesustainability-relatedperformanceobjectivesatthe

endofthereportingperiod;

n consideringandreviewingtheGroup’ssustainabilityratings

and accreditations;

n overseeingandadvisingtheBoardontheGroup’s

sustainability-relatedengagementeffortswithkeystakeholders;

n evaluatingtheeffectivenessoftheprocessesandreporting

systems put in place by management to deal with identifying

sustainability related risks across the business and its investments

;

n co-ordinatingtheCommittee’snon-financialrisk

management work with the Audit Committee, in particular in

relation to reporting to the Board;

n overseeing the process for selection and engagement of

anyexternalconsultantsengagedtoassessthesustainability

performance of potential investments together with the

ongoingmonitoringoftheGroup’sportfolio;

n reviewing management’s sustainability assessment of

potential investments and the ongoing monitoring of the

portfolio’s sustainability performance, including reviewing

anysustainabilityincidentsreportedbytheGroup’s

operating partners;

James Rutherford

Chairman of the Sustainability Committee

Committee members

Meetings attended

James Rutherford – Chairman 4/4

MarcBishopLafleche 4/4

Christine Coignard 4/4

TheChairman,theChiefFinancialOfficer,the

Company Secretary, Head of Legal, Head of

Technical and members of the Investor

Relations team also attend meetings of the

Committee.OthermembersoftheGroup

areinvitedtoattendwherenecessary.

For more on biographies and Board experience

details refer to pages 88 and 89

We are committed to

providing transparency

in all our sustainability

disclosures relating

toour business and

ourinvestments.”

James Rutherford

Chairman of the Sustainability Committee

104 Ecora Resources PLC Annual Report and Accounts 2024

n reviewingandoverseeingtheGroup’scharitable

programmes and community investment activities; and

n prior to making recommendations to the Board, meeting

independently with the Head of Legal and the Company

Secretaryatleastannuallytorevieweffectivenessofthe

Group’sSustainabilityPolicy.

The Sustainability Committee has authority to investigate all

mattersfallingwithinitsremit.Ithasthepowertoobtain,atthe

Group’sexpense,anyexternalindependentprofessionalor

expert advice, which it deems necessary and has direct access

totheGroup’sresourcesasitmayreasonablyrequire,including

accesstomanagement.TheSustainabilityCommitteeChair

reportstotheBoardaftereachmeetingonthemattersdiscussed.

Our approach to sustainability

Ourapproachtosustainabilitycanbefoundonpages50to59.

Committee focus in 2024

The Committee met four times during 2024, with full

attendance(eithervirtuallyorin-person).Discussionsatthe

meetings covered the responsibilities outlined above, with a

particular focus on:

n settingtheGroup’ssustainabilityobjectivesandpriorities

for2024;

n conducting a Materiality Assessment;

n monitoring and evaluating any sustainability risks and

opportunitiesacrosstheGroup’sportfolio;and

n enhancingtheGroup’sduediligenceandscreeningtools,

particularly in relation to the ongoing monitoring of the

Group’sportfolio.

In addition to the Committee’s standing agenda items, the

following matters were discussed by the Committee during 2024:

Climate change

n considered the Science Based Targets Initiative’s informative

guidance regarding value chain decarbonisation and evaluated

thewaysinwhichtheGroupmaysubstantiatethecredibility

of its emissions reduction goals;

n thestrategytomaintaincarbonneutralityfortheGroup’s

corporateoperationsalongsidecontinuingeffortstoreduce

itscarbonfootprintintheofficeworkplace;

n explored ways in which to monitor, measure and reduce the

Group’sScope3GHGemissions;

n theGroup’scarbonreductionandremovalopportunities,

where it cannot reduce its Scope 3 (upstream) emissions,

onanannualbasis;

n theimpactofclimatechangeriskontheGroup’sexisting

portfolio and any future investments;

n collaborated and liaised with the other Board Committees,

includingtheAuditCommittee,tooverseetheGroup’s

non-financialriskmanagementprocesses(includingan

annual review of the risk register) with a focus on

climate-relatedrisksandopportunities,including

identificationofsuchrisksandopportunitiesand

scrutinyofthemitigationplans;

n aspartoftheGroup’sannualTCFDdisclosure,reviewed

theclimateriskregisteronasemi-annualbasistoensure

thattheassignedmitigatingactionsremainappropriate

andarebeingimplemented;

n considered ways in which to assess our operating partners’

decarbonisationeffortsandnetzeroalignmentwithrespect

totheGroup’sScope3(Downstream)GHGemissions;and

n calculatedandconsideredthecostsofoffsettingtheGroup’s

financedemissionswithrespecttotheGroup’sproducingassets.

Sustainability reporting and governance framework

n conducted a Compressed Double Materiality Assessment

and assurance exercise with key internal and external

stakeholders to increase understanding of key stakeholder

priorities,confirmdisclosureprioritiesandensurethe

Group’ssustainabilitystrategyisappropriatelyinformed

andresourced;

n submissionoftheGroup’sannualCommunication

onProgressfortheUNGC;

n considered additional disclosure frameworks against

whichtheGroupmayreport;

n reviewedtheGroup’scompliancewithitscorporate

governance training programme;

n annualreviewanddevelopmentoftheGroup’ssustainability

duediligenceframeworktoensuretheGroupcontinuesto

assess key sustainability risks and opportunities for new

investments appropriately;

n monitoredtheGroup’sperformanceagainsttheModern

Slavery Statement key performance indicators;

n advised on engagement with sustainability rating agencies to

ensuretheGroup’ssustainabilityprofileisscoredaccurately;

n made recommendations to the Board on the adequacy of

thereportingonsustainability,disclosures,opportunities,

risks and issues in the Annual Report and other relevant

public documents;

n reviewedtheGroup’ssustainabilitystrategyroadmapagainst

thefindingsoftheMaterialityAssessmentandidentifiedkey

areas of development;

n reviewedandamendedseveralGrouppoliciesincludingthe

Code of Conduct, Sustainability Policy, Bribery, Corruption

andAnti-MoneyLaunderingPolicyandassociatedbusiness

integrity policies, and approved a new Menopause Policy;

n approved new and amended policies as a result of the change

intheGroup’slisting,includingSignificantTransactionsPolicy,

Related Party Transactions Policy and Inside Information Policy;

n the setting of key performance indicators in the Modern

SlaveryStatementfor2025;and

n theCommittee’seffectivenessreview(includingareview

oftheCommittee’stermsofreference).

Communities and social performance

n buildingontheGroup’scommunityinvestmentandcharity

programme, oversaw the evaluation of corporate social

responsibilityprogrammesincollaborationwiththeGroup’s

operating partners;

n discussedandapprovedenhancementstotheGroup’s

corporate charitable initiatives programme, including

implementationoftheGroup’smatchedgivingprogramme;

and

n expandedontheGroup’semployeehealthandwell-being

programme, including the introduction of additional

employeebenefit

For further details refer to our Sustainability Progress Report on

pages 50 to 59

James Rutherford

Chairman of the Sustainability Committee

26 March 2025

105Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Remuneration Committee

Role and responsibilities

The Committee’s objectives and responsibilities are set out

inourtermsofreference,whichareavailabletoviewonline.

For more information, visit 



The Committee’s main responsibilities are:

n establishinganddevelopingtheGroup’sgeneralpolicy

onexecutiveandseniormanagementremuneration;

n determiningspecificremunerationpackagesforthe

ExecutiveDirectorsandmembersoftheGroup’sExecutive

Committee and agreeing the Chairman’s fee;

n designing and operating the Company’s share incentive schemes;

n reviewing the remuneration of the wider workforce

andassociatedpolicies;and

n consulting shareholders and other stakeholders,

whenappropriate,regardingexecutiveremuneration.

The Committee takes account of the level of pay and conditions

throughouttheGroupwhendeterminingExecutiveremuneration.

The Remuneration Committee held four meetings in 2024

andhasmettwicetodatein2025,tofulfilitsresponsibilities

assetoutintheCommittee’stermsofreference.

Committee focus in 2024

n Approval of incentive results for the 2023 annual bonus

andvestinglevelsofthe2021LTIP.

n Finalising the 2024 remuneration policy to be presented

atthe2024AGM.

n Setting of incentive targets for the 2024 annual bonus

andLTIP.

n ProvidingguidancetotheChiefExecutiveOfficeronsalaries,

bonusesandlong-termincentivestobeawardedtothe

widerworkforce.

n Reviewofupdated2024UKCorporateGovernanceCode

andnewguidelinesissuedbyshareholdersandproxy

advisorybodies.

Committee focus in 2025

n Assessment of 2024 incentive outcomes, including for

the2024annualbonusand2022LTIPaward.

n Settingofincentivetargetsfor2025,includingthe2025

annualbonusand2025LTIPaward.

n ProvidingguidancetotheChiefExecutiveOfficerontotal

compensationlevelsforthewiderworkforce.

n Review of corporate governance in relation to remuneration

issues, remuneration market trends and any implications for

theGroup.

Varda Shine

Chair, Remuneration Committee

Committee members

Varda Shine – (Chair) 4/4

Christine Coignard 4/4

GraemeDacomb 4/4

James Rutherford 4/4

TheChairman,theChiefExecutiveOfficer,

theChiefFinancialOfficerandtheCompany

Secretary also attend meetings of the

Committeebyinvitation.

For more on biographies and Board experience

details refer to pages 88 and 89

106 Ecora Resources PLC Annual Report and Accounts 2024

Directors’ remuneration report

Introductory letter

Our primary role as the Remuneration Committee is to ensure

that the remuneration arrangements for the Executive Directors

are aligned with the successful delivery of the Company’s

strategy, both in the short and long term, to generate sustainable

shareholdervalue.Thelinkbetweenpayandourshareholders’

experienceisthereforeparamount.

As expected, volumes at Kestrel and Voisey’s Bay increased

significantlyin2024,withproductionreturningtotheGroup’s

privateroyaltylandsatKestrelinthefirsthalfoftheyear,and

Vale completing the Voisey’s Bay mine expansion project which

sawasubsequentramp-upofundergroundoperationsinthe

secondhalfoftheyear.Challengingmacro-economicconditions

led to softer prices for both steelmaking coal and cobalt

throughouttheyear,partiallyoffsettingtheimpactofhigher

volumesandresultedinportfoliocontributionof$63.2min

theyear,inlinewiththe$63.6mreportedin2023.TheGroup’s

portfoliocontributionflowedthroughtoadjustedearnings

pershare11.43c/sharefortheyear,comparedto11.82c/share

in2023.

Themacro-economicheadwindswhichledtothesofter

commodity prices were once again compounded by the

continuedstagnationinsmall-capUKequitymarketsduring

2024,withcontinuedredemptionsandaflightofcapitaloutside

oftheUK.Asanticipated,therevisionstotheGroup’scapital

allocation policy, detailed in the 2023 Annual Report, to align

thedividendwithfreecashflowgenerationandfreeupcapital

for growth did not meet the mandates of all investors leading

toadditionalturnoverintheshareregister.Thecombination

ofthesefactorscontributedtoEcora’ssharepricefalling36%

duringthecourseoftheyear.

Despite this challenging backdrop, the management team

continuedtoexecuteanddeliverontheGroup’sstrategy,

deploying$8.5mtoacquireagrossrevenueroyaltyoverthe

Phalaborwa Rare Earths Project located in South Africa, providing

theGroup’sfirstexposuretorareearthsandmakinganequity

investmentof$1.5minRainbowRareEarthsLtd,themajority

ownerofthePhalaborwaproject.Thisacquisitionwasfunded

largely through the revisions to the capital allocation policy and

reiterates our continued focus on growth and our commitment

todeliveringsustainablelong-termshareholdervalue.

In making our decisions on remuneration outcomes for the

Executive Directors in 2024, we had regard for the context

outlinedabove.AsaCommittee,wesoughttomakedecisions

that struck an appropriate balance between rewarding and

continuing to incentivise the Executive Directors to deliver

valueforallourstakeholdersoverboththeshortandlongterm.

2024 remuneration policy

As detailed in last year’s Directors’ Remuneration Report, an

updatedremunerationpolicywasputtoavoteattheAGMon

2May2024.Iampleasedtoreportthatthenewpolicypassed

withextremelystrongsupport;97.18%ofshareholdersvoted

forthepolicy.

The Committee engaged extensively with shareholders and

stakeholders as part of a comprehensive review of the policy

and I would like to extend my personal thanks to all of those

who took part in the consultations for their constructive

dialogueandfeedback.

As a reminder, the key changes in the 2024 policy were:

n the maximum opportunity under the LTIP was increased

to200%salaryforExecutiveDirectors,withtheCommittee

committingtoconsultwithsignificantshareholderspriorto

makinganyawardinexcessof175%ofsalary.Followingthe

approval of the 2024 policy by shareholders, the following

awards were granted to the Executive Directors:

– ChiefExecutiveOfficer–175%ofsalary;and

– ChiefFinancialOfficer–150%ofsalary;

n the LTIP performance measures, portfolio contribution

andadjustedearningspershare,willbesetandassessed

ontheaggregateperformanceoverthreeyears,instead

oftheperformanceofasingleyear,threeyearslater.

2024 outcomes

Annual bonus outcomes

Employees, including the CEO and CFO, each had individual

bonusobjectivesfor2024.Thebonusawardcriteriarelateto

aseriesofagreedcorporateandpersonalperformancetargets

whichareeachscored,asoutlinedonpages115and117.

InthecontextoftheGroup’sfinancialperformanceduring2024

describedabove,thefinancialmeasureswithintheannualbonus

paidoutat18.3%oftheopportunity.Thisoutcomereflectsthe

fact that the Committee set challenging targets at the start of

each year, the delivery of which has been impacted in 2024 by

softercommoditypricesdespitethesignificantincreasein

volumes at both Kestrel and Voisey’s Bay, as described elsewhere

inthisreport.TheCommitteewillcontinuetosetchallenging

targets which strike the balance between incentivising management

andreflectingtheshareholderexperience.

For the 2024 annual bonus, the Committee expanded the

growth performance measure to include both the acquisition of

new royalties and streams, and an assessment of the performance

ofacquisitionsagainsttheirinvestmentcase.Takingintoaccount

the Phalaborwa royalty acquisition described above, together

with the performance of the royalties and streams acquired

since 2019 against their respective investment cases as described

onpage115,thegrowthandinvestmentstrategymeasures

withintheannualbonuspaidoutat20%oftheopportunity.

I would like to thank

those shareholders

who took part in

our consultation on

the revisions to the

remuneration policy.”

Varda Shine

Chair of the Remuneration Committee

107Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Directors’ remuneration report continued

2024 outcomes continued

Annual bonus outcomes continued

Further details on payout for the sustainability and personal

objectiveelementsoftheannualbonusareprovidedonpages

115and117.Overall,theChiefExecutiveOfficerwasawardeda

bonusof£156,000underthebonuscriteria(33.1%ofthetotal

potentialaward)andtheChiefFinancialOfficerwasawardeda

bonusof£111,000(33.1%ofthetotalpotentialaward).

2022 LTIP outcomes

Overthethree-yearperformanceperiod,theExecutiveDirectors

have consistently worked towards the successful execution of

theGroup’sstrategytogrowanddiversifyitsportfolioofcritical

mineralroyaltiesandmetalstreams.In2022theExecutiveDirectors

led the acquisition of a portfolio of development stage royalties

fromSouth32.ThiswasfollowedbytheacquisitionoftheVizcachitas

copperprojectin2023,whichfurtherenhancedtheGroup’s

portfolioofmediumtolong-termcopperroyalties,andthe

2024 acquisition of the Phalaborwa royalty which provided

theGroup’sfirstexposuretorareearths.

DespitethesuccessfulexecutionoftheGroup’sstrategy,

economic headwinds have resulted in softer steelmaking coal

and cobalt commodity prices in 2024, which, when combined

withaslowerthananticipatedramp-upofcobaltdeliveries

fromVoisey’sBay,thetemporarysuspensionofthedevelopment

of West Musgrave by BHP and the challenging equity market

conditionsongoingintheUnitedKingdom,hasresultedina

totalTSRoutcomeof(43.2%)overtheperformanceperiod.

As detailed in the 2023 Annual Report and explained on

page119,theS&P/TSXGlobalBaseMetalsIndexwaschosen

toreplacetheEMIXGlobalMiningIndex(excludinggoldand

energy)afteritwasdiscontinuedinJuly2023.Overthe

performanceperiod,theS&P/TSXGlobalBaseMetalsIndex

generatedaTSRof26.2%,whichissignificantlyhigherthanthe

Group’sTSRoutcome,resultingin0%vestingfromthetotalof

one-thirdoftheawardlinkedtotheTSRperformancecondition.

Theone-thirdoftheawarddependentonportfoliocontribution

vestedat69.9%basedontheGroup’sportfoliocontributionfor

theyearended31December2024of$63.2m,comparedtothe

thresholdandstretchtargetsof$44.2mand$76.0m

respectively,resultinginanoutcomeof23.30%.

Consistent with the approach taken in relation to the 2021 LTIP

as disclosed in the 2023 Annual Report, in assessing the vesting

oftheone-thirdoftheawarddependentonadjustedearnings

per share (AEPS), the Committee has exercised its discretion

toexcludethesharesissuedtoacquiretheportfolioof

developmentroyaltiesfromSouth32in2022.Thisisbecause

theissuanceofsharestoacquirenon-producingroyaltieswas

not included in the assumptions underlying the 2022 LTIP

targetssetforAEPSandtheacquisitionofnon-producing

royalties was a change in strategy given the previous focus

hadbeenonincome-producingroyalties.

Excluding the shares issued for the South32 acquisition the

Group’sAEPSfortheyearended31December2024increased

from11.43c/shareto13.81c/share,comparedtothethreshold

andstretchtargetsof12.1c/shareand24.4c/sharerespectively,

resultingin35.45%oftheperformancehurdlebeingachieved

andanoutcomeof11.82%.

The2022LTIPawardsgrantedon25February2022vestedat

35.12%ofthemaximumon25February2025.The2022LTIP

awardsgrantedon12May2022willalsovestat35.12%ofthe

maximumon12May2025.

Discretion

The Committee carefully considered the annual bonus and

LTIPoutcomesandconcludedthatnodiscretionwasrequired

beyond the adjustment made to the AEPS element of the LTIP

detailedabove.TheCommitteebelievesthattheannualbonus

and LTIP outcomes are both appropriate, based on the

Company’s performance during the year, and proportionate,

having had regard to the experience of the Company’s broad

rangeofstakeholders.

Operation of the policy in 2025

Salaries

TheCommitteeapprovea3%increasetotheExecutive

Directors’salariesfor2025,inlinewiththe3%awarded

totheGroup’swiderworkforce.

Implementation of incentives for 2025

Performancemeasuresattachedtothe2025annualbonusand

LTIP awards are in line with the terms of the 2024 policy and are

designedtodrivetheexecutionofGroup’sstrategytogrowand

diversifyourportfolioofcriticalmineralroyaltiesandstreams.

Details of the performance conditions and maximum

opportunitiescanbefoundonpage112.

Engagement with employees

Withfewerthan15employees,engagementtakesplaceina

lessformalmannerthanwouldoccurwithlargerworkforces.

However, as part of the change in operation of both the annual

bonusplanandlong-termincentives,presentationswereheld

andopportunitiesforfeedbackwereprovidedtoemployees.

Inaddition,theGroup’sDesignatedNon-ExecutiveDirectorfor

workforce engagement facilitated two town hall meetings during

2024, with feedback on the matters discussed, including

remuneration,providedtotheBoard.

Conclusion

The Committee believes that the decisions it has taken in

respect of the 2024 remuneration outcomes and our proposed

approachfor2025reinforceourcommitmenttoensuringthe

remuneration arrangements of our Executive Directors supports

thedeliveryofGroup’sstrategytogrowanddiversifyour

portfolio of critical mineral royalties and metal streams,

whiledeliveringsustainableshareholdervalue.Wetherefore,

hope you will support the Directors’ Report on remuneration

atthe2025AGM.

Varda Shine

Chair, Remuneration Committee

26 March 2025

Remuneration Committee continued

108 Ecora Resources PLC Annual Report and Accounts 2024

At a glance

ThissectionprovidesasummaryofthekeyinformationpresentedintheRemunerationReport.

Summary of our remuneration structure

Summary of 2024 – 2026 remuneration policy components

Element Key features



Base salary

Recruitment and retention

ofhigh-calibreexecutives

n Reviewed annually by the Remuneration Committee

n IncreasesbasedonGroupperformance,individualperformance,levelsofincreaseforthewider

workforceandinflation

n No maximum salary increase

Beneﬁts

Aligned with

widerworkforce

n Include medical and life insurance

n Noprescribedmaximumcostofbenefits

Pension

Aligned with wider workforce

n 10%ofbasesalary

Annual bonus

Cash

Rewards delivery of

strategic priorities and

financialsuccess

n Maximumbonusawardof100%ofbasesalary

n Outcomebasedontheachievementofacombinationofcorporate,financialandpersonal

performance targets

n The Committee uses a balanced scorecard approach to assess performance against targets at the

end of the year

n Cash bonus subject to malus and clawback

Deferral

Encourages sustained

performance in line with

shareholder interests

n ExecutiveDirectorswillberequiredtousethatpartoftheircashbonusthatexceeds50%oftheir

basesalarytopurchaseandholdsharesforathree-yearperiod

n Cash bonus used to purchase shares subject to malus and clawback

LTIP

Encourageslong-term

shareholder return and

accomplishment of

longer-termstrategic

objectives

n Awardsgrantedwithamaximumfacevalueof200%ofbasesalary,withsignificantshareholders

beingconsultedpriortomakinganyawardinexcessof175%ofbasesalary

n Awardsvestafterathree-yearperformanceperiod

n Vestedawardshaveafurthertwo-yearholdingperiod

n Vesting based on performance measures linked to strategic priorities

n LTIPawardsaresubjecttomalusandclawback,whichmaybeappliedduringthetwo-year

holdingperiod

Shareholding

guidelines

In-post

Toalignwithlong-term

shareholder interests

n ExecutiveDirectorsexpectedtoholdtwotimesbasicsalarywithinfiveyearsofappointment

Post-employment

Toalignwithlong-term

shareholder interests

n Lowerofthein-postrequirementatthetimeofcessationandtheactualshareholdingatcessation

tobeheldfortwoyearspost-employment

n Two-yearholdingperiodappliestoallsharesawardedundertheLTIP



remuneration

Fees

n MaximumannualaggregatedfeesforallNon-ExecutiveDirectors(includingtheChairman)of

£600,000

109Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Directors’ remuneration policy



The 2024 remuneration policy was set out in the 2023 Annual Report and Accounts and was presented for shareholder approval at

theAGMon2May2024.Thispolicywasapprovedwith97.18%support.ItisintendedthatthispolicywillapplyuntiltheCompany’s

2027AGM.

The full remuneration policy can be found in the 2023 Annual Report and Account available on the Group website



How our remuneration policy addresses UK Corporate Governance Code provision 40 principles

The2024remunerationpolicywasdesignedtakingintoconsiderationtheprinciplesofprovision40oftheUKCorporate

GovernanceCode.Thetablebelowsummariseshowthepolicyaddresseseachofthoseprinciples:

Principle How this is addressed in the 2024 remuneration policy

Clarity Ourremunerationstructureisclearlydefined.Performance-basedelements,metricsandvesting

schedulesareclearlydisclosedonpayment.

Simplicity Ourremunerationelementscompriseofwell-understoodUKmarketstandardelements.

Risk Our policy limits the risk of unfair or excessive remuneration through the following measures:

n clearlydefinedlimitsonthemaximumopportunitiesofincentiveawards;

n annualbonusawardsinexcessof50%oftheExecutiveDirectors’basesalaryrequirethepurchase

of shares which are subject to a minimum holding period;

n operationofpost-vestingholdingperiodforLTIPawards;

n strong powers of discretion for the Remuneration Committee to adjust formulaic outcomes of

incentiveawardstoensurepayoutsarealignedtoGroupperformance;and

n robustmalusandclawbackprovisionsonallincentives.

Predictability Thepolicyhasdefinedlimitswhichcanbeusedtodeterminepotentialvalues.Scenariochartswere

presentedbeforeapprovalofthepolicytoillustratepotentialpayoutscenariosunderthenewpolicy.

Proportionality Payoutsunderincentiveawardsarelinkedtothefulfilmentofperformanceconditionsthatsupport

theGroup’slong-termstrategy.Theannualgrantofawardsensuresperformancemeasureswill

continuetobealigned.

The Committee’s powers of discretion ensure that there will be no rewards under incentives for

poorperformance.

Alignmenttoculture Focusonshareownershipandlong-termsustainableperformanceisreflectedinthepolicy.LTIP

measuressupportalong-termfocusfortheExecutiveDirectors.

Remuneration Committee continued

110 Ecora Resources PLC Annual Report and Accounts 2024

Summary of policy and statement of implementation of policy in 2025

ThefollowingpagesprovideasummaryofthekeyelementsofourDirectors’RemunerationPolicy.Thelastcolumnofthetable

stateshowtheRemunerationPolicywillbeappliedfor2025.For2025,therearenosignificantchangesinthestructureofthe

remunerationpackageforDirectorscomparedtolastyear.

2024 Remuneration Policy Table



Element, purpose and link to strategy Operation Opportunity/performance measures Implementationfor2025

Salary

To recruit and retain

Executives of a suitable

calibrefortherolesand

dutiesrequired.

Salaries are set with reference

to individual performance,

experience and responsibilities

toreflectthemarketratefor

the individual and their role,

determined with reference

toremunerationlevelsin

companies of similar size and

complexity, taking into account

pay levels within the Company

ingeneral.

Salariesarereviewedannually.

Increases for Executive Directors

will normally be in line with

those for the general workforce

except where there is a change

of role or responsibilities or in

otherexceptionalcircumstances.

There is no prescribed

maximumannualincrease.

The salaries of the Executive

Directors and wider workforce

were subject to an external

benchmarkingexercise.

Witheffectfrom1January2025,

thefull-timeequivalentratesof

salary for the Executive

Directors will be:

n MarcBishopLafleche–

£485,000;and

n KevinFlynn–£344,750.

Annual bonus

To encourage and reward

delivery of the Company’s

operational objectives for

therelevantyear.

To ensure, through the

required holding of shares,

thatlonger-termfocusis

encouraged and in line with

shareholderinterests.

Executive Directors will be

required to use that part of

their cash bonus that exceeds

50%oftheirsalarytopurchase

and hold shares for a

three-yearperiod.

Bonus outturns are

determined based on the

achievement of a combination

ofcorporate,financialand

personalperformancetargets.

Corporateandfinancial

performance targets are

agreed by the Board at the

beginningoftheyear.

Personal performance targets

are agreed with the Chairman

andtheCommittee.

The Committee uses a

balanced scorecard approach

to assess performance against

targets at the end of the year,

while retaining overall discretion

inthecalculationofthefinal

bonusoutturn.

Malus and clawback provisions

applyasdescribedbelow.

The maximum annual bonus

opportunityis100%ofsalary.

The bonus earned at threshold

performance is no more than

25%ofthemaximum,normally

increasingonastraight-line

basistothevarioustargetsset.

The annual bonus can be

basedonamixoffinancial,

strategic and personal

conditions and is measured

overonefinancialyear.

The bonus opportunity for

eachExecutiveDirector

remainsat100%ofsalary

earnedintheyear.

The performance measures and

weightingsforthe2025annual

bonus will be as follows:

n growth & Investment Strategy

(45%)–deliveryofthe

Group’sstrategicobjectives

and the acquisition of new

royalties and streams;

n financialperformance(30%)

– performance against budget

for portfolio contribution,

adjusted earnings per share

and P/NAV;

n sustainability(15%)–delivery

of2025strategicpriorities

agreed with the Sustainability

Committee, including enhanced

sustainability disclosures

together with maintaining

and improving externally

evaluated sustainability

riskratings;and

n individual strategic targets

(10%)–individuallytailored

targets to motivate the

execution of the

Group’sstrategy.

111Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Element, purpose and link to strategy Operation Opportunity/performance measures Implementationfor2025

Long-term incentives

– PSP

To encourage and reward the

achievementoflong-term

sustainable shareholder

returns and delivery of the

Company’sstrategicobjectives.

To align Executive Director and

senior management interests

toshareholderinterests.

Conditional awards of shares

ornil-costoptionswillbe

capable of being granted

annually, with a performance

period and vesting period of

atleastthreeyears.

Any awards that vest are

subject to a holding period

sothattheoverallPSPtime

horizonisatleastfiveyears.

Vested awards may not

generally be sold during the

holding period, other than to

cover tax liabilities arising

onvesting.

Dividend equivalents (normally

satisfiedinshares)accrueover

the vesting/holding period and

are payable in respect of

awardsthatvest.

Malus and clawback provisions

applyasdescribedbelow.

The maximum annual PSP

opportunityis200%ofsalary.

Significantshareholderswill

beconsultedpriortomaking

anyawardinexcessof175%

ofsalary.

The Committee will review the

Executive Directors’ PSP award

sizes annually, prior to grant, to

ensuretheyareappropriate.

For each performance element,

threshold performance warrants

nomorethan25%vestingof

the element, rising normally on

astraight-linebasisto100%for

achievingstretchtargets.

Performance below threshold

resultsinzerovesting.

Performance measures attached

to each award should be linked

totheGroup’sstrategyand

may include, but are not limited

to, TSR, portfolio contribution,

adjusted earnings per share,

freecashflowandother

strategicobjectives.

The LTIP opportunity for the

rolesofCEOandCFOare175%

and150%oftherateofsalary

respectively.

The performance criteria (and

weighting)forthe2025LTIP,to

beachievedoverthethree-year

period ending 31 December

2027, will be as follows:

n TSRvsS&P/TSXGlobalBase

MetalsIndex(33%)–25%

vesting for TSR equal to index;

100%forIndexperformance

+7%perannum;

n aggregate portfolio

contribution(33%)–25%

vesting for achieving

threshold($131.5m);100%for

achievingstretch($196.5m);

and

n aggregate adjusted earnings

pershare(33%)–25%vesting

for achieving threshold

(22.0c);100%forachieving

stretch(35.0c).

Withstraight-linevestingfor

performancebetweenthetargets.

Pension

Toprovideamarket-

competitive level of pension

provision, taking account of

theprovisionsforthewider

workforce, to attract and

retainhighperforming

ExecutiveDirectors.

A Company contribution to

amoneypurchasepension

scheme, or a cash allowance in

lieu of pension at the request

oftheindividual.

The maximum pension

contribution or cash allowance

is aligned with the contribution

levels available for the wider

workforce.

The pension contributions for

ExecutiveDirectorsfor2025

remainunchanged.

MarcBishopLaflecheand

KevinFlynnreceivepension

allowancesof10%ofsalary,in

linewiththewiderworkforce.

fi

Toprovidemarket-

competitivebenefits.

Themainbenefitscurrently

provided are: death in service,

long-termillnessandprivate

medical insurance schemes

which are provided to

allemployees.

Thevalueofbenefitsissetat

alevelwhichtheCommittee

considers to be appropriate,

taking into account the overall

costtotheCompany,benefits

provided to the wider workforce

andmarketpractice.

Theotherbenefitsforthe

ExecutiveDirectorsfor2025

remainunchanged.

In line with the wider workforce,

MarcBishopLaflecheandKevin

Flynn receive private medical

insurance,long-termillness

insurance and death in service

insurance which is capped at

fivetimessalary.

Performance measures

Theannualbonustargetsfor2025areconsideredbytheBoardtobecommerciallysensitive;theywillbedisclosedinthe2025

annualreportonremuneration.Specificdetailsofindividualandstrategicperformancetargetsfor2025willalsobeincludedin

the2025report.

Remuneration Committee continued

Directors’ remuneration policy continued

2024 Remuneration Policy Table continued

 continued

112 Ecora Resources PLC Annual Report and Accounts 2024

Malus and clawback

Awards under the annual bonus and the LTIP are subject to malus provisions and clawback provisions, which may be applied during

theperiodoftwoyearsafterthedateofvesting.Malusreferstothereduction,includingtonil,ofunvestedorunpaidawardsorthe

requirementforadditionalperformancemeasurestobemetforvestingoftheaward.Clawbackreferstotherecoveryofpaidor

vestedamounts.Malusandclawbackmaybeappliedinthecircumstancesbelow,aswellasinotherexceptionalcircumstances,

attheCommittee’sdiscretion:

n material misstatement in results;

n gross misconduct;

n materialfailingofmanagementresultinginmaterialdownturninfinancialoroperationalperformanceorseriousreputationaldamage;

n error in calculation; and

n corporatefailure.

Shareholding guidelines

Withinfiveyearsofappointment,ExecutiveDirectorsareexpectedtoholdsharesintheCompanywithavalueoftwotimesbasic

salary.TheCommitteewilltakeintoconsiderationthesein-postguidelineswhenmakinggrantsundertheCompany’svarious

incentiveplans.

Inordertoprovidefurtherlong-termalignmentwithshareholders,andinlinewiththeUKCorporateGovernanceCode,Executive

DirectorswillnormallybeexpectedtomaintainaholdingofCompanysharesforaperiodaftertheiremployment.ExecutiveDirectors

willnormallyberequiredtocontinuetoholdthelowerofthein-postrequirementatthetimeofcessationandtheactualshareholding

atcessation.Therequirementappliesforatwo-yearperiodpost-terminationandappliestoallshareawardsundertheDeferred

Share Bonus Plan and LTIP, but excludes shares purchased by the Director from his/her own resources, or shares from incentive

awardsgrantedpriortoappointmenttotheBoard.



ThefullremunerationpolicyforourNon-ExecutiveDirectors(NEDs)isoutlinedinthe2023Directors’RemunerationReport.

Thepolicydoesnotsetlimitsforindividualfees,butprovidesthatthemaximumannualaggregatebasicfeesforallNEDs

(includingtheChairman)shouldnotexceed£600,000.



For2025,theChairman’sfeewasincreasedby5.0%,whichisabovethe3.0%increasefortheExecutiveDirectorsandwider

workforcetoreflecttheincreasedtimecommitmentrequiredfromtheChairmangoingforward.TheNEDs’baseandincremental

Committeemembershipfeeswereincreasedby3.0%inlinewiththeincreasefortheExecutiveDirectorsandwiderworkforce.

TheincrementalfeesforSeniorIndependentDirectorandCommitteechairmanshipareunchanged.The2025feesareshown

inthetablebelow.

DeterminingthefeespaidtotheNEDsisamatterfortheBoard,withtheNEDsabstaining;therefore,theincreasesfor2025were

approvedbytheChairmanandExecutiveDirectors.NoDirectorswereinvolvedinanydecisionastotheirownfees.

2025 2024 %Increase

Chairman 183,750 175,000 5%

Base fee 53,500 52,000 3%

Increment

Senior Independent Director 11,000 11,000 —

Committee chairmanship

–AuditorRemuneration 10,500 10,500 —

–Sustainability 7,500 7,500 —

Committee membership 7,750 7,500 3%

113Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Annual remuneration report for 2024

ThispartofthereportdetailstheremunerationpaidtoDirectorsduring2024withacomparisontothepreviousyear.

Audited information

Elementsofthissectionofthereporthavebeenaudited.Theareasofthereportsubjecttoauditareindicatedintheheadings.

fi

Salary/fees

£’000

Benefits

(1)

£’000

Total

bonus

£’000

LTIP

(2)(3)

£’000

Pension

£’000

Other

£’000

Total

remuneration

£’000

Totalfixed

remuneration

£’000

Total variable

remuneration

£’000

ExecutiveDirectors

Marc Bishop

Lafleche 2024 471 5 156 98 47 5

(4)

782 528 254

2023 417 4 174 54 42 8

(4)

699 471 228

Kevin Flynn 2024 335 3 111 69 34 — 552 372 180

2023 325 3 143 85 33 7

(5)

596 368 228

Non-ExecutiveDirectors

Andrew Webb

(6)

2024 135 — — — — — 135 135 —

2023 — — — — — — — — —

Christine

Coignard 2024 60 — — — — — 60 60 —

2023 55 — — — — — 55 55 —

GraemeDacomb 2024 70 — — — — — 70 70 —

2023 65 — — — — — 65 65 —

Patrick Meier

(7)

2024 60 — — — — — 60 60 —

2023 153 — — — — — 153 153 —

James

Rutherford

(8)

2024 67 — — — — — 67 67 —

2023 66 — — — — — 66 66 —

Varda Shine

(9)

2024 81 — — — — — 81 81 —

2023 71 — — — — — 71 71 —

Robert Stan

(10)

2024 — — — — — — — — —

2023 20 — — — — — 20 20 —

(1) Benefitsvalueconsistsofhealthinsurancepremiums.

(2) The2022LTIPvestingwasconfirmedbytheRemunerationCommitteeatitsmeetinginFebruary2025.The2024valueconsistsofthe2022

awardswithaperformanceperiodending31December2024thathaveorareexpectedtovestasdetailedonpages117and118,multiplied

bythesharepriceon25February2025of59.60pencepersharewhichappliesto63,542vestedawardsofMarcBishopLaflecheand90,547

vestedawardsofKevinFlynn.The60,711awardsgrantedtoMarcBishopLaflechethatareexpectedtoveston12May2025havebeen

multipliedthethree-monthaveragesharepriceending31December2024of64.29pencepersharetocalculatethevalueandwillbetruedup

inthe2025report.Inaddition,thevalueincludesthedividendonvestingsharesof16.89pencepershare.

(3) Forthe2021LTIPthatvestedin2024,thevaluedisclosedinthe2023AnnualReportwasbasedonthethree-monthaveragesharepriceupto

31December2023of91.90pencepershareandthedividendequivalentof22.82pencepershare.Thevaluehasbeenrestatedabovebased

onthesharepriceatthedateofvestingof82.80pencepershareandtotaldividendequivalentsof24.52pencepershare.Therewasno

increaseinvalueasaresultofanysharepricemovementbetweengrantandvestingdate.

(4) OtherremunerationforMarcBishopLaflecheconsistsof£5,000(2023:£8,000)paidundertheCompany’sannualleavebuybackprogramme

whichisavailabletoallstaff.

(5) Otherremunerationin2023forKevinFlynnconsistedof£5,000paidundertheCompany’sannualleavebuybackprogrammewhichisavailable

toallstaffand£2,000individendsreceivedundertheDeferredShareBonusPlan.Nosuchotherremunerationwasreceivedin2024.

(6) AndrewWebbwasappointedtotheBoardon15January2024andbecameChairmanoftheBoardon2May2024.

(7) PatrickMeiersteppeddownfromtheBoardon2May2024.

(8) JamesRutherfordwasSeniorIndependentDirectoruntil1June2023.

(9) VardaShinewasappointedSeniorIndependentDirectoron1June2023.

(10) RobertStansteppeddownfromtheBoardon10May2023.

Remuneration Committee continued

114 Ecora Resources PLC Annual Report and Accounts 2024

Annual bonus for the year ending 31 December 2024 (audited)

AsetofindividuallycraftedcorporateandpersonalbonuscriteriawasagreedwiththeExecutiveDirectorsforthe2024financial

yearwhichtookintoaccounttheevolvingcorporateandfinancialprioritiesoftheGroup.

Discretion

Incentivesaredesignedtoensuretheydriveappropriateshortandlong-termbehaviours,anditistheCommittee’sgeneralpreference

toavoidmakinganyadjustments.TheCommitteedidnotmakeanydiscretionaryadjustmentstothe2024annualbonusoutcomes.

ThebonusmatricesfortheExecutiveDirectorsfor2024aredetailedbelow.

2024 CEO scorecard – Marc Bishop Lafleche

Criteria

Maximum

award(%)

Actual

outcome(%)

Corporate performance criteria

Growth & Investment Strategy

Measures for assessment included:

n acquisitionofnewvalue-addingproducingand/ornearproducingroyalties;

n significantvalue-addingM&AdealtogrowthesizeoftheCompany;and

n performanceagainstinvestmentcaseforcapitaldeployed.

45 9.0

Sustainability

Measures for assessment included:

n improving disclosures and voluntary compliance with globally recognised

sustainability frameworks;

n enhancingtheGroup’ssustainabilityriskduediligence;and

n enhancingtheGroup’ssustainabilityriskratingasassessedbyratingsagencies.

15 11.1

Financial performance

Measures for assessment included:

n portfoliocontribution,AEPSandP/NAV(equallyweighted).

30 5.5

Personal

performance

criteria

Personal objectives

Measures for assessment included:

n leadership and direction;

n team development and succession planning;

n stakeholder engagement; and

n personaldevelopment.

10 7.5

Total 100 33.1

Growth & Investment Strategy:TheGroup’sleadingportfolioofcriticalmineralroyaltiesandmetalstreamswasfurtherenhanced

during2024throughtheacquisitionofa0.85%grossrevenueroyaltyoverthePhalaborwaRareEarthsProjectlocatedinSouth

Africafor$8.5m,providingtheGroup’sfirstexposuretorareearths.Inadditiontoacquiringtheroyalty,theGroupmadeanequity

investmentof$1.5minRainbowRareEarthsLtd,themajorityownerofthePhalaborwaproject.Thegrowthelementthreshold(0%

vesting)tostretch(100%vesting)hurdleswere$0mto$100m,andastheacquisitionandequityinvestmenttotalled$10.0m(excluding

transactioncosts),theCommitteedeterminedthat10%ofthehurdleshadbeenachieved,resultinginascoreof3.25%beingawarded.

In2024,theCommitteeintroducedasecondelementtotheGrowth&InvestmentStrategyperformancemetric,tomeasurethe

performanceagainsttheinvestmentcaseforeachoftheGroup’sroyaltiesandstreamsacquiredfrom2019onwards,withthreshold

(25%vesting)tostretch(100%vesting)hurdlessetatachievingnotmorethan10%lessthantheinvestmentcasetoachievingor

exceedingtheinvestmentcase.TheCommitteedeterminedthattheMantosBlancosroyaltyhadachievedthresholdperformance

andthePiauiroyaltyhadmadesuchprogressthatitsperformancewasbetweenthresholdandstretch,whiletheGroup’sinvestment

inLIORCandthestatusofSantoDomingohadachievedorexceededtheirinvestmentcases.Conversely,thesustainedweaknessin

thecobaltprice,togetherwiththeslowerthananticipatedexecutionoftheexpansionproject,resultedintheGroup’sVoisey’sBay

cobaltstreamnotachievingthresholdperformance.Similarly,thetemporarysuspensionoftheWestMusgraveprojectalsoresultedin

thatacquisitionnotachievingthresholdperformance.Takingtheaverageperformanceoftheacquisitionsagainsttheirrespective

investmentcasesresultedinanoutturnof45.8%,resultinginascoreof5.75%.

Thecombinedoutturnsofthegrowthandinvestmentstrategyelementsresultinanoverallbonusscoreof9%beingawarded.

Sustainability:Throughout2024theGroupmadesubstantialprogressindeliveringtheexternalsustainabilitycommitmentsand

internal sustainability priorities set by the Sustainability Committee including undertaking a Materiality Assessment and assurance

exercisewithkeystakeholders,asdetailedonpages50and51,asthefoundationtotheGroup’ssustainabilityroadmap.Theprogress

indeliveringtheseprioritieswasreflectedintheGroup’ssustainabilityratingsissuedbyMSCIandSustainalyticsincreasingfromAto

AAandfrom10.5–Lowto7.7–Negligiblerespectivelyin2024.InconsultationwiththeSustainabilityCommittee,itwasdetermined

that74%ofthehurdleshadbeenachieved,resultinginanoverallbonusscoreof11.1%beingawarded.

115Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Annual remuneration report for 2024 continued

Annual bonus for the year ending 31 December 2024 (audited) continued

Discretion continued

2024 CEO scorecard – Marc Bishop Lafleche continued

Financial performance:TheGroup’sfinancialperformancefortheyearended31December2024isdetailedinthefinancereview

onpages41to46.Fortheannualbonus,25%ofeachfinancialperformanceelementvestsforthresholdperformance,50%vests

fortargetperformanceand100%vestsforstretchperformance.

Theportfoliocontributiontargetrangewas$63.4mforthresholdand$76.6mforstretch;theAEPStargetrangewas11.3cfor

thresholdand15.1cforstretch;andtheP/NAVtradingmultiplewithatargetrangeof0.5xforthresholdand1.0xforstretch.After

adjustingfortheimpactoftheGroup’s$10.0msharebuybackonportfoliocontributionandAEPS,theGroup‘sportfoliocontribution

increasedfrom$63.2mto$63.9m,whileAEPSreducedfrom11.43cpershareto11.42cpershare.TheGroupachievedaP/NAVof

0.46xfortheyear.AsabovethresholdperformancewasonlyachievedfortheportfoliocontributionandAEPSelements,ascorefor

financialperformancewasdeterminedfromtheseelementsalone.BasedontheportfoliocontributionandAEPSfortheyear,the

Committeedeterminedthat27.8%and27.3%ofthehurdleshadbeenachievedrespectively,resultinginanoverallscoreof5.5%.

Personal objectives:TheCEOhasdemonstratedstrongleadershipthroughout2024,effectivelymanagingkeystakeholdersas

theGroup’supdatedcapitalallocationpolicywasimplementedatatimewhenequitymarketsintheUK,aswellastheglobal

small-capresourcesector,wereexperiencingthesecondconsecutiveyearofnetcapitaloutflows.Asanticipated,thenewpolicydid

notmeetthemandateofallinvestorsandledtoadditionalturnoverintheGroup’sshareregister.Throughacomprehensiveinvestor

relationsprogramme,theCEOensuredkeyshareholdersweresupportiveoftheGroup’srepositioningtobeinggrowthfocused.In

addition,theCEOhascontinuedtobuildawarenessofEcoraanditsreputationasareliablepartner,buildingstrongmulti-year

relationships across the mining sector which culminated in the acquisition of the Phalaborwa rare earths royalty in 2024 and the

recentlyannounced$50mincomeproducingMimbulacopperstream.Anoverallscoreof7.5%wasawarded.

Bonus outturn: Theoverallbonusscorewasagreedat33.1%underthebonusscoringmatrixforatotalawardof£156,000(33.1%x

£471,000).TheCommitteeassessedthatthelevelofbonuswasreflectiveofthesignificantstrategicprogressdeliveredduringtheyear.

Asthebonuspayoutisbelow50%ofsalary,thebonusispaidentirelyincashandnoportionhasbeendeferred.

2024 CFO scorecard – Kevin Flynn

Criteria

Maximumaward(%) Actualoutcome(%)

Corporate performance criteria

Growth & Investment Strategy

Measures for assessment included:

n acquisitionofnewvalue-addingproducingand/ornear

producingroyalties;

n significantvalue-addingM&AdealtogrowthesizeoftheCompany;

and

n performanceagainstinvestmentcaseforcapitaldeployed.

45 9.0

Sustainability

Measures for assessment included:

n improving disclosures and voluntary compliance with globally

recognised sustainability frameworks;

n enhancingtheGroup’ssustainabilityriskduediligence;and

n enhancingtheGroup’ssustainabilityriskratingasassessedby

ratingsagencies.

15 11.1

Financial performance

Measures for assessment included:

n portfoliocontribution,AEPSandP/NAV(equallyweighted).

30 5.5

Personal

performance

criteria

Personal objectives

n Leadership and direction;

n Team development and succession planning;

n Process improvement;

n Stakeholder engagement; and

n Personaldevelopment.

10 7.5

Total 100 33.1

Remuneration Committee continued

116 Ecora Resources PLC Annual Report and Accounts 2024

Growth & Investment Strategy:TheCFOwasassessedonthesamebasisastheCEOaboveforanoverallbonusscoreof9.0%.

Sustainability: TheCFOwasassessedonthesamebasisastheCEOaboveforanoverallbonusscoreof11.1%.

Financial performance: TheCFOwasassessedonthesamebasisastheCEOaboveforanoverallbonusscoreof5.5%.

Personal objectives:TheCFOplayedasignificantroleinsupportingtheCEOinstakeholderengagementparticularlyfollowingthe

implementationoftheGroup’supdatedcapitalallocationpolicyin2024,atatimewhenequitymarketsintheUK,aswellasthe

globalsmall-capresourcesector,wereexperiencingstrongheadwinds.Buildingonthesuccessfulimplementationofthenew

informationsystemin2023,theCFOledimprovementstothereal-timefinancialreportingandanalysisprovidedtotheBoardand

importantlytheinvestmentteam,significantlystrengtheningthefinancialfocusacrosstheGroup.Anoverallbonusscoreof7.5%

wasawarded.

Bonus outturn:Theoverallbonusscorewasagreedat33.1%underthebonusscoringmatrixforatotalawardof£111,000

(33.1%x£334,750).TheCommitteeassessedthatthelevelofbonuswasreflectiveofthesignificantstrategicprogressdelivered

duringtheyear.Asthebonuspayoutisbelow50%ofsalary,thebonusispaidentirelyincashandnoportionhasbeendeferred.

2022 LTIP award vesting (audited)

Performance assessment for 2022 LTIP awards

Performance criteria Weighting

Threshold

performance

(25%vesting)

Stretch

performance

(100%vesting)

Actual

performance

Vesting

outcome

TSR 33.3% Index

Index+7%p.a.

or above (43.2%) 0%

Portfolio contribution 33.3% $44.2m $76.0m $63.2m 23.30%

Adjusted earnings per share 33.3% 12.1c/share 24.4c/share 13.81c

(1)

11.82%

Estimatedvesting(%ofaward) 35.12%

(1) Adjustedearningspershareof13.81c/sharereflectstheexclusionofthesharesissuedtoacquiretheSouth32portfolioofroyaltiesin2022,

asdescribedbelow.

TSR

FollowingthediscontinuanceoftheEMIXGlobalMiningIndex(excludinggoldandenergy)inJuly2023,theCommitteeconsidereda

numberofalternativeindicesbeforedeterminingthattheS&P/TSXGlobalBaseMetalsIndexwasthemostsuitablereplacement.

Overtheperformanceperiod,theS&P/TSXGlobalBaseMetalsIndexgeneratedaTSRof26.2%comparedtotheGroup’sTSRof

(43.2%),resultingin0%vestingfromthetotalofone-thirdoftheawardlinkedtotheTSRperformancecondition.

Portfolio contribution

TheGroup’sportfoliocontributionfortheyearended31December2024of$63.2m,comparedtothethresholdandstretch

performancemeasuresforportfoliocontributionsetat$44.2mand$76.0mrespectively,resultedin69.9%oftheperformance

hurdlebeingachievedandanoutcomeof23.30%.

Adjusted earnings per share (‘AEPS’)

Consistent with the approach taken in relation to the 2021 LTIP as disclosed in the 2023 Annual Report, in assessing the vesting of

theone-thirdoftheawarddependentonAEPS,theCommitteehasexerciseditsdiscretiontoexcludethesharesissuedtoacquire

theportfolioofdevelopmentroyaltiesfromSouth32in2022.Thisisbecausetheissuanceofsharestoacquirenon-producing

royalties was not included in the assumptions underlying the targets set for AEPS at the time of granting the 2022 LTIP and the

acquisitionofnon-producingroyaltieswasachangeinstrategygiventhepreviousfocushadbeenonincome-producingroyalties.

ExcludingthesharesissuedfortheSouth32acquisition,theGroup’sAEPSfortheyearended31December2024increasedfrom

11.43c/shareto13.81c/share,comparedtothethresholdandstretchperformancemeasuresof12.1c/shareand24.4c/share

respectively,resultingin35.45%oftheperformancehurdlebeingachievedandanoutcomeof11.82%.

The2022LTIPawardsgrantedon25February2022vestedat35.12%ofthemaximumon25February2025.The2022LTIPawards

grantedon12May2022willalsovestat35.12%ofthemaximumon12May2025.

Discretion

With the exception of the adjustment made to the AEPS element of the LTIP detailed above, the Committee did not exercise any

discretion in relation to the annual bonus or LTIP and believes that the outcomes are both appropriate, based on the Company’s

performanceduringtheyear,andproportionate,havinghadregardtotheexperienceoftheCompany’sbroadrangeofstakeholders.

117Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Annual remuneration report for 2024 continued

2022 LTIP award vesting (audited) continued

Total outcome of the 2022 LTIP

Number of

shares awarded

Number of shares

vestingat35.12%

Dividend

equivalents on

vested value

(1)

Value based on

vestingat35.12%

(2)

Total value

(1)

MarcBishopLafleche 353,812 124,253 £20,983 £76,905 £97,888

Kevin Flynn 257,834 90,547 £15,291 £53,966 £69,257

(1) Dividendequivalentsonvestedvalueisthecashvalueof16.89pencepershare,equivalenttothedividendsthattheExecutiveDirectorswould

havereceivedonthe2022LTIPsharesfromawarddatedeterminedbytheUSD:GBPexchangerateprevailingontherecorddateforeachdividend.

(2) Thevestingsharepriceon24February2025was59.60pencepershareandappliesto63,542awardsgrantedtoMarcBishopLaflecheand

90,547awardsgrantedtoKevinFlynn.The60,711awardsgrantedtoMarcBishopLaflechethatwillveston12May2025havebeenmultiplied

thethree-monthaveragesharepriceending31December2024of64.29ptocalculatethevalueandwillbetruedupinthe2025report.

Restatement of value of 2021 LTIP

Number of

shares vesting

2023 estimated

dividend

equivalents

value

(1)

2023 estimated

value

(ex dividends)

(2)

2023 estimated

total value

Actual dividend

equivalent

value

(3)

Actual value

of award at

vesting

(ex dividends)

(4)

Restated 2021

LTIP value

MarcBishopLafleche 49,903 £11,388 £45,840 £57,228 £12,235 £41,320 £53,555

Kevin Flynn 79,565 £18,157 £73,087 £91,244 £19,507 £65,879 £85,386

Julian Treger

(5)

64,288 £14,671 £59,054 £73,725 £15,761 £53,230 £68,991

(1) 2023estimateddividendequivalentsvalueusescashvalueof22.82pencepersharebeingthedividendswitharecorddatefallingbetween

thedateofgrantandthepublicationofthe2023AnnualReport.

(2) 2023estimatedvalueusesthree-monthaveragesharepriceupto31December2023of91.90pencepershareasstatedinthe2023AnnualReport.

(3) Actualdividendequivalentis24.52pencepershare,beingthetotalofthedividendswithrecorddatesfallingbetweenthedateofgrantand

vestingon27May2024.

(4) Thesharepriceonvestingwas82.80pencepershare.

(5) JulianTregersteppeddownfromtheBoardon31March2022.

Scheme interests granted during 2024 (audited)

ThetablebelowsummarisesLTIP–PSPshareawardsgrantedtoExecutiveDirectorsduring2024.

TheLTIP–PSPisgrantedintheformofconditionalsharesandvestingisdependentontheGroup’sperformanceover2024-2026

basedontheperformancemetricsdetailed.

Type of award

Performance criteria

(weighting) Vesting schedule

Performance

period end Director Basis of award

Number of

awarded

Face value at

grant

LTIP – PSP

awards

TSR vs S&P/TSX

GlobalBaseMetals

Index(33%)

25%forTSRequalto

theIndex;100%for

theIndex+7%p.a.

orabove

31/12/2026 Marc Bishop

Lafleche

175%of

salary

1,023,532

(1)

£824,250

(1)

Kevin Flynn 150%of

salary

622,927

(1)

£502,125

(1)

Three-yearaggregate

portfolio contribution

(33%)

Threshold:$170.0m

Stretch:$250.0m

25%forachieving

threshold;100%for

achieving stretch

Three-yearaggregate

adjusted earnings per

share(33%)

Threshold:29.5c

Stretch:53.0c

25%forachieving

threshold;100%for

achieving stretch

(1) The2024LTIP–PSPawardsweregrantedtoMarcBishopLaflecheandKevinFlynnintwotranches.Thefirsttrancheof882,367sharesawarded

toMarcBishopLaflecheand522,598sharesawardedtoKevinFlynnweregrantedon20February2024andhadapriceatthetimeofgrantof

80.69pencepershare,beingthevolumeweightedaveragesharepriceforthefivedealingdaysended19February2024.Thesecondtranche

of141,165sharesawardedtoMarcBishopLaflecheand100,329sharesawardedtoKevinFlynnweregrantedon23October2024andhada

priceatthetimeofgrantof83.41pencepershare,beingthevolumeweightedaveragesharepriceforthefivedealingdaysended2May2024.

Thefacevalueatgrantiscalculatedbymultiplyingthenumberofshareawardsgrantedbythepriceatthetimeofgrant.Asreceiptofthe

LTIP–PSPawardsisconditionalonperformance,theactualvalueoftheseawardsmaybenil.Vestingoutcomeswillbedisclosedinthe

RemunerationReportfor2026.

Remuneration Committee continued

118 Ecora Resources PLC Annual Report and Accounts 2024

Total pension entitlements (audited)

The Company makes contributions to employees’ pensions and has designated the National Employment Savings Trust (NEST) as its

stakeholderpensionprovider.TheCommitteemaypayacashallowanceinlieuofpartorallofaDirector’spensioncontribution.

fi

TherewerenolossofofficepaymentsmadetoDirectorsorpaymentstoformerDirectorsin2024(2023:nil)otherthanthevesting

ofPSPawardstoJulianTregerdisclosedinthisreport.

Directors’ shareholding and share interests (audited)

DetailsoftheDirectors’interestsinsharesareshowninthetablebelow.

Beneficially

owned at

24March2025

(1)

Beneficially

owned at

31 December

2024

%ofsalary

shareholding

achieved

(2)

Shareholding

requirement

met

(3)

Not subject to

performance conditions

Subject to

performance

conditions

options

Deferred

bonus shares LTIP – PSP

ExecutiveDirectors

MarcBishopLafleche 942,954 942,954 120% No — — 1,833,746

Kevin Flynn 335,264 335,264 73% No — — 1,177,185

Non-ExecutiveDirectors

Andrew Webb 25,000 25,000 N/A N/A — — —

Christine Coignard — — N/A N/A — — —

GraemeDacomb 130,000 130,000 N/A N/A — — —

Patrick Meier N/A 476,051 N/A N/A — — —

James Rutherford 118,593 118,593 N/A N/A — — —

Varda Shine 10,001 10,001 N/A N/A — — —

(1) NoneoftheDirectorsholdtheirsharesinhedgingarrangementsorascollateralforloans.Suchanarrangementwouldrequiretheexpress

permissionoftheBoard.

(2) Thesharepriceusedtodeterminethepercentageoftheshareholdingofsalaryachievedis64pencepersharebasedonthesharepriceasat

31December2024.

(3) TheshareholdingguidelinefortheExecutiveDirectorsis200%oftheirsalarywithinfiveyearsofappointment.Fromcessation,Executive

Directorsarenormallyrequiredtoholdthelowerofthein-postrequirementatthetimeofcessationandtheactualshareholdingatcessation

fortwoyears.

(4) PatrickMeiersteppeddownfromtheBoardon2May2024;theshareholdingpresentedrepresentshisshareholdingasatthatdate.

Total shareholder return

S&P/TSXGlobalBaseMetalsIndexvsEcoraResourcesPLC

Source: LSEG Workspace Ecora Resources S&P/TSX Global Base Metal Index

300

250

200

150

100

Dec 14 Dec 18 Dec 22Dec 16 Dec 20Dec 15 Dec 19 Dec 23Dec 17 Dec 21 Dec 24

Asdetailedinthe2023AnnualReport,theS&P/TSXGlobalBaseMetalsIndexwaschosentoreplacetheEMIXGlobalMiningIndex

(excludinggoldandenergy)afteritwasdiscontinuedinJuly2023.TheS&P/TSXGlobalBaseMetalsIndexwasdeemedthemost

suitablereplacement,asitsconstituentcompanies’commoditymixcloselyreflectstheGroup’sdiversifiedportfolioofroyalties

andmetalsteams.

TheTSRchartshowstheGroup’sTSRperformanceagainsttheperformanceoftheS&P/TSXGlobalBaseMetalsIndexfrom

1January2015to31December2024.Bothhavebeenre-basedatthestartoftheperiodinordertoprovideagraphical

measureofcomparativeperformance.

Themiddle-marketpriceofanordinaryshareon31December2024was64.0p.Duringtheyear,thesharepricerangedfrom

alowof57.8ptoahighof98.7p.

119Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Annual remuneration report for 2024 continued

Total remuneration for the CEO over time

ThetablebelowshowsthetotalremunerationfortheCEOduringeachofthefinancialyears.Thetotalremunerationfigureistaken

fromthesinglefigureremunerationtableonpage114.Thebonusoutturnpercentageisexpressedasapercentageofthecap,

whereapplicable,fortheperiodinquestion.

2015 2016 2017 2018 2019 2020 2021 2022 2022 2023 2024

JulianTreger

(1)

MarcBishopLafleche

(2)

Total remuneration (£’000) 374 563 655 696 737 594 800 192 532 699 782

Bonusoutturn(%) — 47% 71% 72% 74% 35% 92% 66% 83% 42% 33%

LTIPvesting(%) — — — — — — — — — 36% 35%

(1) JulianTregersteppeddownasCEOon31March2022.

(2) MarcBishopLaflechewasappointedCEOon1April2022.

Change in Directors’ remuneration compared to UK employees

Thefollowingtablesetsouttheyear-on-yearchangesfortheDirectors’basicsalary,benefitsandannualbonusamountsbetween

2024and2020andtheyear-on-yearchanges.WeshowtheaveragechangeineachelementforalloftheGroup’sUK-basedemployees,

allofwhomareemployedbyEcoraResourcesPLCdirectly.TheCommitteehaschosenthiscomparatorasitfeelsthatitprovides

amoreappropriatereflectionoftheearningsoftheaverageworkerthanthemovementintheGroup’stotalwagebill.

FY20year-on-year

change in pay

FY21year-on-year

change in pay

FY22year-on-year

change in pay

FY23year-on-year

change in pay

FY24year-on-year

change in pay

Salary/

fees

(1)

Benefits

(2)

Bonus

Salary/

fees

(1)

Benefits

(2)

Bonus

Salary/

fees

(1)

Benefits

(2)

Bonus

Salary/

fees

(1)

Benefits

(2)

Bonus

Salary/

fees

(1)

Benefits

(2)

Bonus

ExecutiveDirectors

Marc Bishop

Lafleche

(3)

N/A N/A N/A N/A N/A N/A N/A N/A N/A 54% 53% (23%) 13% 13% (10%)

Kevin

Flynn

(4)

N/A N/A N/A —% 5% 171% 14% 30% 5% 14% 12% (36%) 3% 3% (22%)

Non-ExecutiveDirectors

Andrew

Webb

(5)

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Christine

Coignard

(6)

N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 8% —% —%

Graeme

Dacomb —% —% —% 10% —% —% —% —% —% 14% —% —% 8% —% —%

Patrick

Meier

(7)

—% —% —% —% —% —% 16% —% —% 6% —% —% (60%) —% —%

James

Rutherford

(8)

—% —% —% 3% —% —% 3% —% —% (1%) —% —% 2% —% —%

Varda

Shine

(9)

N/A N/A N/A —% —% —% 4% —% —% 25% —% —% 14% —% —%

UK

employees (2%) (22%) (45%) 6% 14% 161% 6% 20% (6%) 9% 1% (58%) 9% 9% 18%

(1) There was no increase in NED base or Committee fees in 2020 or 2021; an increase is due to individuals taking on additional Committee

membershipsorCommitteechairmanships.

(2) Benefitscompriseofpensionandmedicalcover,thesebeingthemostmaterial;theincreasebetween2021and2022reflectstheimpactof

bothanincreaseinthepensioncontributionfrom8.5%ofbasesalaryto10.0%forallemployeesandKevinFlynn,togetherwithanincreasein

theunderlyingbasesalary.

(3) MarcBishopLaflechewasappointedChiefExecutiveOfficerandappointedtotheBoardon1April2022,theyear-on-yearincreaseinFY23

comparesthesalaryreceivedasChiefExecutiveOfficerforeightmonthsin2022toafullyearin2023.Thechangeinfullyearequivalent

salariesfrom2022to2023was16%.

(4) KevinFlynnwasappointedtotheBoardon1January2020.

(5) AndrewWebbwasappointedtotheBoardon15January2024andassumedtheroleofChairmanon2May2024.

(6) ChristineCoignardwasappointedtotheBoardon1January2023.

(7) PatrickMeiersteppeddownfromtheBoardon2May2024.

(8) JamesRutherfordwasSeniorIndependentDirectoruntil1June2023.

(9) VardaShinejoinedtheBoardon23August2021;herfullyearequivalentfeein2021was4%lowerthan2022.Effective1June2023,shewas

appointedSeniorIndependentDirector.

Remuneration Committee continued

120 Ecora Resources PLC Annual Report and Accounts 2024

Distribution statement for 2024

The table below sets out the total expenditure on employee reward compared to the dividends received by shareholders,

acquisitionsduringtheyearandincometaxespaid.

2024

2023

%(decrease)

/increase

Employeebenefitexpense

(1)

6.7 5.6 20%

Dividends 10.8 22.1 (51%)

Acquisitionofroyaltyandmetalstream-relatedassets

(2)

10.0 27.5 (64%)

Income taxes paid

(3)

23.6 23.4 1%

(1) Employeebenefitexpenseforthefinancialyearaspernote7atothefinancialstatements.

(2) Acquisitionofroyaltyandmetal-relatedassetsduringthefinancialyearisthesumofthecashflowsforthepurchaseofminingandexploration

interests,royaltyintangibleassets,metalstreamsandroyaltyfinancialinstrumentspertheGroup’sstatementofcashflows,excluding

deferredconsiderationpaymentsandtransactioncosts.

(3) IncometaxespaidareaspertheGroup’sstatementofcashflows.

Statement of shareholder voting

Atlastyear’sAGMheldon2May2024,theresolutionsrelatingtothe2023Directors’remunerationreportandthe2024

remunerationpolicywereapprovedbyshareholdersbyapoll.Detailsofthevalidproxyvotesreceivedfortheresolutionare

detailed below:

Resolution Votes for Votes against

Votes

withheld

(1)

Approval of Directors’ Remuneration Report 118,842,804 3,369,907 49,764

97.24% 2.76%

Approval of the Directors’ Remuneration Policy 118,756,034 3,444,383 62,058

97.18% 2.82%

(1) Avote‘withheld’isnotavoteinlawandisnotcountedinthecalculationoftheproportionofvotesforandagainsttheresolution.



ThetablebelowdetailstheexternaladviserstotheCommitteeandthefeespaidforservicesprovidedduring2024.Thefeesfor

external advisers are charged on a time and expenses basis and are in accordance with the terms and conditions set out in the

relevantengagementletter.

TheCommitteearesatisfiedthattheKornFerryengagementteam,whichprovidesremunerationadvicetotheCommittee,does

nothaveconnectionswithEcoraResourcesPLCoritsDirectorsthatmayimpairitsindependence.TheCommitteereviewedthe

potentialforconflictsofinterestandjudgedthattherewereappropriatesafeguardsagainstsuchconflicts.KornFerryisasignatory

totheRemunerationConsultants’CodeofConductandhasnootherconnectionwiththeCompany.



Advisers

Fees for

Committee

assistance

KornFerry Appointed by the Committee as external advisers from February 2020 following a competitive tender

process.Supportduring2024includedattendanceandadviceatRemunerationCommitteemeetings,

specialist share award valuation services, remuneration benchmarking and advice on the

remunerationarrangementsfortheDirectors.

£45,385

Directors’ service agreements

TheExecutiveDirectorsareemployedunderrollingservicecontractswithnofixedterm.TheservicecontractsofMarcBishop

LaflecheandKevinFlynnprovideforasix-monthnoticeperiodandanadditionalpaymentequivalenttosixmonths’basicsalaryin

linewiththeGroup’sredundancypolicy.IntheeventofchangeofcontroloftheCompany,thereisnoenhancementtocontractual

terms.ThedatesoftheExecutiveDirectors’serviceagreementsaresetoutbelow.

Date of appointment

MarcBishopLafleche 1 April 2022

Kevin Flynn 1 January 2020

121Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Annual remuneration report for 2024 continued

Directors’ service agreements continued

The Chairman and NEDs are appointed by the Company under letters of appointment and do not have service contracts or

contractsforservice.AllNEDsareexpectedtoserveforaninitialperiodofthreeyears,subjecttoannualre-electionby

shareholdersattheAGM.AttheBoard’sdiscretion,NEDsmayhavetheirservicecontractsrenewedforuptotwofurtherthree-year

periods.TheChairmanandtheNEDshaveanoticeperiodofnotlessthanonemonthfromeitherside.ThedatesofeachNED’s

originalappointmentaresetoutbelow.

Date of appointment Date of most recent term Date of expiry

Andrew Webb 15January2024 15January2024 15January2027

Christine Coignard 1 January 2023 1 January 2023 1January2026

GraemeDacomb 1 November 2019 1 November 2022 1November2025

James Rutherford 1 November 2019 1 November 2022 1November2025

Varda Shine 23 August 2021 23 August 2024 23 August 2027

Approval

ThisreportwasapprovedbytheBoardon26March2025andsignedonitsbehalfby

Varda Shine

Chair of the Remuneration Committee

Remuneration Committee continued

122 Ecora Resources PLC Annual Report and Accounts 2024

Directors’ report

The Directors present their report and audited consolidated

financialstatementsfortheyearended31December2024.

Principal activities

TheGroup’sprincipalroyaltyactivitiesaresetoutinthe

StrategicReportonpages1to82.

Going concern

ThefinancialpositionoftheGroupanditscashflowsareset

outonpages138and141.TheDirectorshaveconsideredthe

principalrisksoftheGroupwhicharesetoutonpages63to69,

and considered key sensitivities which could impact the level of

available commitments under its existing revolving credit

facility.Asat31December2024,theGrouphadcashandcash

equivalentsof$7.9m,assetoutinnote23,andborrowingsof

$90.2munderitsrevolvingcreditfacility,assetoutinnote25.

On26February2025,theGrouppartiallyexercisedthe

accordion option available under its revolving credit facility,

increasingtotalcommitmentsfrom$150mto$180m.In

additiontoincreasingtotalcommitments,theGroup’srevolving

credit facility was amended and its maturity date extended

by12monthsto30January2028,asdetailedinnote25and

note37.

On4March2025,theGroupcompletedtheacquisitionofthe

Mimbula copper stream, as detailed in note 37, for cash

considerationof$50.0mfundedbydrawingontheGroup’s

revolvingcreditfacility.TheGrouphavingmaderepaymentsof

$6.0msubsequenttoyearend,nowhastotalborrowingsof

$134.2m,andsubjecttocontinuedcovenantcompliance,has

accesstoafurther$45.8mthroughitssecured$180mrevolving

creditfacilityasatthedateofthisreport.

TheDirectorsconsideredtheGroup’scashflowforecastsfor

theperiodto31March2026underbaseanddownside

scenarios,withreferencetotheGroup’sprincipalrisks,the

eventsoutlinedaboveandinnote37.Thebasisforthecash

flowforecastsconsidered,issetoutintheGroup’sViability

Statementonpage84.Inallofthescenariosmodelled

(including an aggregate downside scenario, which combines

adversemovementsof10%inrespectofbothvolumeand

pricing)theGroupmaintainssufficientliquidityandremainsin

compliancewiththefinancialcovenantsofitsrevolvingcredit

facilitythroughouttheperiodassessed.

TheBoardissatisfiedthattheGroup’sforecastsand

projections, taking account of reasonably possible changes in

trading performance and other uncertainties, together with the

Group’scashpositionandaccesstotherevolvingcreditfacility,

showthattheGroupwillbeabletooperatewithinthelevelof

its current facilities for the period of at least 12 months from

thedateofapprovalofthefinancialstatements.Forthisreason,

theGroupcontinuestoadoptthegoingconcernbasisin

preparingitsfinancialstatements.

Results and dividends

Theconsolidatedincomestatementissetoutonpage136

ofthefinancialstatements.

TheGroupreportedalossaftertaxof$9.8m(2023:profit$0.8m).

Totaldividendsfor2024willamountto2.81cpershare(2023:

8.50cpershare),combiningtherecommendedfinaldividendof

1.11cpersharefortheyearended31December2024withthe

interimdividendof1.70cpersharepaidon31January2025.

Thefinaldividendfortheyearended31December2024is

subjecttoshareholderapprovalatthe2025AGM.TheBoard

proposestopaythefinaldividendon25July2025to

shareholders on the Company’s share register at the close of

businesson27June2025.Theshareswillbequotedex-dividend

ontheLondonandTorontoStockExchangeson26June2025.

Outlook

Theoutlookfor,andlikelyfuturedevelopmentsof,theGroupare

described within the Chairman’s Statement on pages 12 and 13,

togetherwiththeChiefExecutiveOfficer’sStatementonpages

14and15,andtheGroup’sStrategicReportonpages1to82.

Directors

ThenamesoftheDirectorsinofficeonthedateofapproval

ofthesefinancialstatements,togetherwiththeirbiographical

detailsandotherinformation,areshownonpages88and89.

With regard to the appointment and replacement of Directors,

the Company is governed by its Articles of Association, the

CompaniesAct2006andrelatedlegislation.However,inaccordance

withtheCode,allDirectorsaresubjecttoannualre-election.

AllDirectorswillstandforelectionorre-electionatthe

2025AGM.

A table of Directors’ attendance at Board and Committee

meetingsduring2024isonpage92.

Directors’ powers

The Directors may exercise all the powers of the Company,

subject to applicable legislation and regulation and the Company’s

ArticlesofAssociation.TheCompany’sArticlesofAssociation

maybeamendedbyspecialresolutionoftheshareholders.

Atthe2024AGM,heldon2May2024,theDirectorsweregiven

the power to:

n issue new shares up to an aggregate nominal amount of

£1,700,875(equivalenttoone-thirdoftheCompany’sissued

share capital) together with a further aggregate nominal

amountof£1,700,875(equivalenttoone-thirdoftheCompany’s

issuedsharecapital)inconnectionwithapre-emptiveoffer

bywayofarightsissuetoexistingshareholders.Thispower

willexpireattheearlieroftheconclusionofthe2025AGM

or30June2025;

n make market purchases of ordinary shares up to a maximum

numberof25,770,840.Thispowerwillexpireattheearlier

oftheconclusionofthe2025AGMor30June2025;and

n to allot equity shares or sell treasury shares for cash other

than pro rata to existing shareholders up to an aggregate

nominalamountof£515,417(equivalentto10%oftheCompany’s

issued ordinary share capital) for general purposes and an

additionalpowertodisapplypre-emptionrightsuptoan

aggregatenominalamountof£515,417(equivalentto10%of

the Company’s issued ordinary share capital) for transactions

which the Directors determine to be an acquisition or other

capitalinvestmentasdefinedbythePre-emptionGroupin

theStatementofPrinciplesonDisapplyingPre-Emption

Rights(2022).Thesepowerswillexpireattheearlierof

theconclusionofthe2025AGMor30June2025.

TheGroupmaintainsinsuranceforitsDirectorsandofficers

againstcertainliabilitiesinrelationtotheGroup.TheGroup

hasenteredintoqualifyingthird-partyindemnityarrangements

forthebenefitofallitsDirectorsinaformandscopewhich

complywiththerequirementsoftheCompaniesAct2006.

123Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Political donations

Nopoliticaldonationsweremadeduring2024(2023:nil).

EcoraResourceshasanestablishedpolicyofnotmaking

donationsto,orincurringexpensesforthebenefitof,any

political party in any part of the world, including any political

partyorpoliticalorganisationasdefinedinthePoliticalParties,

ElectionsandReferendumsAct2000.

Our greenhouse gas emissions

Ecora is a small organisation, with twelve employees and two

Executive Directors, which means that any emission sources

withinitsoperationalandfinancialcontrol,suchasbusinesstravel,

purchaseofelectricity,heatorcoolingbytheGroup,are

limited.TheGroup’sScope1,Scope2andScope3(upstream)

emissionsarereportedonpage80,inaddition,ourScope3

financedemissionsattributabletoourportfolioofroyalties

andstreamsarereportedonpage82.Duringtheyearended

31December2024,theGroupconsumedlessthan40,000Kwh

of energy (2023: <40,000Kwh) and is therefore exempt from

reportingundertheUKGovernment’sStreamlinedEnergy

andReportingStatutoryInstrument:2018/1155.

Capital structure

The structure of the Company’s ordinary share capital at

26March2025wasasfollows:

IssuedNo.

Nominal value

per share

Total

%oftotal

capital

Ordinary

shares 261,732,553 0.02 5,234,651 100%

OftheCompany’sordinarysharecapital,13,134,660ordinary

sharesareheldintreasury.Therefore,thetotalvotingrightsin

theCompanyasat26March2025is248,597,893votes.

Change of control

A number of agreements terminate upon a change of control

oftheCompany,suchascertaincommercialcontractsandthe

revolvingcreditfacility.Noneoftheseareconsideredsignificant

intermsofthebusinessasawhole.Thereisnochangeofcontrol

provisioninanyoftheDirectors’contracts.

Rights and obligations

Dividends

The£0.02ordinarysharescarrytherighttodividends

determinedatthediscretionoftheBoard.

Voting rights

The£0.02ordinarysharescarrytherighttoonevotepershare.

Relationship agreement

On 19 July 2022, the Company entered into a relationship

agreement with South32 SA Investments Limited (South32), a

shareholderholdingapproximately16.9%oftheissuedcapital

of the Company, which contains a number of undertakings from

South32whichareintendedtoensure,subjecttocertaincarve-outs,

that the Company can operate its business independently of

South32, that all transactions between the Company and South32

will be conducted in accordance with the related party transaction

provisionscontainedinChapter8oftheUKListingRulesand

that South32 does not take any action to prevent the Company

complyingwithitsUKListingRuleobligations.Therelationship

agreement also grants South32 the right to appoint a director

to the Board of the Company (although this appointment right

hasnotbeenexercisedtodate).Therelationshipagreement

(including the Board appointment right) will terminate if South32’s

shareholdingfallsbelow10%.

TheBoardconfirmsthat,sincetherelationshipagreementwas

enteredintobytheCompanyon19July2022,asat26March

2025(beingthelatestpracticabledatepriortothepublication

of this Annual Report and Accounts):

n the Company has complied with the independence provisions

included in the relationship agreement;

n so far as the Company is aware, the independence provisions

included in the relationship agreement have been complied

with by South32 and its group companies/associates as

applicable; and

n so far as the Company is aware, the procurement obligation

relating to compliance by South32’s group companies/

associates included in the relationship agreement has

beencompliedwithbySouth32.

Restrictions on transfer of holdings

Atthedateofthisreport,therearenospecificrestrictions

onthesizeofaholdingnoronthetransferoftheCompany’s

shares, which are both governed by the general provisions of

theCompany’sArticlesofAssociationandprevailinglegislation.

Special control rights

The Company’s ordinary shares are subject to transfer

restrictions and forced transfer provisions that are intended

toprevent,amongotherthings,theassetsoftheCompany

frombeingdeemedtobe‘planassets’underUSEmployment

RetirementIncomeSecurityActof1974(ERISA).Formore

informationrefertotheimportantnoticessection.

Employee share schemes

Details of employee share schemes are set out on pages 174

and175andinnote29tothefinancialstatements.

Shares held in treasury

Asat31December2024,theCompanyholds13,134,660

£0.02ordinarysharesintreasuryfollowingthesharebuybacks

undertakeninin2020and2024,detailedinnote28tothe

financialstatements.

Directors’ report continued

124 Ecora Resources PLC Annual Report and Accounts 2024

Allotment of ordinary shares

There were no allotments of ordinary shares during the year

ended31December2024(2023:nil).Asaresult,theCompany

has not issued any new ordinary shares (other than as part of a

pre-emptiveoffer)inthe12monthsprecedingthedateofthis

AnnualReportandAccounts.

Purchase of own shares

On 27 March 2024, the Company announced the initiation of a

share buyback programme to purchase ordinary shares in the

Company for up to a maximum aggregate consideration of

U$10m.Thesharebuybackprogrammewasinlinewiththe

authority given for the Company to purchase, in the market, up

to25,790,340ordinarysharesattheAGMheldon10May2023,

withsuchauthorityexpiringatthe2024AGM.

Between 27 March 2024 and 1 May 2024, the Company repurchased

6,421,504ordinarysharesforatotalconsiderationof$6.7m

(£5.3m),atavolumeweightaveragepriceof82.92ppershare.

AttheAGMheldon2May2024,authoritywasgivenforthe

Companytopurchase,inthemarket,upto25,770,840ordinary

shares.Thisauthoritywillexpireatthe2025AGMand,in

accordance with usual practice, a resolution to renew it for

anotheryearwillbeproposed.

Between 2 May 2024 and 30 May 2024, the Company completed

the share buyback programme announced on 27 March 2024,

repurchasingafurther3,069,813ordinarysharesunderthe

share buyback programmed announced on 27 March 2024, for

atotalconsiderationof$3.3m(£2.6m),atavolumeweighted

averagepriceof85.54ppershare.

In aggregate the Company repurchased 9,491,317 ordinary

shares under the share buyback programme announced on

27March2024,fortotalconsiderationof$10m,atavolume

weightedaveragepriceofapproximately83.77ppershare.

Thesharebuybackprogrammewasprimarilyfundedbythe

proceedsfromtheGroup’spartialsaleofitsholdinginLabrador

IronOreRoyaltyCorporation.Therepurchasedsharesareheld

intreasury.

Substantial shareholdings

TheCompanyhasbeennotified,ofthefollowinginterestsof

3%ormoreinthesharecapitaloftheCompanypursuantto

Rule5oftheDisclosureGuidanceandTransparencyRules

(“DTR”).Asat26March2025(beingthelatestpracticabledate

for inclusion in this report), the Company has not received any

additionalnotificationspursuanttoDTR5.

Ordinary shares

of 2p each Representing

South32 43,625,091 17.6%

Aberforth Partners 20,515,982 8.3%

Schroder Investment

Management 16,008,978 6.4%

Ransome’s Dock Limited 7,941,120 3.2%

Directors’ interests

Seepage119foralistofDirectors’interestsinshares.

Internal controls

TheDirectorsconfirmthattherehavebeennosignificant

changes to the system of internal controls, nor have there been

anysignificantbreachesreportedduringtheyear.Asaresult,

the Board has concluded that the controls and procedures

areadequate.

Data on diversity of the Board



The Board’s statement on its approach to gender and ethnicity

targets,includingthediversitytargetssetoutintheUKListing

Rules,canbefoundonpage93.Theadditionalnumericaldata

on the diversity of the Board and Executive management, in the

formatprescribedbyUKListingRule6.6.6(10),isoutlinedbelow

asat31December2024.Theunderlyingdatawascollected

directlyfromtheBoardandtheExecutiveCommittee.

TheGroupdefinesExecutivemanagementasthemembersof

the Executive Committee which consists of the Chief Executive

OfficerandtheChiefFinancialOfficer,whoarebothDirectorsof

the Company, together with the Investment Manager and Head

ofLegal.



Number

of Board

members

%of

Board

Number of

senior

positions

Number in

Executive

management

%of

Executive

management

Men 5 71.4% 3 2 50%

Women 2 28.6% 1 2 50%

Not

specified/

Prefer not

to say — — — — —

(1) Senior positions include: Chair, CEO, CFO and SID

(b) Ethnic background

Number

of Board

members

%of

Board

Number of

senior

positions

Number in

Executive

management

%of

Executive

management

White

British or

Other

White

7 100% 4 3 75%

Mixed/

Multiple

Ethnic

Groups

— — — — —

Asian/

Asian

British

— — — 1 25%

Black/

African/

Caribbean/

Black

British

— — — — —

Other

Ethnic

Groups

— — — — —

Not

specified/

Prefer not

to say

— — — — —

(1) Seniorpositionsinclude:Chair,CEO,CFOandSID.

125Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Disclosure table pursuant to UK Listing Rule 6.6.1

UKListingRule Information to be included Disclosure

6.6.1(1) Interest capitalised by the

Group

Not applicable –

no interest

capitalised

6.6.1(2) Unauditedfinancial

information(LR6.2.23R)

None

6.6.1(3) Long-termincentivescheme

only involving a director (LR

9.3.3R)

None

6.6.1(4) Directors’ waivers of

emoluments

None

6.6.1(5) Directors’ waivers of future

emoluments

None

6.6.1(6) Non-prorataallotmentsfor

cash (issuer)

None

6.6.1(7) Non-prorataallotmentsfor

cash (major subsidiaries)

None

6.6.1(8) Listed company is a

subsidiary of another

company

Not applicable

6.6.1(9) Contractsofsignificance

involving a director

None

6.6.1(10) Contractsofsignificance

involving a controlling

shareholder

Not applicable

– no controlling

shareholder

6.6.1(11) Waivers of dividends None

6.6.1(12) Waivers of future dividends None

6.6.1(13) Statementconfirmingability

tocarryonbusiness

independently from a

controlling shareholder

(LR6.2.3R)

Not applicable

– no controlling

shareholder

Auditor

The auditor, Ernst & Young LLP, has indicated its willingness to

continueinoffice,andaresolutionthatitbere-appointedwill

beproposedatthe2025AGM.

Statement as to disclosure of information



TheDirectorswhowereinofficeonthedateofapprovalof

thesefinancialstatementshaveconfirmedthat,asfarasthey

are aware, there is no relevant audit information of which the

auditorisunaware.EachoftheDirectorshasconfirmedthat

they have taken all the steps that they ought to have taken

asDirectorstomakethemselvesawareofanyrelevantaudit

information and to establish that such audit information

hasbeencommunicatedtotheauditor.

Other statutory and regulatory information

TheDirectors’ReportcomprisestheCorporateGovernance

Reportonpages86to96,theDirectors’Reportonpages123to

126andthepolicyonfinancialriskmanagementinnote33to

theconsolidatedfinancialstatements.

ForthepurposesofcompliancewithDisclosureGuidanceand

TransparencyRules4.1.5R(2)and4.18R,theStrategicReport

and this Directors’ Report (including the other sections of the

Annual Report incorporated by reference) comprise the

ManagementReport.

InformationinrelationtotheGroup’spaymentpolicycanbe

found in note 27 and a statement on going concern is provided

innote31.1.

Designated Foreign Issuer status

The Company continues to be listed on the TSX and to be

a‘reportingissuer’intheProvinceofOntario,Canada.The

Company also continues to be a ‘designated foreign issuer’,

asdefinedinNationalInstrument71-102–ContinuousDisclosure

and Other Exemptions Relating to Foreign Issuers of the Canadian

SecuritiesAdministrators.Assuch,theCompanyisnotsubject

to the same ongoing reporting requirements as most other

reportingissuersinCanada.Generally,theCompanywillbein

compliance with Canadian ongoing reporting requirements if it

complieswiththeUKFinancialConductAuthorityinitscapacity

as the competent authority for the purposes of Part VI of the

FinancialServicesandMarketsAct2000(UnitedKingdom),as

amended from time to time, and the applicable laws of England

andWales(the‘UKRules’)andfilesonitsSEDARprofileatwww.

sedar.comanydocumentsrequiredtobefiledorfurnished

pursuanttotheUKRules.

By Order of the Board

Jason Gray

Company Secretary

26 March 2025

Registered office

Kent House

3rd Floor North

14 – 17 Market Place

London

W1W 8AJ

Directors’ report continued

126 Ecora Resources PLC Annual Report and Accounts 2024



The Directors are responsible for preparing the Annual Report

andtheGroupandparentcompanyfinancialstatementsin

accordancewithapplicablelawandregulation.

CompanylawrequirestheDirectorstopreparefinancialstatements

foreachfinancialyear.UnderthatlawtheDirectorshaveelected

topreparetheGroupandparentcompanyfinancialstatements

inaccordancewithUnitedKingdomadoptedInternational

AccountingStandards.

UndercompanylawtheDirectorsmustnotapprovethefinancial

statementsunlesstheyaresatisfiedthattheygiveatrueand

fairviewofthestateofaffairsoftheGroupandparentcompany

andoftheprofitorlossoftheGroupforthatperiod.Inpreparing

thefinancialstatements,theDirectorsarerequiredto:

n select suitable accounting policies and then apply

themconsistently;

n statewhetherapplicableUK-adoptedInternational

Accounting Standards have been followed, subject to

anymaterialdeparturesdisclosedandexplainedinthe

financialstatements;

n make judgements and accounting estimates that are

reasonable and prudent; and

n preparethefinancialstatementsonthegoingconcernbasis

unlessitisinappropriatetopresumethattheGroupand

parentcompanywillcontinueinbusiness.

The Directors are responsible for safeguarding the assets

oftheGroupandparentcompanyandhencefortaking

reasonable steps for the prevention and detection of fraud

andotherirregularities.

The Directors are responsible for keeping adequate accounting

recordsthataresufficienttoshowandexplaintheGroup’sand

parent company’s transactions and disclose with reasonable

accuracyatanytimethefinancialpositionoftheGroupand

parentcompanyandenablethemtoensurethatthefinancial

statements and the Directors’ Remuneration Report comply

withtheCompaniesAct2006.

The Directors are responsible for the maintenance and integrity

ofthecorporateandfinancialinformationincludedonthe

Group’swebsite,www.ecora-resources.com.Legislationinthe

UKgoverningthepreparationanddisseminationoffinancial

statementsmaydifferfromlegislationinotherjurisdictions.

fi



The Directors consider that the Annual Report and Accounts,

taken as a whole, is fair, balanced and understandable and

provides the information necessary for shareholders to assess

theCompany’sperformance,businessmodelandstrategy.

Each of the Directors, whose names and functions are set

outonpages88and89,confirmthat,tothebestoftheir

knowledge:

n theGroupandparentcompanyfinancialstatements,which

havebeenpreparedinaccordancewithUnitedKingdom

adopted International Accounting Standards, give a true

andfairviewoftheassets,liabilities,financialpositionand

profitorlossoftheGroupandparentcompany;and

n theStrategicReport,onpages1to84,whichisincorporated

in the Directors’ Report, includes a fair review of the development

and performance of the business and the position of the

Groupandparentcompany,togetherwithadescription

oftheprincipalrisksanduncertaintiesthatitfaces.

By Order of the Board

Marc Bishop Lafleche

Chief Executive Officer

26 March 2025

Kevin Flynn

Chief Financial Officer

26 March 2025

127Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

All text to be supplied

Financial

statements

Financial statements

129 Independent auditor’s report to the members

ofEcoraResources PLC

136 Consolidated income statement

137 Consolidated statement of comprehensive income

138 Consolidated balance sheet and Company balance sheet

139 Consolidated statement of changes in equity

140 Company statement of changes in equity

141 Consolidated statement of cash flows and Company

statement of cash flows

142 Notes to the ﬁnancial statements

Other information

190 Shareholder statistics

190 Other information

191 Forward looking statements

Financial statements

128 Ecora Resources PLC Annual Report and Accounts 2024



Opinion

In our opinion:

n Ecora Resources PLC’s group financial statements and parent company financial statements (the “financial statements”) give a

true and fair view of the state of the group’s and of the parent company’s affairs as at 31 December 2024 and of the Group’s loss

for the year then ended;

n the group financial statements have been properly prepared in accordance with UK adopted international accounting standards;

n the parent company financial statements have been properly prepared in accordance with UK adopted international accounting

standards as applied in accordance with section 408 of the Companies Act 2006; and

n the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.

WehaveauditedthefinancialstatementsofEcoraResourcesPLC(the‘parentcompany’)anditssubsidiaries(the‘Group’)forthe

year ended 31 December 2024 which comprise:

Group Parent company

Consolidated income statement for the year ended

31December2024

Company balance sheet as at 31 December 2024

Consolidated statement of comprehensive income for year

ended 31 December 2024

Company statement of changes in equity for the year ended

31December2024

Consolidated balance sheet as at 31 December 2024 Companystatementofcashflowsfortheyearended

31December2024

Consolidated statement of changes in equity for the year ended

31 December 2024

Consolidatedstatementofcashflowsfortheyearended

31December2024

Relatednotes1to38tothefinancialstatements,includingmaterialaccountingpolicyinformation

ThefinancialreportingframeworkthathasbeenappliedintheirpreparationisapplicablelawandUKadoptedinternational

accountingstandardsandasregardstheparentcompanyfinancialstatements,asappliedinaccordancewithsection408

oftheCompaniesAct2006.

Basis for opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(UK)(ISAs(UK))andapplicablelaw.Ourresponsibilities

underthosestandardsarefurtherdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofour

report.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Independence

WeareindependentoftheGroupandparentinaccordancewiththeethicalrequirementsthatarerelevanttoourauditofthe

financialstatementsintheUK,includingtheFRC’sEthicalStandardasappliedtolistedpublicinterestentitiesandwehavefulfilled

ourotherethicalresponsibilitiesinaccordancewiththeserequirements.

Thenon-auditservicesprohibitedbytheFRC’sEthicalStandardwerenotprovidedtotheGrouportheparentcompany

andweremainindependentoftheGroupandtheparentcompanyinconductingtheaudit.

Conclusions relating to going concern

Inauditingthefinancialstatements,wehaveconcludedthatthedirectors’useofthegoingconcernbasisofaccountinginthe

preparationofthefinancialstatementsisappropriate.Ourevaluationofthedirectors’assessmentoftheGroupandparent

company’s ability to continue to adopt the going concern basis of accounting included:

n Understandingmanagement’sprocessandkeycontrolsoverthegoingconcernassessment;

n Evaluatingwhethermanagement’sgoingconcernperiod,of12monthsto31March2026,wasappropriate;

n Assessing the consistency between the assumptions used in the going concern forecast and other audit areas,

suchasimpairmentandvaluationmodelling;

n Challenging the underlying data and key assumptions in line with our impairment and valuation procedures mentioned below;

n Assessing the accuracy of management’s previous budgeting against actual performance;

n Assessingtheclericalaccuracyofmanagement’smodellingbyrecalculatingcashflowandcovenantpositionsbasedonthe

modelinputs;

n Understandingtheterms,maturity,interestrates,andanyrestrictionsorcovenantsoftheborrowingsheldbytheGroup,and

assessing forecast covenant compliance in both the base case and the downside scenario;

n Determining whether management’s downside modelling represents a severe but plausible scenario;

n Performing an independent reverse stress test to determine the fall in revenue at which covenants are breached and assessing

the likelihood of its occurrence;

129Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

 continued

Conclusions relating to going concern continued

n Considering the impact of climate change on management’s modelling;

n Considering mitigating actions within management’s control;

n Consideringpostbalancesheetevents,includingthecompletedacquisitionoftheMimbulacopperstreamfor$50mand

associatedupsizeandextensiontotheGroup’srevolvingcreditfacility;and

n Readingmanagement’sdisclosurestoensuretheyareappropriate.

Thedirectors’assessmentforecaststhattheGroupwillmaintainsufficientliquidityandwillcomplywiththefinancialcovenants

throughoutthegoingconcernassessmentperiodinthebasecaseanddownsidescenario.

Basedontheworkwehaveperformed,wehavenotidentifiedanymaterialuncertaintiesrelatingtoeventsorconditionsthat,

individuallyorcollectively,maycastsignificantdoubtontheGroupandparentcompany’sabilitytocontinueasagoingconcern

fora12monthperiodto31March2026.

InrelationtotheGroupandparentcompany’sreportingonhowtheyhaveappliedtheUKCorporateGovernanceCode,wehave

nothingmaterialtoaddordrawattentiontoinrelationtothedirectors’statementinthefinancialstatementsaboutwhetherthe

directorsconsidereditappropriatetoadoptthegoingconcernbasisofaccounting.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections

ofthisreport.However,becausenotallfutureeventsorconditionscanbepredicted,thisstatementisnotaguaranteeastothe

group’sabilitytocontinueasagoingconcern.

Overview of our audit approach

Audit scope n ConsistentwiththewaytheGroupiscentrallymanagedfromtheUKoffice,weconsidertheGroupto

beonecomponent.Consequently,allmaterialassets,liabilities,incomeandexpensesaresubjectto

afullscopeaudit.

Keyauditmatters

n ValuationoftheKestrelinvestmentproperty.

n Impairmentindicatorassessmentofroyaltyintangiblesandmetalstreams.

Materiality

n Overallgroupmaterialityof$6.5mwhichrepresents1.5%ofnetassets.

An overview of the scope of the parent company and group audits

InthecurrentyearourauditscopingreflectsthenewrequirementsofISA(UK)600(Revised).Wehavefollowedarisk-based

approachwhendevelopingourauditapproachtoobtainsufficientappropriateauditevidenceonwhichtobaseourauditopinion.

WeperformedriskassessmentprocedurestoidentifyandassessrisksofmaterialmisstatementoftheGroupfinancialstatements

andidentifiedsignificantaccountsanddisclosures.Whenidentifyingwhereauditworkneededtobeperformedtorespondtothe

identifiedrisksofmaterialmisstatementoftheGroupfinancialstatements,weconsideredourunderstandingoftheGroupandits

businessenvironment,thepotentialimpactofclimatechange,theapplicablefinancialframework,theGroup’ssystemofinternal

controlattheentitylevel,theexistenceofcentralisedprocessesandapplications.

ConsistentwiththewaytheGroupiscentrallymanagedfromtheUKoffice,weconsidertheGrouptobeonecomponent.Consequently,

all material assets, liabilities, income and expenses are subject to a full scope audit performed by the Primary audit team based in

theUK.

Climate change

StakeholdersareincreasinglyinterestedinhowclimatechangewillimpactEcoraResourcesPLC.TheGrouphasdeterminedthat

themostsignificantfutureimpactsfromclimatechangeonitsoperationswillbefromexposuretocoalfromtheKestrelroyalty

overtheshorttomedium-termperiod.Thisisexplainedonpages70-83intherequiredTaskForceOnClimateRelatedFinancial

Disclosures.Theyhavealsoexplainedtheirclimatecommitmentsonpage83.Allofthesedisclosuresformpartofthe“Other

information”,ratherthantheauditedfinancialstatements.Ourproceduresontheseunauditeddisclosuresthereforeconsisted

solelyofconsideringwhethertheyaremateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedinthe

courseoftheauditorotherwiseappeartobemateriallymisstated,inlinewithourresponsibilitieson“Otherinformation”.

InplanningandperformingourauditweassessedthepotentialimpactsofclimatechangeontheGroup’sbusinessandany

consequentialmaterialimpactonitsfinancialstatements.TheGrouphasexplainedintheirCriticalaccountingjudgementsandkey

sourcesofestimationuncertaintynotehowtheyhavereflectedtheimpactofclimatechangeintheirfinancialstatements(Note4).

Ourauditeffortinconsideringtheimpactofclimatechangeonthefinancialstatementswasfocusedonevaluatingmanagement’s

assessmentoftheimpactofclimaterisk,physicalandtransition,theirclimatecommitments,theeffectsofmaterialclimate

risksdisclosedonpage152andwhetherthesehavebeenappropriatelyreflectedintheGroup’svaluationofroyaltyandmetal

streamagreements.

As part of this evaluation, we performed our own risk assessment, supported by our climate change internal specialists, to

determinetherisksofmaterialmisstatementinthefinancialstatementsfromclimatechangewhichneededtobeconsidered

inouraudit.WealsochallengedtheDirectors’considerationsofclimatechangerisksintheirassessmentofgoingconcernand

viabilityandassociateddisclosures.

Basedonourworkwehavenotidentifiedtheimpactofclimatechangeonthefinancialstatementstobeakeyauditmatter.

Wehaveconsideredclimatechangeaspartofourproceduresperformedoverthetwokeyauditmattersidentifiedbelow.

130 Ecora Resources PLC Annual Report and Accounts 2024

Key audit matters

Keyauditmattersarethosemattersthat,inourprofessionaljudgement,wereofmostsignificanceinourauditofthefinancial

statementsofthecurrentperiodandincludethemostsignificantassessedrisksofmaterialmisstatement(whetherornotdueto

fraud)thatweidentified.Thesemattersincludedthosewhichhadthegreatesteffecton:theoverallauditstrategy,theallocationof

resourcesintheaudit;anddirectingtheeffortsoftheengagementteam.Thesematterswereaddressedinthecontextofouraudit

ofthefinancialstatementsasawhole,andinouropinionthereon,andwedonotprovideaseparateopiniononthesematters.

Risk

Valuation of the Kestrel investment property

RefertotheAuditCommitteeReport(page100);Accountingpolicies(page144);andNote15tothefinancial

statements(pages159and160).

The risk is that the valuation of the Kestrel investment property is materially misstated as this is based

onaforecast-basedestimate.

AsdescribedinNote15tothefinancialstatements,asat31December2024Ecorarecognisedanasset

of$48.7mofinrelationtotheKestrelinvestmentproperty(2023:$77.4m).

The valuation of the Kestrel investment property is sensitive to changes in key assumptions, which increases

theriskofmaterialfinancialstatementmisstatement.

Theriskisfocuseduponmanagement’sselectionandapplicationofsignificantunderlyingassumptions

included within the forecast modelling such as:

n Saleable coal volumes;

n Metallurgical and thermal coal prices;

n Weighted average cost of capital (discount rate); and

n Foreignexchangerate.

Duringtheyearended31December2024,theGrouphasrecognisedalossonrevaluationofcoalroyalties

of$23.1m(2023:$28.5m).

Ourresponse

totherisk

We obtained an understanding of Ecora’s investment property valuation process and evaluated the design

oftheassociatedcontrols.

We substantively audited the Kestrel investment property valuation by performing the following procedures:

n Assessing the appropriateness of the methodology of the valuation model;

n Checking the underlying clerical accuracy of the valuation model;

n Challengingmanagement’ssignificantassumptions(withreferencetohistoricactuals,analystreports

andconsensuspricing),withspecificfocusonchangestothoseusedinpreviousmodelling;

n Assessing the appropriateness of the weighted average cost of capital (discount rate) used in the

calculation in conjunction with our valuation specialists;

n Reviewing management’s specialist’s reporting for consistency with management’s valuation model;

n Ensuring adjustments made to management’s valuation model compared to the specialist report

areappropriate;

n Assessing the competence, objectivity and independence of management’s specialist;

n Performing budget to actuals analysis to assess the accuracy of the production forecasting process;

n Searching for contradictory evidence which would not support management’s assumptions;

n Performing a stand back assessment on the overall valuation;

n Performingsensitivityanalysisonsignificantinputs;and

n Ensuringthedisclosure(includingsensitivityanalysis)inthefinancialstatementisappropriate.

Keyobservations

communicated to

the Audit Committee

Asaresultoftheauditproceduresperformed,weconcludedthatthesignificantassumptionsusedinthe

fair value model prepared by management over the Kestrel investment property as at 31 December 2024

wereappropriateandthereforeweweresatisfiedthatthebalancewasfairlystated.

Howwescopedour

audittorespond

totherisk

All audit work performed to address this risk was undertaken by the primary audit team supported by our

valuationspecialists.

131Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Key audit matters continued

Risk

Impairment indicator assessment of royalty intangibles and metal streams

RefertotheAuditCommitteeReport(page100);Accountingpolicies(page144);andNotes16and18tothe

financialstatements(pages160and164).

Theriskisthatpotentialimpairmentsarenotidentifiedonatimelybasisandthatthecarryingvaluesofthe

Group’sroyaltyintangiblesandmetalstreamsmightnotberecoverable.

AsdescribedinNotes16and18tothefinancialstatements,asat31December2024Ecorarecognised

$245.9mofroyaltyintangibles(2023:$269.8m)and$141.9mofmetalstreams(2023:$161.4m).

Theidentificationofimpairmentindicatorsrequiressignificantmanagementjudgementandisfocusedon

forecastcommoditypricecurves,operationalperformanceandmacro-economictrends.

Whereanimpairmentindicatorisidentifiedmanagementperformanimpairmenttestbasedonavalue-in-

usediscountedcashflowmodel.

Fortheyearended31December2024animpairmentindicatorwasidentifiedforthefollowingassets:

n Voisey’s Bay: Due to the deterioration in Cobalt pricing;

n West Musgrave: Due to delays to project start up; and

n MaracásMenchen:DuetothedeteriorationinVanadiumpricing.

Theriskisfocuseduponmanagement’sselectionandapplicationofsignificantunderlyingassumptions

included within the modelling which include forecast:

n Commodity pricing;

n Asset production; and

n Weightedaveragecostofcapital(discountrate).

AsdisclosedinNote16tofinancialstatements,totalimpairmentchargesof$15.1m(2023:$nil)were

recognisedintheyearinrelationtotheVoisey’sBaymetalstream.

AsdisclosedinNote18tofinancialstatementsnoimpairmentchargewasrequired(2013:nil)forWest

MusgraveandMaracásMenchenroyaltyintangibleassets.

Ourresponse

totherisk

We obtained an understanding of Ecora’s impairment assessment process and evaluated the design

oftheassociatedcontrols.

Wesubstantivelyauditedtheidentificationofimpairmentindicatorsforroyaltyintangiblesandmetal

streams by performing the following procedures:

n Reviewing management’s impairment assessment for completeness against the criteria set out within

therelevantaccountstandards;

n Assessing the appropriateness of the consensus pricing and macroeconomic factors used to assess

whether an impairment indicator exists; and

n Performing searches of public and private operator information to search for evidence of operational

issueswhichcouldindicateanimpairmentindicator.

Whereanimpairmentindicatorwasidentified,inrelationtoanassetwithamaterialriskofmisstatement,we

performedthefollowingsubstantiveprocedurestoauditmanagement’srecoverableamountcalculation:

n Assessing the appropriateness of the methodology of the valuation model;

n Checking the underlying clerical accuracy of the valuation model;

n Criticallyassessingthevaluationmodeltoidentifysignificantassumptionsandmakingmanagement

inquiries;

n Challengingmanagement’ssignificantassumptions(withreferencetochangestothoseusedinprevious

modellingandagreeingtothird-partyevidence);

n Assessing the impact of climate change on management’s modelling assumptions;

n Assessing the appropriateness of the weighted average cost of capital (discount rate) used in the

calculation in conjunction with our valuation specialists;

n Performing analysis to compare historic forecasts to actual results to assess the accuracy of the

production forecasting process;

n Comparing and assessing management forecast prices against analyst consensus pricing;

n For assets yet to produce:

– Inconjunctionwithourvaluationsteam,performingbenchmarkingP/NAVanalysisonthepre-

production risk adjustment applied;

– Ensuringchangestothepre-productionriskadjustmentaresupportedtoappropriatethird-party

evidence, such as operator announcements;

n Searching for contradictory evidence which would not support management’s assumptions;

n Performing a stand back assessment on the overall valuation;

n Performingsensitivityanalysisonsignificantinputs;and

n Ensuringthedisclosures(includingsensitivityanalysisifrequired)inthefinancialstatementareappropriate.

132 Ecora Resources PLC Annual Report and Accounts 2024

Keyobservations

communicated to

the Audit Committee

As a result of the audit procedures performed, we have concluded that management’s impairment

indicatoranalysisandimpairmentassessmentfortheGroup’sroyaltyintangibleandmetalstreamassets

hasbeencarriedoutappropriatelyandinaccordancewiththerequirementsofUKadoptedinternational

accountingstandards.

Wefurtherconcludedthatthesignificantassumptionsusedintherecoverablevaluemodelspreparedby

managementasat31December2024wereappropriate,inaccordancewithIAS36,IAS38andIAS16and

whereapplicable,fellwithintherangeofacceptableoutcomesthatwehadcalculated.

Based on the procedures performed, we consider the metal stream impairment charges recorded by

managementasat31December2024of$15.1minrespectofVoisey’sBaytobeappropriate.Weare

satisfiedthatthecarryingvaluesoftheGroup’sroyaltyintangibleassetsdonotrequireanyimpairment

chargeasat31December2024.

WeconcludedthattherelateddisclosuresintheGroupfinancialstatementsareappropriate.

Howwescopedour

audittorespond

totherisk

All audit work performed to address this risk was undertaken by the primary audit team supported by our

valuationspecialists.

Key audit matters continued

RevenuerecognitionisasignificantriskpresumedbyISAs(UK).

It is not included above, as Ecora’s revenue streams are

largelyroutineinnatureanddonotinvolvesignificant

judgementoruseofsignificantestimates.Consequently,the

auditingofrevenuerecognitiondidnothavethegreatesteffect

on our overall audit strategy, the allocation of resources in

theauditorindirectingtheeffortsoftheengagementteam.

Auditprocedureswereperformedcovering100%ofthe

revenuebalance.

TheKeyauditmattersidentifiedareconsistentwiththe

predecessorauditor.

Our application of materiality

We apply the concept of materiality in planning and performing

theaudit,inevaluatingtheeffectofidentifiedmisstatements

ontheauditandinformingourauditopinion.

Materiality

The magnitude of an omission or misstatement that,

individually or in the aggregate, could reasonably be expected

toinfluencetheeconomicdecisionsoftheusersofthefinancial

statements.Materialityprovidesabasisfordeterminingthe

natureandextentofourauditprocedures.

WedeterminedmaterialityfortheGrouptobe$6.5million,

whichis1.5%oftheGroup'snetassets.Asasignificant

proportionoftheGroup’sassetsarepre-production,webelieve

that net assets provides the most relevant performance measure

to the stakeholders of the entity and therefore have determined

materialitybasedonthisnumber.

We determined materiality for the parent company to be

$5.8million,whichis1.5%oftheparentcompanynetassets,

which we consider to be an appropriate basis for materiality,

astheusersofthefinancialstatementsfocusona

capital-basedmeasure.

ThepreviousauditordeterminedmaterialityfortheGroupto

be $7m for the year ended 31 December 2023, based on a

blendedassessmentwhichrepresented1.4%ofnetassets.

Performance materiality

The application of materiality at the individual account or

balancelevel.Itissetatanamounttoreducetoanappropriately

low level the probability that the aggregate of uncorrected and

undetectedmisstatementsexceedsmateriality.

On the basis of our risk assessments, together with our

assessmentoftheGroup’soverallcontrolenvironment,our

judgementwasthatperformancematerialitywas50%ofour

planningmateriality,namely$3.3m.Wehavesetperformance

materialityatthispercentageasthisisourfirstyearauditing

theGroup.

Reporting threshold

Anamountbelowwhichidentifiedmisstatementsare

consideredasbeingclearlytrivial.

We agreed with the Audit Committee that we would report to

themalluncorrectedauditdifferencesinexcessof$0.3mwhich

issetat5%ofplanningmateriality,aswellasdifferencesbelow

that threshold that, in our view, warranted reporting on

qualitativegrounds.

We evaluate any uncorrected misstatements against both

thequantitativemeasuresofmaterialitydiscussedaboveand

inlightofotherrelevantqualitativeconsiderationsinforming

ouropinion.

Other information

The other information comprises the information included in

the annual report, including shareholder statistics, other

information and forward looking statements set out on pages

1-127and190-192,otherthanthefinancialstatementsandour

auditor’sreportthereon.Thedirectorsareresponsibleforthe

otherinformationcontainedwithintheannualreport.

Ouropiniononthefinancialstatementsdoesnotcoverthe

other information and, except to the extent otherwise explicitly

stated in this report, we do not express any form of assurance

conclusionthereon.

Our responsibility is to read the other information and, in

doingso,considerwhethertheotherinformationismaterially

inconsistentwiththefinancialstatementsorourknowledge

obtained in the course of the audit or otherwise appears to be

materiallymisstated.Ifweidentifysuchmaterialinconsistencies

or apparent material misstatements, we are required to determine

whetherthisgivesrisetoamaterialmisstatementinthefinancial

statementsthemselves.If,basedontheworkwehaveperformed,

we conclude that there is a material misstatement of the other

information,wearerequiredtoreportthatfact.

Wehavenothingtoreportinthisregard.

133Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Opinions on other matters prescribed by the

Companies Act 2006

In our opinion, the part of the directors’ remuneration report

tobeauditedhasbeenproperlypreparedinaccordancewith

theCompaniesAct2006.

In our opinion, based on the work undertaken in the course

oftheaudit:

n The information given in the strategic report and the directors’

reportforthefinancialyearforwhichthefinancialstatements

arepreparedisconsistentwiththefinancialstatementsand

those reports have been prepared in accordance with

applicablelegalrequirements.

Matters on which we are required to report



InthelightoftheknowledgeandunderstandingoftheGroup

and the parent company and its environment obtained in the

courseoftheaudit,wehavenotidentifiedmaterial

misstatementsinthestrategicreportorthedirectors'report.

We have nothing to report in respect of the following matters in

relationtowhichtheCompaniesAct2006requiresustoreport

to you if, in our opinion:

n adequate accounting records have not been kept by the

parent company, or returns adequate for our audit have

notbeenreceivedfrombranchesnotvisitedbyus;or

n theparentcompanyfinancialstatementsandthepartof

theDirectors’RemunerationReporttobeauditedarenot

inagreementwiththeaccountingrecordsandreturns;or

n certaindisclosuresofdirectors’remunerationspecified

bylawarenotmade;or

n we have not received all the information and explanations

werequireforouraudit;or

n we have not received all the information and explanations

werequireforouraudit.

Corporate Governance Statement

We have reviewed the directors’ statement in relation to going

concern,longer-termviabilityandthepartoftheCorporate

GovernanceStatementrelatingtotheGroupandcompany’s

compliancewiththeprovisionsoftheUKCorporateGovernance

CodespecifiedforourreviewbytheUKListingRules.

Based on the work undertaken as part of our audit, we have

concluded that each of the following elements of the Corporate

GovernanceStatementismateriallyconsistentwiththefinancial

statements or our knowledge obtained during the audit:

n Directors’ statement with regards to the appropriateness

ofadoptingthegoingconcernbasisofaccountingandany

materialuncertaintiesidentifiedsetoutonpage123;

n Directors’ explanation as to its assessment of the company’s

prospects, the period this assessment covers and why the

periodisappropriatesetoutonpage84;

n Directors’ statement on whether it has a reasonable expectation

thattheGroupwillbeabletocontinueinoperationandmeets

itsliabilitiessetoutonpage84;

n Directors’ statement on fair, balanced and understandable

set out on page 127;

n Board’sconfirmationthatithascarriedoutarobust

assessment of the emerging and principal risks set out on

page62-69;

n The section of the annual report that describes the review

ofeffectivenessofriskmanagementandinternalcontrol

systemssetoutonpage60-61and

n The section describing the work of the audit committee

setoutonpage99-103.

Responsibilities of directors

As explained more fully in the directors’ responsibilities

statement set out on page 127, the directors are responsible for

thepreparationofthefinancialstatementsandforbeing

satisfiedthattheygiveatrueandfairview,andforsuchinternal

control as the directors determine is necessary to enable the

preparationoffinancialstatementsthatarefreefrommaterial

misstatement,whetherduetofraudorerror.

Inpreparingthefinancialstatements,thedirectorsare

responsibleforassessingtheGroupandparentcompany’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless the directors either intend to liquidate

theGrouportheparentcompanyortoceaseoperations,or

havenorealisticalternativebuttodoso.

Auditor’s responsibilities for the audit

fi

Our objectives are to obtain reasonable assurance about

whetherthefinancialstatementsasawholearefreefrom

material misstatement, whether due to fraud or error, and to

issueanauditor’sreportthatincludesouropinion.Reasonable

assurance is a high level of assurance, but is not a guarantee

thatanauditconductedinaccordancewithISAs(UK)willalways

detectamaterialmisstatementwhenitexists.Misstatements

can arise from fraud or error and are considered material if,

individually or in the aggregate, they could reasonably be

expectedtoinfluencetheeconomicdecisionsofuserstaken

onthebasisofthesefinancialstatements.



considered capable of detecting irregularities,

including fraud

Irregularities,includingfraud,areinstancesofnon-compliance

withlawsandregulations.Wedesignproceduresinlinewith

our responsibilities, outlined above, to detect irregularities,

includingfraud.Theriskofnotdetectingamaterialmisstatement

due to fraud is higher than the risk of not detecting one resulting

from error, as fraud may involve deliberate concealment by, for

example, forgery or intentional misrepresentations, or through

collusion.Theextenttowhichourproceduresarecapableof

detectingirregularities,includingfraudisdetailedbelow.

134 Ecora Resources PLC Annual Report and Accounts 2024



considered capable of detecting irregularities,

including fraud continued

However, the primary responsibility for the prevention and

detection of fraud rests with both those charged with governance

ofthecompanyandmanagement.

n We obtained an understanding of the legal and regulatory

frameworksthatareapplicabletotheGroupanddetermined

thatthemostsignificantarethosethatrelatetothereporting

framework(UKadoptedInternationalaccountingstandards,

theCompaniesAct2006,UKCorporateGovernanceCode,

andtheListingRulesoftheUKListingAuthority)andrelevant

tax compliance regulations in the jurisdictions in which the

Groupoperates(UK,CanadaandAustralia).

n With the assistance of our forensics specialists, we understood

howtheGroupiscomplyingwiththoseframeworksbymaking

inquiries of management, those responsible for legal and

complianceproceduresandthecompanysecretary.We

corroborated our enquiries through our review of board

minutes and papers provided to the Audit Committee,

observations in Audit Committee meetings, as well as

consideration of the results of our audit procedures

acrosstheGroup.

n WeassessedthesusceptibilityoftheGroup’sfinancial

statements to material misstatement, including how fraud

mightoccurbymeetingthefinanceandoperational

management to understand where it considered there was

susceptibilitytofraud.Wealsoconsideredperformance

targetsandtheirpropensitytoinfluenceeffortsmadeby

managementtomanageearnings.Weconsideredthe

programmesandcontrolsthattheGrouphasestablishedto

addressrisksidentified,orthatotherwiseprevent,deterand

detect fraud; and how senior management monitors those

programmesandcontrols.Wheretheriskwasconsideredto

be higher, with the assistance of our forensics specialists, we

performedauditprocedurestoaddresseachidentifiedfraud

risk.Theseproceduresincludedthoseonrevenue

recognition and testing manual journals and were designed

toprovidereasonableassurancethatthefinancial

statementswerefreefrommaterialfraudorerror.These

procedures included using data analytics to test manual

journals and were designed to provide reasonable assurance

thatthefinancialstatementswerefreeoffraudorerror.

n Based on this understanding we designed our audit procedures

toidentifynon-compliancewithsuchlawsandregulations.

Our procedures included reading any correspondence with

regulators, making enquiries of management’s specialists and

journal entry testing, with a focus on manual journal entries,

consolidation journals and journal entries indicating large

orunusualtransactionsusingdataanalytics.Webasedthis

testing on our understanding of the business, enquiries

ofmanagement,includingtheGeneralCounselandthe

CompanySecretaryandreadingrelevantreports.Wehave

alsoreviewedanywhistleblowingreportsissuedintheyear.

A further description of our responsibilities for the audit of

thefinancialstatementsislocatedontheFinancialReporting

Council’swebsiteatwww.frc.org.uk/auditorsresponsibilities.

Thisdescriptionformspartofourauditor’sreport.

Other matters we are required to address

n Following the recommendation from the audit committee, we

were appointed by the Company on 11 June 2024 to audit the

financialstatementsfortheyearending31December2024

andsubsequentfinancialperiods.

n The period of total uninterrupted engagement including

previousrenewalsandre-appointmentsisoneyear,covering

theyearended31December2024.

n The audit opinion is consistent with the additional report to

theauditcommittee.

Use of our report

This report is made solely to the Company’s members, as a

body,inaccordancewithChapter3ofPart16oftheCompanies

Act2006.Ourauditworkhasbeenundertakensothatwemight

state to the Company’s members those matters we are required

tostatetotheminanauditor’sreportandfornootherpurpose.

To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the Company and the Company’

members as a body, for our audit work, for this report, or for

theopinionswehaveformed.

Jessy Maguhn

(Senior Statutory Auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

London

27 March 2025

135Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Consolidated income statement

for the year ended 31 December 2024

		2024	2023
	Notes	$’000	$’000
Royalty and metal stream related revenue	5	59, 60 8	61,900
Metal streams cost of sales	16	(1, 2 14)	(1,338)
Amortisation and depletion of royalties and streams	16,18	(7, 9 0 8)	(7,467)
Operating expenses	6	(11, 0 1 0)	(10,889)
Operatingprofitbeforeimpairmentsandrevaluations		39, 476	42,206
Impairment of metal streams	16	(15 , 0 51)	—
Revaluationofroyaltyfinancialinstruments	17	11 , 9 6 2	(3,088)
Revaluation of coal royalties (Kestrel)	15	(23,079)	(28,520)
Finance income	8	255	921
Finance costs	9	(8, 8 5 3)	(8,270)
Net foreign exchange gains		1, 2 7 9	70
Other (loss)/income – net	10	(56)	1,234
Profitbeforetax		5,933	4,553
Current income tax charge	11	(12 , 3 6 7)	(16,325)
Deferred income tax (charge)/credit	11	(3, 39 3)	12,619
(Loss)/profitattributabletoequityholders		(9, 82 7)	847
Totalandcontinuingearningspershare
Basic (loss)/earnings per share	12	(3.89c)	0.33c
Diluted (loss)/earnings per share	12	(3.89c)	0.33c

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

136 Ecora Resources PLC Annual Report and Accounts 2024



for the year ended 31 December 2024

		2024	2023
	Notes	$’000	$’000
(Loss)/profitattributabletoequityholders		(9, 82 7)	847
Itemsthatwillnotbereclassifiedtoprofitorloss
Changes in the fair value of equity investments held at fair value through other comprehensive income
Revaluationofroyaltyfinancialinstruments	17	(6 2 8)	(1,706)
Revaluationofminingandexplorationinterests	19	76	(491)
Deferredtaxesrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss	26	58	624
		(4 9 4)	(1,573)
Itemsthathavebeenormaybesubsequentlyreclassifiedtoprofitorloss
Net exchange (loss)/gain on translation of foreign operations		(1 7 ,969)	336
		(1 7 ,969)	336
Othercomprehensivelossfortheyear,netoftax		(18 , 4 6 3)	(1,237)
Totalcomprehensivelossfortheyear		(28,290)	(390)

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

137Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements



as at 31 December 2024

		Group		Company
		2024	2023	2024	2023
	Notes	$’000	$’000	$’000	$’000
Non-currentassets
Property, plant and equipment	14	2, 394	3,063	2,394	3,063
Coal royalties (Kestrel)	15	4 8 ,7 3 5	77,354	—	—
Metal streams	16	14 1, 9 10	161,440	—	—
Royaltyfinancialinstruments	17	40,612	32,829	3,450	—
Royalty and exploration intangible assets	18	2 45 ,939	269,801	—	—
Mining and exploration interests	19	4, 366	2,791	1,941	367
Deferred costs	20	2 ,2 75	341	1,552	341
Investments in subsidiaries	21	—	—	412,199	412,990
Other receivables	22	17, 8 2 0	33,708	105,365	114,030
Deferred tax asset	26	25,87 7	37,451	—	—
		52 9,9 28	618,778	526,901	530,791
Currentassets
Trade and other receivables	22	16,168	9,649	1,167	7,969
Cash and cash equivalents	23	7, 8 76	7,850	6,559	6,673
		24, 044	17,499	7,726	14,642
Total assets		553,972	636,277	534,627	545,433
Non-currentliabilities
Borrowings	25	9 0, 22 8	82,400	71,000	75,400
Other payables	27	3,079	14,461	3,079	3,346
Deferred tax liability	26	17, 9 0 3	28,126	—	—
		111, 2 10	124,987	74,079	78,746
Currentliabilities
Income tax liabilities		4 ,1 6 7	15,927	—	—
Trade and other payables	27	3, 957	13,344	71,533	59,915
		8 ,12 4	29,271	71,533	59,915
Total liabilities		119 , 3 3 4	154,258	145,612	138,661
Net assets		4 34,638	482,019	389,015	406,772
Capitalandreservesattributabletoshareholders
Share capital	28	6, 528	6,762	6,528	6,762
Share premium	28	1 6 9 , 2 12	169,212	169,212	169,212
Other reserves		84, 268	103,293	105,474	104,546
Retained earnings		1 7 4,630	202,752	107,801	126,252
Total equity		434,638	482,019	389,015	406,772

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

TheCompanyhaselectedtotaketheexemptionundersection408oftheCompaniesAct2006(UnitedKingdom)nottopresent

theparentcompanyincomestatement.Theprofitfortheparentcompanyfortheyearwas$1.3m(2023:$7 .3m).

The financial statements of Ecora Resources PLC (registered number: 897608) on pages 136 to 189 were approved by the Board

and authorised for issue on 26 March 2025 and are signed on its behalf by:

Andrew Webb Marc Bishop Lafleche

Chairman Chief Executive Officer

138 Ecora Resources PLC Annual Report and Accounts 2024



for the year ended 31 December 2024

						Other reserves
						Share-	Foreign
					Investment	based	currency
		Share	Share	Merger	revaluation	payment	translation	Special	Treasury	Retained	Total
		capital	premium	reserve	reserve	reserve	reserve	reserve	shares	earnings	equity
	Notes	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Balance at 1 January 2023		6,761	169,212	94,847	6,321	687	3,952	833	102	220,889	503,604
Profitfortheyear		—	—	—	—	—	—	—	—	847	847
Other comprehensive income:
Changes in fair value of equity
investments held at fair value through other comprehensive income:
Valuationmovementtakentoequity	17, 19	—	—	—	(2,197)	—	—	—	—	—	(2,197)
Deferredtax	26	—	—	—	624	—	—	—	—	—	624
Foreign currency translation		—	—	—	—	—	336	—	—	—	336
Totalcomprehensiveloss		—	—	—	(1,573)	—	336	—	—	847	(390)
Transferred to retained earnings
ondisposal	17, 19	—	—	—	(3,002)	—	—	—	—	3,002	—
Dividends	13	—	—	—	—	—	—	—	—	(22,062)	(22,062)
Utilisationoftreasurysharesto
satisfyemployee-related
share-basedpayments	28,29	1	—	—	—	—	—	—	(1)	76	76
Value of employee services	29	—	—	—	—	791	—	—	—	—	791
Totaltransactionswithownersof
theCompany		1	—	—	(3,002)	791	—	—	—	(18,984)	(21,195)
Balanceat31December2023		6,762	169,212	94,847	1,746	1,478	4,288	833	101	202,752	482,019
Balance at 1 January 2024		6 ,76 2	16 9 , 2 12	9 4, 8 47	1 ,74 6	1, 4 7 8	4,288	833	10 1	20 2 ,7 52	4 8 2 ,0 19
Loss for the year		—	—	—	—	—	—	—	—	(9, 82 7)	(9, 82 7)
Other comprehensive income:
Changes in fair value of equity
investments held at fair value through other comprehensive income:
Valuationmovementtakentoequity 17, 19		—	—	—	(5 52)	—	—	—	—	—	(55 2)
Deferredtax	26	—	—	—	58	—	—	—	—	—	58
Foreign currency translation		—	—	—	—	—	(1 7 ,969)	—	—	—	(1 7 ,969)
Totalcomprehensiveloss		—	—	—	(4 9 4)	—	(1 7 ,969)	—	—	(9, 8 27)	(28,29 0)
Transferred to retained earnings
ondisposal	17	—	—	—	(1, 416)	—	—	—	—	1, 416	—
Dividends	13	—	—	—	—	—	—	—	—	(10 , 8 3 6)	(10, 8 3 6)
Sharebuy-back	28	(2 39)	—	—	—	—	—	—	239	(10,000)	(10,00 0)
Utilisationoftreasurysharestosatisfy
employee-relatedshare-basedpayments	28,29	5				(8 78)			(5)	8 78	—
Value of employee services	29	—	—	—	—	1, 4 9 8	—	—	—	247	1 , 74 5
Totaltransactionswithownersof
the Company		(2 3 4)	—	—	(1, 416)	619	—	—	234	(1 8,295)	(19 , 0 9 1)
Balanceat31December2024		6, 52 8	16 9, 2 12	9 4, 8 47	(16 4)	2,0 98	(13 , 6 8 1)	833	335	17 4,630	4 34,638

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

139Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements



for the year ended 31 December 2024

Other reserves

capital

premium

Merger

reserve

Investment

revaluation

reserve

Share-

based

payment

reserve

Foreign

currency

translation

reserve

Special

reserve

Treasury

Retained

earnings

Total

equity

Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Balance at 1 January 2023 6,761 169,212 94,847 253 687 7,595 833 102 140,963 421,253

Profitfortheyear — — — — — — — — 7,258 7,258

Other comprehensive income:

Changes in fair value of equity

investments held at fair value through

other comprehensive income:

Valuationmovementtakentoequity

19 — — — (544) — — — — — (544)

Totalcomprehensiveprofit — — — (544) — — — — 7,258 6,714

Transferred to retained earnings

ondisposal

19 — — — (17) — — — — 17 —

Dividends

13 — — — — — — — — (22,062) (22,062)

Utilisationoftreasurysharestosatisfy

employee-relatedshare-basedpayments

28,29 1 — — — — — — (1) 76 76

Value of employee services

29 — — — — 791 — — — — 791

Total transactions with owners

oftheCompany 1 — — (17) 791 — — (1) (21,969) (21,195)

Balanceat31December2023 6,762 169,212 94,847 (308) 1,478 7,595 833 101 126,252 406,772

Balance at 1 January 2024 6,762 169,212 94,847 (308) 1,478 7,595 833 101 126,252 406,772

Profitfortheyear — — — — — — — — 1,260 1,260

Changes in fair value of equity

investments held at fair value through

other comprehensive income:

Valuationmovementtakentoequity

19 — — — 74 — — — — — 74

Totalcomprehensiveincome — — — 74 — — — — 1,260 1,334

Dividends

13 — — — — — — — — (10,836) (10,836)

Sharebuy-back

28 (239) — — — — — — 239 (10,000) (10,000)

Utilisationoftreasurysharestosatisfy

employee-relatedshare-basedpayments

28,29 5 — — — (878) — — (5) 878 —

Value of employee services

29 — — — — 1,498 — — — 247 1,745

Totaltransactionswithownersof

the Company (234) — — — 620 — — 234 (19,711) (19,091)

Balanceat31December2024 6,528 169,212 94,847 (234) 2,098 7,595 833 335 107,801 389,015

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

140 Ecora Resources PLC Annual Report and Accounts 2024



for the year ended 31 December 2024

		Group		Company
		2024	2023	2024	2023
	Notes	$’000	$’000	$’000	$’000
Cashflowsfromoperatingactivities
Profitbeforetaxation		5,933	4,553	1,770	7,868
Adjustments for:
Finance income	8	(2 55)	(921)	(395)	(604)
Finance costs	9	8 ,853	8,270	7,364	8,244
Net foreign exchange (gains)/losses		(1, 2 7 9)	(70)	(238)	2,253
Other losses/(income)	10	56	(1,234)	(64)	(1,606)
Impairment of metal streams	16	15 , 0 51	—	—	—
Revaluationofroyaltyfinancialinstruments	17	(11 , 9 6 2)	3,088	(5,318)	(718)
Royaltiesfromroyaltyfinancialinstruments	17	1, 8 6 8	718	1,868	718
Deferred income recognised as royalty revenue in current year	5	—	(4,453)	—	—
Revaluation of coal royalties (Kestrel)	15	23,079	28,520	—	—
Depreciation of property, plant and equipment	14	673	681	673	681
Amortisation and depletion of royalties and streams	16,18	7, 9 0 8	7,467	—	—
Amortisation of deferred acquisition costs	22	17	17	17	17
Impairment of investment in subsidiaries	21	—	—	9,680	—
Forgiveness of loan to subsidiary undertaking		—	—	—	390
Intercompany dividends		—	—	(18,067)	(20,178)
Share-basedpaymentcharges	29	1, 8 31	899	1,831	899
		51,7 7 3	47,535	(879)	(2,036)
Decrease/(increase) in trade and other receivables		1,7 14	9,731	(510)	1,402
(Decrease)/increase in trade and other payables		(2 82)	(346)	(1,553)	(128)
Cash generated from/(used in) operations		53,205	56,920	(2,942)	(762)
Income taxes paid		(2 3 , 610)	(23,380)	(587)	(641)
Netcashgeneratedfrom/(usedin)operatingactivities		29, 59 5	33,540	(3,529)	(1,403)
Cashflowsfrominvestingactivities
Proceeds on disposal of mining and exploration interests	19	—	79	—	79
Investment in convertible loan		—	(109)	—	—
Purchase of property, plant and equipment	14	(4)	(112)	(4)	(112)
Purchase of royalty and exploration intangibles 1	18	(9 ,1 6 7)	(57,003)	—	—
Purchaseofroyaltyfinancialinstruments	17	(8 , 85 2)	(7,564)	—	—
Proceeds on disposal of royalty intangibles	22	2 , 320	5,338	—	—
Proceedsondisposalofroyaltyfinancialinstruments	17	8 ,14 5	13,690	—	—
Purchase of mining and exploration interests	19	(1 , 5 0 0)	—	(1,500)	—
Repaymentsundercommodity-relatedfinancingagreements	22	2,98 4	2,307	2,984	2,307
Prepaid acquisition costs		(4 4 5)	50	(445)	50
Finance income received	8	255	151	227	128
Intercompany dividends		—	—	18,067	19,373
Loans granted to subsidiary undertakings		—	—	(8,963)	(40,760)
Loan repayments from subsidiary undertakings		—	—	4,604	7,882
Netcash(usedin)/generatedfrominvestingactivities		(6,264)	(43,173)	14,970	(11,053)
Cashflowsfromfinancingactivities
Drawdown of revolving credit facility	24,25	2 1, 2 7 1	96,000	7,600	89,000
Repayment of revolving credit facility	24,25	(12 , 3 6 5)	(55,850)	(12,000)	(55,850)
Loans from subsidiary undertakings		—	—	24,957	49,032
Repayment of loans from subsidiary undertakings		—	—	(2,863)	(39,975)
Share buyback payments	28	(10,000)	—	(10,000)	—
Dividends paid	13	(10, 8 3 6)	(22,062)	(10,836)	(22,062)
Lease payments	27	(4 61)	(357)	(461)	(357)
Finance costs paid	9, 20	(10 , 3 0 6)	(6,010)	(7,627)	(5,525)
Netcash(usedin)/generatedfromfinancingactivities		(2 2 ,697)	11,721	(11,230)	14,263
Netincreaseincashandcashequivalents		634	2,088	211	1,807
Cashandcashequivalentsatbeginningofperiod		7, 8 5 0	5,850	6,673	5,351
Effectofforeignexchangerates		(6 0 8)	(88)	(325)	(485)
Cashandcashequivalentsatendofperiod		7, 8 7 6	7,850	6,559	6,673

(1) Includesdeferredconsiderationpaidincurrentyearof$9.2m(2023:$3 6.7m)

Thenotesonpages142to189areanintegralpartoftheseconsolidatedfinancialstatements.

141Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

fi

for the year ended 31 December 2024

1 General information

Ecora Resources PLC (the ‘Company’) and its subsidiaries (together, the ‘Group’) secure natural resources royalties and streams by

creating new royalties directly with operators or by acquiring existing royalties and streams. The Group has royalties and

investments in mining and exploration interests primarily in Australia, North and South America and Europe, with a diversified

exposure to commodities represented by cobalt, coking coal, iron ore, copper, vanadium, uranium and gold.

The Company is a public limited company, which is listed on the London Stock Exchange and Toronto Stock Exchange. The Company

was incorporated and is domiciled in the United Kingdom and registered in England and Wales. The address of its registered office

is Kent House, 3rd Floor North, 14–17 Market Place, London W1W 8AJ, United Kingdom (registered number: 897608).

2 Changes in accounting policies and disclosures

The accounting policies applied are consistent with those adopted and disclosed in the Group financial statements for the year

ended 31 December 2023. The Group has applied the following amendments for the first time for the financial year commencing

1 January 2024:

n Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 (not applicable to the Group)

n Classification of Liabilities as Current or Non-current – Amendments to IAS 1, and Non-current Liabilities with Covenants –

Amendments to IAS 1

n Supplier Finance Arrangements – Amendments to IAS 7 and IFRS 7 (not applicable to the Group)

None of the amendments effective 1 January 2024 had a material impact on the Group.

New and revised IFRS Standards in issue but not yet effective

The Group has not early adopted any other amendment, standard or interpretation that has been issued but is not yet effective.

It is expected that, where applicable, these standards and amendments will be adopted on each respective effective date.

i. Amendments to IAS 21 to clarify the accounting when there is a lack of exchangeability

IAS 21 has been amended to add requirements to help entities to determine whether a currency is exchangeable into another

currency, and the spot exchange rate to use when it is not. These new requirements are effective for annual periods beginning

on or after 1 January 2025 and will be applied from this date and are not expected to have a significant impact on the Group.

ii. Amendments to the Classiﬁcation and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7

These amendments:

n Clarify the date of recognition and derecognition of some financial assets and liabilities;

n Clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion;

n Add new disclosures for certain instruments with contractual terms that can change cash flows; and

n Update the disclosures for equity instruments designated at fair value through other comprehensive income.

These new requirements are effective for annual periods beginning on or after 1 January 2026 and will be applied from this date.

Management is assessing the detailed implications of applying the revised standard.

iii. IFRS 19 Subsidiaries without Public Accountability: Disclosures

IFRS 19 allows for certain eligible subsidiaries of parent entities that report under IFRS Accounting Standards to apply reduced

disclosure requirements.

The standard is effective for annual periods beginning on or after 1 January 2027 and will be applied from this date and is not

expected to have a significant impact on the Group.

iv. IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 will replace IAS 1 Presentation of financial statements. Even though IFRS 18 will not impact the recognition or measurement

of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, in particular

those related to the statement of financial performance and providing management-defined performance measures within

the financial statements.

The standard is effective for annual periods beginning on or after 1 January 2027 and will be applied from this date. Management

is assessing the detailed implications of applying the new standard.

3 Material accounting policies

The material accounting policies applied in the preparation of these financial statements are set out below. These policies have

been consistently applied to all the years presented and apply to both the Group and the Company unless otherwise stated.

3.1 Basis of preparation

The financial statements have been prepared in accordance with the requirements of the Companies Act 2006, UK-adopted

International Accounting Standards and those parts of the Companies Act 2006 applicable to companies reporting under those

standards and the requirements of the Disclosure and Transparency Rules of the Financial Conduct Authority in the United

Kingdom as applicable to periodic financial reporting.

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of coal royalties

(investment property) and certain financial instruments, to the extent required or permitted under IFRS as set out in the relevant

accounting policies. A summary of the principal Group and Company accounting policies are set out below.

142 Ecora Resources PLC Annual Report and Accounts 2024

3 Material accounting policies continued

3.1 Basis of preparation continued

The preparation of financial statements in conformity with generally accepted accounting principles requires the use of certain

accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting

policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant

to the consolidated financial statements are disclosed in note 4.

3.1.1 Going concern

The financial position of the Group and its cash flows are set out on pages 138 and 141. The Directors have considered the principal

risks of the Group which are set out on pages 63 to 69, and considered key sensitivities which could impact the level of available

commitments under its existing revolving credit facility. As at 31 December 2024, the Group had cash and cash equivalents of

$7.9m, as set out in note 23, and borrowings of $90.2m under its revolving credit facility, as set out in note 25.

On 26 February 2025, the Group partially exercised the accordion option available under its revolving credit facility, increasing total

commitments from $150m to $180m. In addition to increasing total commitments, the Group’s revolving credit facility was amended

and its maturity date extended by 12 months to 30 January 2028, as detailed in note 25 and note 37.

On 4 March 2025, the Group completed the acquisition of the Mimbula copper stream, as detailed in note 37, for cash consideration

of $50.0m funded by drawing on the Group’s revolving credit facility. The Group having made repayments of $6.0m subsequent to

year end, now has total borrowings of $134.2m, and subject to continued covenant compliance, has access to a further $45.8m

through its secured $180m revolving credit facility as at the date of this report

The Directors considered the Group’s cash flow forecasts for the period to 31 March 2026 under base and downside scenarios, with

reference to the Group’s principal risks, the events outlined above and in note 37. The basis for the cash flow forecasts considered,

is set out in the Group’s viability statement on page 84. In all of the scenarios modelled (including an aggregate downside scenario

which combines adverse movements of 10% in respect of both volume and pricing) the Group maintains sufficient liquidity and

remains in compliance with the financial covenants of its revolving credit facility throughout the period assessed.

The Board is satisfied that the Group’s forecasts and projections, taking account of reasonably possible changes in trading

performance and other uncertainties, together with the Group’s cash position and access to the revolving credit facility, show

that the Group will be able to operate within the level of its current facilities for the period of at least 12 months from the date

of approval of the financial statements. For this reason, the Group continues to adopt the going concern basis in preparing its

financial statements.

3.2 Consolidation

The financial statements incorporate a consolidation of the financial statements of the Company and entities controlled by

the Company, its subsidiaries. Control is achieved when the Company has the power over the investee, is exposed, or has rights,

to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing

whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to

the Group. They are de-consolidated from the date that control ceases.

Investments in subsidiaries are accounted for in the parent company at cost less impairment. The carrying values of investments in

subsidiaries are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication

exists, the asset’s recoverable amount is estimated.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated on

consolidation. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to

ensure consistency with the policies adopted by the Group.

3.3 Foreign currencies

(a) Functional and presentation currency

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic

environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in US

dollars, which is the Company’s functional and the Company’s and Group’s presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates

prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting

from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities

denominated in foreign currencies are recognised in the income statement. Non-monetary assets and liabilities measured at

historical cost are translated using the exchange rates at the date of the transaction (and not retranslated). Non-monetary

assets and liabilities measured at fair value are translated using the exchange rates at the date when fair value was determined.

The results and financial position of all the Group entities that have a functional currency different from the presentation currency

are translated into the presentation currency as follows:

(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date;

(ii) income and expenses for each income statement are translated at average exchange rates; and

(iii) all resulting exchange differences are charged/credited to other comprehensive income and recognised in the currency

translation reserve in equity.

143Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

3 Material accounting policies continued

3.3 Foreign currencies continued

Exchange differences on foreign currency balances with foreign operations for which settlement is neither planned nor likely to

occur in the foreseeable future, and therefore form part of the Group’s net investment in these foreign operations, are recognised

in other comprehensive income and accumulated in the foreign currency translation reserve in equity. If a foreign operation is

partially disposed of or sold, exchange differences that were recorded in equity are reclassified in the income statement as part

of the gain or loss on sale.

3.4 Property, plant and equipment

Property, plant and equipment is stated at cost, less accumulated depreciation and accumulated impairment losses. The cost of

property, plant and equipment comprises its purchase price.

Property, plant and equipment is depreciated over its useful life. The major categories of property, plant and equipment are

depreciated on a units-of-production and/or straight-line basis as follows:

Equipment and fixtures 4 to 10 years

The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds

and the carrying amount of the asset and is recognised in profit or loss.

3.5 Coal royalties (investment property)

Royalty arrangements which are derived from the ownership of sub-stratum lands are accounted for as investment properties in

accordance with IAS 40. Investment property is held to earn a return in the form of royalty entitlements arising from mining activity

and is initially measured at cost including any transaction costs. Investment property is subsequently measured at fair value at each

reporting date with any valuation movements recognised in the income statement. Fair value is determined by management, who

use a suitably qualified independent external consultant, based on the discounted future royalty income expected to accrue to

the Group.

3.6 Metal streams (property, plant and equipment)

Agreements for which settlement is called for in the underlying commodity, the amount of which is based on production at the

mines, are stated at cost less accumulated depletion and accumulated impairment charges, if any.

The cost of the asset is comprised of its purchase price, any closing costs directly attributable to acquiring the asset, and, for

qualifying assets, borrowing costs. The purchase price is the aggregate cash amount paid and the fair value of any other non-cash

consideration given to acquire the asset.

Depletion

The cost of these mineral streams is allocated to the total expected deliveries to be received over the life of the mine determined

by reference to reserves, resources and exploration potential. The cost of the mineral streams is depleted on a unit-of-production

basis over the total expected deliveries to be received

3.7 Intangible assets

Royalty arrangements which are identified and classified as intangible assets are initially measured at cost, including any

transaction costs.

Upon commencement of production at the underlying mining operation intangible assets are amortised on a straight-line basis

over the life of the mine. Amortisation rates are adjusted on a prospective basis for all changes to estimates of the life of mine.

3.8 Impairment of property, plant and equipment, metal streams and intangible assets

At each reporting date, the Group reviews the carrying amounts of its property, plant and equipment, metal streams and intangible

assets to determine whether there is any indication that those assets are impaired. If such an indication is identified, the recoverable

amount of the asset is estimated in order to determine the extent of any impairment.

The recoverable amount is the higher of fair value (less costs of disposal) and value in use. In assessing value in use, the estimated

cash flows are discounted to their present value using a pre-tax discount rate that has been adjusted to reflect the risks specific

to that asset. If the recoverable amount of the asset is estimated to be less than its carrying value, the carrying amount of the asset

is reduced to its recoverable amount. An impairment loss is recognised in the income statement.

Metal streams and intangible assets

Metal streams and royalty intangibles are assessed for indicators of impairment at each reporting date with the assessment

considering variables such as the production profiles, production commission dates where applicable, forecast commodity prices,

discount rates and guidance from the mine operators.

Where indicators are identified, the starting point for the impairment review will be to measure the future cash flows expected from

the metal stream or royalty intangible should the project continue/come into production. A pre-tax nominal discount rate is applied

to the future cash flows. The discount rate applied to the metal stream or royalty intangible is derived using a capital asset pricing

model specific to the underlying project, making reference to the risk-free rate of return expected on an investment with the same

time horizon as the expected mine life, together with the country risk associated with the location of the operation. Changes in

discount rate are most sensitive to changes in the risk-free rate, country risk premiums and the expected mine life.

144 Ecora Resources PLC Annual Report and Accounts 2024

3 Material accounting policies continued

3.8 Impairment of property, plant and equipment, metal streams and intangible assets continued

Metal streams and intangible assets continued

For metal streams and royalty intangibles not currently in production, the outcome of this net present value calculation is then risk

weighted to reflect management’s current assessment of the overall likelihood and timing of each project coming into production

and stream income arising. This assessment is impacted by news flow relating to the underlying operation in the period, in conjunction

with management’s assessment of the economic viability of the project based on commodity price projections.

Should an impairment loss subsequently reverse, the carrying amount of the asset is increased to the revised estimate of its

recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been

determined had no impairment been recognised. A reversal of an impairment loss is recognised in the income statement.

3.9 Financial instruments

Financial assets and financial liabilities are recognised on the Group’s balance sheet when the Group has become a party to the

contractual provisions of the instrument.

(a) Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand deposits, together with other short-term, highly liquid investments

that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value.

(b) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active

market. On initial recognition loans and receivables are stated at their fair value. After initial recognition these are measured at

amortised cost using the effective interest method, less provision for impairment. Discounting is omitted where the effect of

discounting is immaterial. The Group’s trade and other receivables fall into this category of financial instruments.

Contingent consideration – receivable comprises that portion of the consideration receivable under the royalty sale agreement

relating to the Narrabri royalty, contingent upon permitting and the achievement of certain price thresholds as outlined in note 22.

In addition, this also comprises the contingent consideration receivable based on West Musgrave achieving commercial production

as outlined in note 18. The West Musgrave contingent consideration receivable is a distinct, one-off contractual right to receive cash

unrelated to the West Musgrave royalty arrangement and which offers no additional protection against financial risk and is

therefore accounted for separately to the West Musgrave royalty.

On initial recognition contingent consideration receivable is stated at its fair value. After initial recognition the contingent

consideration is measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in the

other (losses)/income – net line item of the income statement. Fair value is determined in the manner described in notes 18, 22

and 33.

(d) Mining and exploration interests

Mining and exploration interests are recognised and derecognised on trade-date, the date on which the group commits to

purchase or sell the asset, and are initially measured at fair value, including transaction costs.

On initial recognition, the Group may make an irrevocable election to designate investments in mining and exploration equity

instruments as fair value through other comprehensive income (‘FVTOCI’). Designation as FVTOCI is not permitted if the equity

investment is held for trading or if it is contingent consideration recognised by an acquirer in a business combination. The Group

has designated all investments in equity instruments at FVTOCI as none are held for trading (see notes 17 and 19).

Investments in equity instruments at FVTOCI are initially measured at fair value plus transaction costs. Subsequently, they are

measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and

accumulated in the investment revaluation reserve, within ‘other reserves’. The cumulative gain or loss is not reclassified to profit

or loss on disposal of the equity investments; instead, it is transferred to retained earnings.

Dividends on these investments in equity instruments are recognised in profit or loss in accordance with IFRS 9, unless the

dividends clearly represent a recovery of part of the cost of the investment.

(e) Royalty ﬁnancial instruments

Royalty financial instruments are recognised or derecognised on completion date when all the conditions of the purchase or sale

contract have been met, and are initially measured at fair value, including transaction costs.

All of the Group’s royalty financial instruments have been designated as at fair value through profit or loss (‘FVTPL’), with the

exception of the investment in Labrador Iron Ore Royalty Corporation for which the Group has made an irrevocable election to

designate as at FVTOCI.

The royalty financial instruments at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains

or losses recognised in the ‘revaluation of royalty financial instruments’ line item of the income statement. Fair value is determined

in the manner described in notes 17 and 33.

The Group’s investment in the equity instruments of Labrador Iron Ore Royalty Corporation (‘LIORC’) is classified as a royalty

financial instrument as its primary asset is a royalty income stream. On initial recognition the Group made the irrevocable election

to designate this investment as FVTOCI. The dividends received from this investment are recognised in profit or loss, and are

included in the ‘royalty-related revenue’ line item (note 5).

145Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

3 Material accounting policies continued

3.9 Financial instruments continued

(f) Financial liabilities and equity instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

(g) Trade payables

Trade payables are not interest bearing and are stated at their fair value on initial recognition. After initial recognition these are

measured at amortised cost using the effective interest method.

(h) Contingent consideration – payable

Contingent consideration – payable comprises that portion of the consideration payable under the Voisey’s Bay acquisition

agreement, as well as the West Musgrave royalty acquisition agreement. These payments are contingent upon certain volume and

price thresholds being achieved as outlined in notes 16 and 18 respectively. On initial recognition the contingent consideration is

stated at its fair value. After initial recognition the contingent consideration is measured at fair value at the end of each reporting

period, with any fair value gains or losses on the Voisey’s Bay acquisition recognised in the metal streams balance and any fair value

gains or losses on the West Musgrave royalty acquisition recognised in the royalty intangible assets balance on the balance sheet.

Fair value is determined in the manner described in notes 16 and 18.

Settlement of contingent consideration is recorded as investing outflows in the cash flow statement up to the initial fair value of the

contingent fair value. Amounts paid in excess of the initial fair value are recorded as operating outflows in the cash flow statement.

(i) Deferred consideration – payable

Deferred consideration – payable is measured at amortised cost as the amount payable in the future is fixed. Settlement of deferred

consideration is recorded as either an investing or financing outflow in the cash flow statement, depending on the substance of the

arrangement at inception. Key considerations in forming this judgement will include the extent of inferred financing costs included in

the overall consideration arrangements at acquisition, the period of time over which the payments are made, the rationale for agreeing

to defer elements of the consideration and the general level of funding resources available to the Group at the time of acquisition

(note 27).

(j) Borrowings

Interest-bearing bank facilities are initially recognised at fair value. Directly attributable transaction costs are deferred on the balance

sheet and are recognised in the income statement on a straight-line basis over the term of the facility.

(k) Equity instruments

Equity instruments issued by the Company are recorded as the proceeds received, net of direct issue costs.

The Group recognises a loss allowance for expected credit losses (‘ECL’) on investments in debt instruments that are measured at

amortised cost and trade receivables. The amount of expected credit losses is updated at each reporting date to reflect changes

in credit risk since initial recognition of the respective financial instrument. The Group’s primary asset held at amortised cost is the

interest-bearing loan to Denison Mines Corp. (‘Denison’) and the non-interest-bearing deferred consideration from the sale of the

Narrabri royalty (note 22).

The Group always recognises lifetime ECL for trade receivables. The expected credit losses on these financial assets are estimated

using a provision matrix based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors,

general economic conditions and an assessment of both the current as well as the forecast financial conditions of the debtor at the

reporting date, including time value of money where appropriate. Due to trade receivables ultimately representing royalty and

metal stream-related income which is typically paid within a month after the reporting date, the amount of expected credit losses is

immaterial. Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no

reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group.

For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since

initial recognition. In determining whether the credit risk has increased significantly, the Group considers the historical default

experience and the financial position of the counterparties. However, if the credit risk on the financial instrument has not increased

significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to

12-month ECL.

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a

financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events

on a financial instrument that are possible within 12 months after the reporting date.

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income

statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes

items that are never taxable or deductible. The Group’s liability for current tax is calculated by using tax rates and laws that have

been enacted or substantively enacted by the reporting date.

146 Ecora Resources PLC Annual Report and Accounts 2024

3 Material accounting policies continued

 continued

Deferred tax

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities

in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using

the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and

deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible

temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the

initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities

in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and

interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that

the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences

associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable

profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer

probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply to the period when the liability is settled or the asset is realised

based on tax laws and rates that have been enacted or substantively enacted at the balance sheet date.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which

the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax

liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax

assets and liabilities on a net basis.

Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive

income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly

in equity respectively. Where current or deferred tax arises from the initial accounting for a business combination, the tax effect is

included in the accounting for the business combination.

3.12 Share-based payments

The Group operates a number of equity-settled, share-based compensation plans, under which the entity receives services from

employees as consideration for equity instruments (options) of the Company.

The fair value of the employee services received in exchange for the grant of the options is recognised as an expense.

The total amount to be expensed is determined by reference to the fair value of the options granted:

n including any market performance conditions;

n excluding the impact of any service and non-market performance vesting conditions; and

n including the impact of any non-vesting conditions.

Non-market vesting conditions are included in assumptions about the number of options and jointly owned shares that are

expected to vest. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting

conditions are to be satisfied. At the end of each reporting period, the entity revises its estimates of the number of options and

jointly owned shares that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision

to original estimates, if any, in the income statement, with a corresponding adjustment to equity.

When options are exercised, the Company issues new shares or utilises shares held in treasury. The proceeds received net of any

directly attributable transaction costs are credited to share capital and share premium when the options are exercised.

3.13 Reserves

Equity comprises the following:

n ‘Share capital’ represents the nominal value of equity shares in issue.

n ‘Share premium’ represents the excess over nominal value of the fair value of consideration received for equity shares,

net of issuance costs.

Other reserves comprise the following:

n ‘Merger reserve’ is created when more than 90% of the shares in a subsidiary are acquired and the consideration includes

the issue of new shares by the Company.

n ’Investment revaluation reserve‘ represents gains and losses due to the revaluation of the investments in mining and exploration

interests and royalty financial instruments designated as fair value through other comprehensive income, from the opening

carrying values, including the effects of deferred tax and foreign currency changes.

n ‘Share-based payment reserve’ represents equity-settled share-based employee remuneration until such share options are exercised,

forfeited or otherwise lapse .

147Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

3 Material accounting policies continued

3.13 Reserves continued

Other reserves comprise the following: continued

n ‘Foreign currency reserve’ represents the differences arising from translation of investments in overseas subsidiaries.

n ‘Special reserve’ represents the level of profit attributable to the Company for the period ended 30 June 2002 which was created

as part of a capital reduction performed in 2002.

n ‘Treasury shares’ represents the shares acquired by the Company under share buy-back programmes (note 28).

‘Retained earning’ represents retained profits.

3.14 Revenue recognition

Revenue relating to the Group’s royalties is measured at the fair value of the consideration received or receivable after deducting

discounts, value added tax and other sales tax. The royalty income becomes receivable on extraction and sale of the relevant

minerals, and once able to be reliably measured, the revenue is recognised.

Revenue relating to metal sales is recognised in a manner that depicts the pattern of the transfer of goods to customers. The amount

recognised reflects the amount to which the Group expects to be entitled in exchange for those goods and services. Sales contracts

are evaluated to determine the performance obligations, the transaction price and the point at which there is transfer of control.

In determining whether a sale has completed, the Group considers the indicators of the transfer of control, which include, but are

not limited to, whether:

n the Group has a present right to payment;

n the customer has legal title to the asset;

n the Group has transferred physical possession of the asset to the customer; and

n the customer has the significant risks and rewards of ownership of the asset.

Revenue from contracts with customers is measured at the fair value of consideration received or receivable as at the date control

is transferred.

Interest income is accrued on a time basis, by reference to the carrying value and at the effective interest rate applicable, which is

the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net

carrying amount.

Dividend income from investments is recognised when the shareholders’ rights to receive payment have been established.

3.15 Leases

Group as lessee

The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-use

asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases

(defined as leases with a lease term of 12 months or less) and leases of low-value assets (such as small items of office equipment

and telephones). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over

the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from

the leased assets are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,

discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing

rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using

the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is

included within non-current trade and other payables (refer to note 27) in the consolidated balance sheet.

The right-of-use assets comprise the initial measurement of the corresponding lease liability and lease payments made at or before

the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost

less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation

starts at the commencement date of the lease.

The right-of-use assets are included within property, plant and equipment (refer to note 14) line in the consolidated balance sheet.

The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss

as described in the impairment of property, plant and equipment and intangible assets policy (refer to note 3.8).

3.16 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised in the financial statements in the period in which the dividends

are approved by the Company’s shareholders or, in the case of the interim dividend, when it is paid to the shareholders.

3.17 Alternative Performance Measures

The financial statements include certain Alternative Performance Measures (APMs) which include adjusted earnings per share,

free cash flow per share, net debt and portfolio contribution. These APMs are defined in the table of contents and explained in

the Strategic Report on page 22, and are reconciled to GAAP measures in the notes 12, 13, 32, 34, 24 and 35.

148 Ecora Resources PLC Annual Report and Accounts 2024

In the application of the Group’s accounting policies, the Directors are required to make judgements and estimates that can have

a significant impact on the financial statements. Estimates and judgements are regularly evaluated and are based on historical

experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The most critical accounting judgement relates to the Group’s classification of royalty and stream arrangements. The significant

estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities in the next

financial period relate to the calculation of the fair value of certain royalty arrangements and the key assumptions used when

assessing impairment of intangible assets. The use of inaccurate or unreasonable assumptions in assessments made for any

of these estimates could result in a significant impact on the financial statements.

Critical accounting judgements

Classiﬁcation of royalty and streaming arrangements: initial recognition and subsequent measurement

The Directors must decide whether the Group’s royalty and metal stream arrangements should be classified as:

n intangible assets in accordance with IAS 38 Intangible Assets;

n financial assets in accordance with IFRS 9 Financial Instruments;

n investment properties in accordance with IAS 40 Investment Property; or

n property, plant and equipment in accordance with IAS 16 Property, Plant and Equipment.

IFRS 6 Exploration for and Evaluation of Mineral Resources is not applicable to the Group’s royalty and stream arrangements as the

Group is not the owner or operator of the mining projects underlying its portfolio. In addition, it does not have exploration rights

or licenses and does not carry out or incur any expenditure for exploration and evaluation activities in relation to these projects.

The Directors use the following selection criteria to identify the characteristics which determine which accounting standard to apply

to each royalty arrangement:

Type 1 – Intangible assets (‘vanilla’ royalties): Royalties, in their simplest form, are classified as intangible assets by the Group. The

Group considers the substance of a simple vanilla royalty to be economically similar to holding a direct interest in the underlying

mineral asset. Existence risk (the commodity physically existing in the quantity demonstrated), production risk (that the operator

can achieve production and operate a commercially viable project), timing risk (commencement and quantity produced, determined

by the operator) and price risk (returns vary depending on the future commodity price, driven by future supply and demand) are all

risks which the Group participates in on a similar basis to an owner of the underlying mineral licence. Furthermore, in a vanilla royalty,

there is only a right to receive cash to the extent there is production and there are no interest payments, minimum payment obligations

or means to enforce production or guarantee repayment. These are accounted for as intangible assets under IAS 38.

Type 2 – Financial assets (royalties with additional financial protection): In certain circumstances where the ‘vanilla’ risk is considered

too high, but the Group still fundamentally believes in the quality or potential of the underlying resource, the Group will look to

introduce additional protective measures. This has typically taken the form of performance milestone penalties (usually resulting in

the receipt of cash or cash equivalent), minimum payment terms and interest provisions or mechanisms to convert the initial outlay

into the equity instruments of the operator in the event of project deferral. It is the contractual right to enforce the receipt of cash

through to production which results in these royalties being accounted for as financial assets under IFRS 9. The Group’s Type 2 –

financial assets will continue to be accounted for as such until the derecognition requirements of IFRS 9 are met.

Type 3 – Investment property (coal royalties): Royalties which are derived from the ownership of sub-stratum land are accounted for

as investment properties under IAS 40. An investment property is defined in IAS 40 as ‘property held to earn rentals or for capital

appreciation’. The royalty income earned from owning the land is akin to rental income. The Group does not expect to obtain

royalties in this manner going forward, as it is unusual for sub-stratum minerals not to be the property of the state.

Type 4 – Property, plant and equipment (metal streams): Similar to the Group’s royalty intangible assets, metal streams expose the

Group to existence risk (the commodity physically existing in the quantity reported), production risk (that the operator can achieve

production and operate a commercially viable project), timing risk (commencement and quantity produced, determined by the operator)

and price risk (returns vary depending on the future commodity price, driven by supply and demand) on a similar basis to the owner

of the underlying mineral licence. However, unlike the Group’s royalty intangible assets, metal streams result in the physical delivery

of the underlying commodity with the consequent inventory risk prior to sale and the revenue generated is under the Group’s

direction, rather than a percentage of revenue generated by the operator. As a result of physical delivery of the underlying

commodity and the associated inventory risk prior to sale, metal streams are classified as property, plant and equipment

and accounted for under IAS 16.

149Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

fi continued

Critical accounting judgements continued

Classiﬁcation of royalty and streaming arrangements: initial recognition and subsequent measurement continued

A summary of the Group’s accounting approach is set out below:

			Royalty/Stream
Accounting classification	Substance of contractual terms	Accounting treatment	Agreement
Royalty	n ‘Vanilla’ royalty with no right	n Investment is presented as an intangible asset	n Mantos Blancos
intangible assets	to receive cash other than	and carried at cost less accumulated	n Maracás Menchen
	through a royalty related	amortisation and any impairment provision	n Four Mile
	to production	n Royalty income is recognised as royalty and	n Salamanca
		metal stream related revenue in the income
		statement	n Pilbara
		n Intangible asset is amortised on a straight line	n Ring of Fire
		basis over the life of mine	n Canariaco
		n Intangible asset is assessed for indicators of	n Ground Hog
		impairment at each period end	n Amapá
			n Santo Domingo
			n West Musgrave
			n Nifty
			n Carlota
			n Vizcachitas
Royalty financial	n Royalty arrangement	n Financial asset is recognised at fair value on	n EVBC
instruments	with additional financial	the balance sheet	n Dugbe 1
	protection (e.g. through a	n Fair value movements taken through the income	n McClean Lake
	mandated interest rate or	statement (FVTPL), with the exception of the
	milestones which, if not met,	LIORC investment where fair value movements	n Phalaborwa
	trigger repayment)	are taken through other comprehensive income	n Piauí
		(FVOCI). Fair value movements are recognised as	n LIORC
		revaluation of royalty financial instruments in
		the income statement
		n Royalty income is not recognised as revenue in
		the income statement and instead reduces the
		fair value of the asset, with the exception of the
		dividends received from the LIORC investment
		which are included in royalty and metal stream
		related revenue on the income statement
Investment	n Direct ownership of	n Coal royalties accounted for as investment	n Kestrel
property –	sub-stratum land	property are carried at fair value on the	n Crinum
coal royalties	n Returns based on	balance sheet
	royalty-related production	n Movements in fair value are recognised as
		revaluation of coal royalties (Kestrel) in
		income statement
		n Royalty income is recognised within royalty
		and metal stream related revenue in the
		income statement
Property, plant	n Agreement settled through	n Metal streams accounted for as property, plant	n Voisey’s Bay
and equipment	the physical delivery of the	and equipment are carried at cost less accumulated
–metal streams	underlying commodity	depletion and any impairment provision
	n Inventory risk prior to sale	n Metal stream sales are recognised as royalty
	is borne by the Group	and metal stream related revenue in the
	n Revenue is generated under	income statement
	the Group’s direction, rather	n Metal streams are depreciated on a systematic
	than a percentage of revenue	basis, using units of production and recognised
	generated by the operator	as accumulated depletion
		n Metal stream asset is assessed for indicators
		of impairment at each period end

150 Ecora Resources PLC Annual Report and Accounts 2024

fi continued

Critical accounting judgements continued

Classiﬁcation of Phalaborwa royalty acquired: initial recognition and subsequent measurement

On 24 September 2024, the Group entered into a 0.85% Gross Revenue Royalty over the Phalaborwa Rare Earths Project

(‘Phalaborwa’) located in South Africa for a total cash consideration of $8.5m, with Rainbow Rare Earths Ltd (‘Rainbow’). The royalty

rate steps up by 0.1% to 0.95% if commercial production does not occur prior to 1 October 2027. If commercial production does not

occur prior to 1 July 2028, then the royalty rate steps up by a further 0.15% to 1.10%. The Directors considered the Group’s existing

criteria to identify the characteristics which determine which accounting standard to apply to the royalties as detailed in the

‘Classification of royalty and streaming arrangements: initial recognition and subsequent measurement’ section above.

The agreement contains protections for the Group against production risk (i.e. that the operator can achieve production and

operate a commercially viable project) and timing risk (i.e. commencement and quantity produced, determined by the operator)

in the form of:

n Change of focus clause which gives the Group the option to transfer the royalty to Rainbow’s other project (Uberaba Project

in Brazil) before commercial production commences at the Phalaborwa Project, with royalties capped at the level of returns

expected from the Phalaborwa project (subject to the terms in the royalty agreement).

n Termination amount payable should the development of the project be unsuccessful as a result of an event of default as defined

in the royalty agreement, allowing the Group to recoup all or part of their investment. Event of default includes a breach of obligations

in respect of the project development, the feasibility study and operations covenants as defined in the royalty agreement.

While the Group has protections against production and timing risks, it remains exposed to price risk (i.e. returns will vary depending

on the future commodity price, driven by future supply and demand) on a similar basis to an owner of the underlying project.

The royalty agreement would not meet the definition of an intangible asset as the Group does not participate in all the risks

associated with the project on a similar basis to the owner of the underlying project, given the protections against production

and timing risk.

The Group’s rights to royalty payments and the additional protective measures which may lead to a repayment of capital meet the

definition of a royalty financial instrument, to be accounted for under IFRS 9 and designated as at fair value through profit or loss,

in line with the Group’s other royalty financial instruments (apart from LIORC). The royalty financial instrument will be measured at

fair value at the end of each reporting period, with any fair value gains or losses recognised in the ‘revaluation of royalty financial

instruments’ line item of the income statement. Under IFRS 9, the royalties received once production commences are reflected in

the fair value movement of the underlying royalty rather than recorded as royalty related revenue.

Classiﬁcation of Vizcachitas royalty acquired: initial recognition and subsequent measurement

On 3 August 2023, the Group entered into a net smelter return royalty agreement over the pre-feasibility study stage Vizcachitas

project in Chile (note 18). The Directors considered the Group’s existing criteria to identify the characteristics which determine

which accounting standard to apply to the royalties as detailed in the ‘Classification of royalty and streaming arrangements: initial

recognition and subsequent measurement’ section above.

Under the royalty agreements the Group has no right to receive cash other than through a royalty related to production and the

Directors concluded that the royalties should be classified as royalty intangible assets in accordance with IAS 38 Intangible Assets

and the Group’s accounting policies for intangible assets described in notes 3.7 and 3.8.

Assessment for indicators of impairment of royalty intangible assets and metal stream

The Directors assess the Group’s royalty intangible assets and metal streams for indicators of impairment at each reporting date.

In assessing whether there have been any indicators of impairment, the Directors have considered both external and internal

sources of information relating to the development/operation of the underlying mine, together with variables such as the

production profiles, production commissioning dates where applicable, forecast commodity prices, discount rates and guidance

from the mine operators. The sustained weakness in both the realised and forecast cobalt and vanadium prices were considered

indicators of impairment for the Group’s Voisey’s Bay metal stream (note 16) and Maracas royalty intangible asset (note 18)

respectively. In addition, temporary suspension of West Musgrave project announced by the operator was also considered an

indicator of impairment for the Group’s West Musgrave royalty intangible asset (note 18).

Assessment for indicators of impairment of investments in subsidiaries

The critical accounting judgement that the Directors have made in respect of the Parent Company balances is the extent to which

there is an indicator of impairment of investments in subsidiaries and, if so, the extent of any impairment that is required. In assessing

whether there have been any indicators of impairment, the Directors have considered both external and internal sources of information.

The only indicator of impairment identified during the current financial period was the market capitalisation of the company at the

balance sheet date being lower than both the net assets of the Company. As such, management performed an impairment test and

estimated the recoverable amount of each subsidiary taking into consideration the net present value of future cash flows in relation

to the underlying royalty assets held by each subsidiary as set out in note 21.

151 Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

fi continued

fi

Assessment of fair value of royalty arrangements held at fair value

A number of the Group’s royalty arrangements are held at fair value. Fair value is determined based on discounted cash flow models

(and other valuation techniques) using assumptions considered to be reasonable and consistent with those that would be applied by

a market participant. The determination of assumptions used in assessing fair values is subjective and the use of different valuation

assumptions could have a significant impact on the financial statements.

In particular, expected future cash flows, which are used in discounted cash flows models, are inherently uncertain and could

materially change over time. They are significantly affected by a number of factors including the reserves and resources estimate,

the timing/likelihood of mines entering production and the production profile together with economic factors such as commodity

prices, discount rates and exchange rates.

The Group’s most significant royalty arrangement held at fair value is Kestrel, for which the key assumptions are those relating to

price and foreign exchange rate, for which the related sensitivity analysis is set out in note 15.

Assessment of recoverable amount of royalty intangible assets and metal streams with indicators of impairment

Where indicators of impairment are identified in relation to the Group’s royalty intangible assets and metal streams, the starting

point for the impairment review will be to measure the recoverable amount, being the higher of value in use or the fair value less

cost to dispose, of the royalty intangible asset or metal stream. The value in use is based on the future cash flows expected should

the project continue/come into production. The discount rate of each royalty and metal stream arrangement is derived using a

capital asset pricing model specific to the underlying project, making reference to the risk-free rate of return expected on an

investment with the same time horizon as the expected mine life, together with the country risk associated with the location of the

operation. Changes in discount rate are most sensitive to changes in the risk-free rate, country risk premiums and the expected

mine life.

For royalty intangible assets and metal streams over early-stage and development projects, the outcome of this net present value

calculation is then risk weighted to reflect management’s current assessment of the overall likelihood and timing of the underlying

project entering into production and royalty or metal stream income arising. This assessment is impacted by news flow relating to

the underlying operation in the period, in conjunction with management’s assessment of the economic viability of the project based

on commodity price projections.

The assessment of the recoverable amounts of the Group’s Voisey’s Bay metal stream, together with the Maracas Menchen and

West Musgrave royalty intangible assets for which indicators of impairment were identified at 31 December 2024 are set out in note

16, 17 and 18.

Impact of climate change

The output from the Group’s climate-related scenario analysis outlined on pages 77 to 80 has been considered when undertaking the

assessment for indicators of impairment in relation to the Group’s royalty intangibles and metal streams, together with the valuation

of the Group’s coal royalties (Kestrel) and royalty financial instruments. The Group’s climate-related scenario analysis considered:

n the likely future demand for the commodities underlying the Group’s portfolio of royalty and metal stream related assets;

n the historical and possible future impact of climate change on the operation underlying the Group’s portfolio, such as extreme

weather events; and

n possible legislative changes that may impact either the royalty and metal stream agreements or the operations underlying the

Group’s portfolio.

The Group’s scenario analysis to date has not indicated that climate change will have a material impact on the Group’s portfolio

of royalties and metal streams. This analysis however, is an iterative process with assumptions relating to both the physical and

transitional impacts of climate change continuing to be refined. In the future, the introduction of unexpected climate change related

regulations in the countries where the mines and mills underlying the Group’s portfolio operate, together with any actions the

owners and operators of the mines and mills take to address physical risks associated with climate change may result in changes

to financial results and the carrying values of assets and liabilities in future reporting periods.

5 Royalty and metal stream related revenue

	2024	2023
	$’000	$’000
Group
Royalty revenue	51,451	52,517
Metal stream sales	6,178	5,555
Interest from royalty-related financial assets (note22)	1,516	1,822
Dividends from royalty financial instruments	463	2,006
	59,608	61,900

152 Ecora Resources PLC Annual Report and Accounts 2024

5 Royalty and metal stream related revenue continued

The royalty and metal stream-related revenue from Voisey’s Bay of $6.2m (2023: $5.6m), together with $2.2m from Maracás

Menchen (2023: $3.2m), $5.8m from Mantos Blancos (2023: $6.1m), $1.4m from Four Mile (2023: $6.8m) and $0.6m from Carlota

(2023: $0.6m), represents revenue recognised from contracts with customers as defined by IFRS 15. 

Royalty revenue for the year ended 31 December 2023 includes $4.5m of accrued income released to the income statement

following a favourable judgement by the Supreme Court of Australia, Court of Appeal in relation to the dispute with Quasar Resources

Pty Ltd (the owner of the Four Mile uranium mine over which the Group has a 1% net smelter return royalty) with regards to the

allowable deductions being applied to the Group’s royalty. $0.8m was also recognised as finance income (refer to note 8). The deadline

for Quasar to file an application for special leave to appeal has passed, and so the Group has now reached the end of this dispute.

The legal costs which were awarded to the Group for both the trial and the appeal have been agreed in November 2024 and the

group received $1.2m in cash (note 6).

2024 2023

$’000 $’000

Group
Employee benefit expense (note 7a)	6,658	5,611
Professional fees	955	1,898
Listing fees	475	193
Depreciation of property, plant and equipment (note 14)	673	681
Other expenses	2,249	2,506
	11,010	10,889

Professional fees for the year ended 31 December 2024 includes $0.6m of recovered legal costs, as per note 5 ($1.2m was received

in cash in November 2024 with $0.6m having been accrued in 2023).

Auditor’s remuneration

	2024	2023
	$’000	$’000
Group
Fees payable to Company’s auditor for the audit of parent company and consolidated financial statements	473	375
Fees payable to the Company’s auditor and its associates for other services:
n The audit of Company’s subsidiaries	72	67
Total audit fees	544	443
n Other assurance services	170	148
Total non-audit fees	170	148

Details of the Company’s policy on the use of auditors for non-audit services, the reasons why the auditor was used rather than

another supplier and how the auditor’s independence and objectivity are safeguarded are set out in the Audit Committee Report

on page 102. No services were provided pursuant to contingent fee arrangements.

7a Employee costs

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Wages and salaries	4,139	3,877	4,048	3,849
Share-based awards	1,831	899	1,831	899
Social security costs	430	599	425	597
Other pension costs	258	236	258	236
	6,658	5,611	6,562	5,581

The Group operates a money purchase group personal pension scheme. Under this scheme the Group makes contributions to

personal pension plans of individual Executive Directors and employees. The pension cost charge represents contributions payable

by the Group to these plans in respect of the year. The total cost charged to the income statement of $258,000 (2023: $236,000)

represents contributions payable to these schemes by the Group at rates specified in the rules of the schemes. As at 31 December

2024, contributions of $33,000 (2023: $18,000) due in respect of the current reporting period had not been paid over to the schemes.

153Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

7c Average number of people employed

	2024	2023
Group
Number of employees as at 31 December	12	14

	2024	2023
Group
Average number of people (including Executive Directors) employed:
Executive Directors	2	2
Administration	11	12
	13	14

Company

The average number of administration staff employed by the Company during the year, including Executive Directors,

was 12 (2023: 13).

Directors’ salaries are shown in the Directors’ Remuneration Report on pages 110 to 122, including the highest paid Director.

8 Finance income

	2024	2023
	$’000	$’000
Group
Interest on bank deposits	255	151
Other interest	—	770
	255	921

Other interest for the year ended 31 December 2023 of $0.8m represents the interest on previously underpaid royalties from

the Four Mile mine, awarded to the Group by the Supreme Court of Western Australia and upheld on appeal in December 2023

(refer to note 5).

9 Finance costs

	2024	2023
	$’000	$’000
Group
Professional fees	762	2,448
Revolving credit facility fees and interest	8,091	5,822
	8,853	8,270

Professional fees represent the upfront arrangement fees and legal costs associated with the Group’s revolving credit facility,

which are initially capitalised as deferred financing costs (note 20) and amortised over the term of the facility, together with any

subsequent legal costs associated with operating the facility. Professional fees for the year ended 2023 also include $1.2m

of deferred financing costs written off as a result of the refinancing of the Group’s revolving credit facility.

2024 2023

$’000 $’000

Group

Reversal of provision for royalty revenue receivable	—	1,455
Other income	—	150
Revaluation of contingent consideration receivable related to Narrabri disposal (note 22)	1,480	(1,193)
Revaluation of contingent consideration receivable related to West Musgrave (note 22)	(1,536)	822
	(56)	1,234

In 2023 the Group reached an agreement with the operator of EVBC relating to the royalty over the EVBC mine whereby the

operator agreed to pay the outstanding royalty amounts for Q3 2022 and Q4 2022 totalling $1.5m in full; thus the amount

previously provided for in 2022 has been reversed and recognised as other income. The amounts owed in relation to Q3 2022

and Q4 2022 were received in full.

154 Ecora Resources PLC Annual Report and Accounts 2024

2024 2023

$’000 $’000

Analysis of charge for the year
United Kingdom corporation tax	—	—
Overseas tax	12,805	15,834
Adjustments in respect of prior years	(408)	491
Current income tax charge per consolidated income statement	12,367	16,325
Deferred income tax charge/(credit) as per consolidated income statement (note 26)	3,393	(12,619)
Income tax expense	15,760	3,706
Factors affecting tax charge for the year:
Profit before tax	5,933	4,553
Tax on profit calculated at United Kingdom corporation tax rate of 25% (2023: 23.50%)	1,483	1,070
Tax effects of:
Items non-taxable/deductible for tax purposes:
Non-deductible expenses	4,978	4,992
Non-taxable income	(55)	(4,787)
Temporary difference adjustments
Current year losses not recognised	1,345	2,573
Recognition of losses not previously recognised	(862)	—
Utilisation of losses not previously recognised	(756)	45
Adjustment in deferred tax due to change in tax rate	(39)	(536)
Write-off of losses previously recognised (note 26)	9,112	—
Other temporary difference adjustments	(791)	(383)
Other adjustments
Withholding taxes	2,600	1,815
Effect of differences between local and United Kingdom tax rates	278	(677)
Prior year adjustments to current tax	(408)	491
Other adjustments	(1,125)	(897)
Income tax expense	15,760	3,706

The Group’s effective tax rate for the year ended 31 December 2024 of 265.6% (2023: 81.4%) is higher (2023: higher) than the

applicable weighted average statutory rate of corporation tax in the United Kingdom of 25% (2023: 23.50%). The higher effective tax

rate in 2024 compared to the headline tax rate is primarily due to the $15.1m impairment of the Voisey’s Bay cobalt stream (note 16)

that is a non-deductible expense, together with the write-off of associated carry forward tax losses in Canada that are no longer

expected to be utilised resulting in a deferred tax charge of $9.8m applying the Canadian tax rate of 27% (note 26). In future

periods, it is expected that the Group’s effective tax rate will mainly be driven by the prevailing Australian corporation tax rates.

Refer to note 26 for information regarding the Group’s deferred tax assets and liabilities.

Tax matters with uncertain outcomes arise in the normal course of business and occur due to changes in tax law, changes in

interpretation of tax law, periodic challenges and disagreement with tax authorities. Where such matters are assessed as having

probable future economic outflows are provided for. As at 31 December 2024, the Group’s provision for uncertain tax positions was

$3.1m (31 December 2023: $4.0m) and is included in current income tax liabilities. Matters with possible economic outflow are

contingent liabilities and are disclosed in note 36.

Apart from the matters outlined above, the Group does not currently have any material unresolved tax matters or disputes with tax

authorities. The interpretation of tax legislation in certain jurisdictions where the Group has established structures may, however,

be a potential source of challenge from tax authorities. Due to the complexity of changes in international tax legislation, the Group

has taken local advice and has recognised provisions where necessary. None of these provisions are material in relation to the

Group’s assets or liabilities.

155Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used

by the Group, including the definitions, please refer to the table of contents.

(Loss)/earnings per ordinary share is calculated on the Group’s loss after tax of $9.8m (2023: profit of $0.8m) and the weighted

average number of shares in issue during the year of 252,398,426 (2023: 257,896,023).

	2024	2023
	$’000	$’000
Net (loss)/profit attributable to shareholders
(Loss)/earnings – basic	(9,827)	847
(Loss)/earnings – diluted	(9,827)	847

The weighted average number of shares in issue for the purpose of calculating basic and diluted earnings per share are as follows:

	2024	2023
Weighted average number of shares in issue
Basic number of shares outstanding	252,398,426	257,896,023
Dilutive effect of Employee Share Option Scheme	—	665,794
Diluted number of shares outstanding	252,398,426	258,561,817
(Loss)/earnings per share – basic	(3.89c)	0.33c
(Loss)/earnings per share – diluted	(3.89c)	0.33c

In calculating the earnings per share, the weighted average number of shares in issue takes into account the dilutive effect of the

employee share option schemes in those years where the Group has earnings. In years where the Group has a loss, the employee

share option schemes are considered anti-dilutive as including them in the diluted number of shares outstanding would decrease

the loss per share; as such, they are excluded.

Adjusted earnings per share

Adjusted earnings represents the Group’s underlying operating performance from core activities. Adjusted earnings is the profit/loss

attributable to equity holders plus royalties received from financial instruments carried at fair value through profit or loss, less all

valuation movements and impairments (which are non-cash adjustments that arise primarily due to changes in commodity prices),

amortisation charges, unrealised foreign exchange gains and losses, and any associated deferred tax, together with any profit or

loss on non-core asset disposals as such disposals are not expected to be ongoing.

Valuation and other non-cash movements such as these are not considered by management in assessing the level of profit and

cash generation available for distribution to shareholders. As such, an adjusted earnings measure is used which reflects the

underlying contribution from the Group’s royalties and metal streams during the year.

			Diluted
		Earnings	earnings
	Earnings	per share	per share
	$’000	¢	¢
Net loss attributable to shareholders
Loss – basic and diluted for the year ended 31 December 2024	(9,827)	(3.89c)	(3.89c)
Adjustment for:
Amortisation and depletion of royalties and metal streams	7,908
Impairment of metal stream	15,051
Receipts from royalty financial instruments	1,868
Revaluation of royalty financial instruments	(11,962)
Revaluation of coal royalties (Kestrel)	23,079
Unrealised foreign exchange gains	(1,279)
Net revaluation of contingent consideration	56
Tax effect of the adjustments above	(3,962)
Adjusted earnings – basic and diluted for the year ended 31 December 2024	28,856	11.43c	11.39c

Financial statements

156 Ecora Resources PLC Annual Report and Accounts 2024

 continued

Adjusted earnings per share continued

			Diluted
		Earnings	earnings
	Earnings	per share	per share
	$’000	¢	¢
Net profit attributable to shareholders
Earnings – basic and diluted for the year ended 31 December 2023	847	0.33c	0.33c
Adjustment for:
Amortisation and depletion of royalties and streams	7,467
Receipts from royalty financial instruments	718
Revaluation of royalty financial instruments	3,088
Revaluation of coal royalties (Kestrel)	28,520
Unrealised foreign exchange losses	(70)
Net revaluation of contingent consideration	372
Tax effect of the adjustments above	(10,466)
Adjusted earnings – basic and diluted for the year ended 31 December 2023	30,476	11.82c	11.79c

In calculating the adjusted earnings per share, the weighted average number of shares in issue takes into account the dilutive effect

of the employee share option schemes in those years where the Group has adjusted earnings. In years where the Group has an

adjusted loss, the employee share option schemes are considered anti-dilutive as including them in the diluted number of shares

outstanding would decrease the loss per share; as such, they are excluded.

The weighted average number of shares in issue for the purpose of calculating basic and diluted adjusted earnings per share are

as follows:

	2024	2023
Weighted average number of shares in issue
Basic number of shares outstanding	252,398,426	257,896,023
Dilutive effect of Employee Share Option Scheme	886,886	665,794
Diluted number of shares outstanding	253,285,312	258,561,817

13 Dividends

On 14 February 2024, an interim dividend of 2.125c per share was paid to shareholders ($5.4m) in respect of the year ended

31 December 2023. The Board recommended and the Company’s shareholders approved a final dividend in respect of the year

ended 31 December 2023 of 2.125c ($5.4m) at the Annual General Meeting on 2 May 2024, which was paid on 5 June 2024.

Total dividends paid during the year were $10.8m (2023: $22.1m).

Under the updated capital allocation policy, the dividend is now calculated based on a pay out ratio of the average free cash flow

generated in the immediate two preceding six-month periods. The averaging of the two periods is designed to smooth out quarterly

volatility from the Kestrel royalty as it moves in and out of the Group’s private royalty lands.

On 31 January 2025 an interim dividend of 1.70c per share was paid to shareholders ($4.1m) in respect of the first six months of

the year ended 31 December 2024. This dividend has not been included as a liability in these financial statements.

The H1 2024 free cash flow of $12.6m combined with the H2 2024 free cash flow of $9.5m (note 34) results in an average free cash

flow over the two periods of $11.0m. The Board has determined to pay a final dividend of 1. 1 1c per share, to make a total dividend

for the year ended 31 December 2024 of 2.81c per share. This equates to a pay out ratio for the year of 32%, which is at the top end

of the 25-35% ratio in the revised policy. The proposed final dividend will be paid on 25 July 2025, to all shareholders on the Register

of Members on 27 June 2025. This dividend is subject to approval by shareholders at the AGM and has not been included as a

liability in these financial statements. The total estimated dividend to be paid is $2.8m. At the present time the Board has resolved

not to offer a scrip dividend alternative.

157Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

14 Property, plant and equipment

	Other	Right-of-	Equipment
	assets	use assets	and fixtures	Total
Group	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2024	1,851	3,964	668	6,483
Additions	—	—	4	4
Disposals	(1,851)	—	—	(1,851)
At 31 December 2024	—	3,964	672	4,636
Depreciation and impairment
At 1 January 2024	(1,851)	(1,365)	(204)	(3,420)
Depreciation	—	(508)	(165)	(673)
Disposals	1,851	—	—	1,851
At 31 December 2024	—	(1,873)	(369)	(2,242)
Carrying amount at 31 December 2024	—	2,091	303	2,394

	Other	Right of	Equipment
	assets	use assets	and fixtures	Total
Group	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2023	1,851	3,964	556	6,371
Additions	—	—	112	112
At 31 December 2023	1,851	3,964	668	6,483
Depreciation and impairment
At 1 January 2023	(1,851)	(848)	(40)	(2,739)
Depreciation	—	(517)	(164)	(681)
At 31 December 2023	(1,851)	(1,365)	(204)	(3,420)
Carrying amount at 31 December 2023	—	2,599	464	3,063

Other assets disposed of relate to the Group’s expired mining leases over the Panorama and Trefi coal projects in British Columbia,

Canada, and the talc deposit in Shetland, Scotland. Right-of-use assets relate to the Group’s office premises.

	Other	Right-of-	Equipment
	assets	use assets	and fixtures	Total
Company	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2024	1,127	3,964	668	5,759
Additions	—	—	4	4
Disposals	(1,127 )	—	—	(1,127)
At 31 December 2024	—	3,964	672	4,636
Depreciation and impairment
At 1 January 2024	(1,127)	(1,365)	(204)	(2,696)
Depreciation	—	(508)	(165)	(673)
Disposals	1,127	—	—	1,127
At 31 December 2024	—	(1,873)	(369)	(2,242)
Carrying amount at 31 December 2024	—	2,091	303	2,394

158 Ecora Resources PLC Annual Report and Accounts 2024

14 Property, plant and equipment continued

	Other	Right of	Equipment
	assets	use assets	and fixtures	Total
Company	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2023	1,127	3,964	556	5,647
Additions	—	—	112	112
At 31 December 2023	1,127	3,964	668	5,759
Depreciation and impairment
At 1 January 2023	(1,127)	(848)	(40)	(2,015)
Depreciation	—	(517)	(164)	(681)
At 31 December 2023	(1,127)	(1,365)	(204)	(2,696)
Carrying amount at 31 December 2023	—	2,599	464	3,063

15 Coal royalties (Kestrel)

	Group
	$’000
At 1 January 2023	106,669
Foreign currency translation	(795)
Loss on revaluation of coal royalties	(28,520)
At 31 December 2023	77,354
Foreign currency translation	(5,540)
Loss on revaluation of coal royalties	(23,079)
At 31 December 2024	48,735

The Group’s coal royalty entitlements comprise the Kestrel and Crinum coal royalties, and derive from mining activity carried out

within the Group’s private land area in Queensland, Australia. Rather uniquely to this royalty, the sub-stratum land is the property

of the freeholder, including the minerals contained within. The ownership of the land therefore entitles the Group to a royalty,

equivalent to what the state receives on areas outside the Group’s private land. This royalty is accounted for as investment property

in accordance with IAS 40. Further details on the calculation of the Kestrel royalty, together with its performance for 2024, can be

found on page 38.

The carrying value of $48.7m (A$78.6m) (2023: $77.4m and A$113.5m) is based on a valuation completed during December 2024

by an independent coal industry adviser, amended for management’s assessment of future commodity prices, discount rate and

inflation assumptions.

The valuation is on a net present value of the pre-tax cash flow discounted at a nominal rate of 10.00% (2023: 10.50%)

(2024: independent discount rate of 10.00%; 2023: independent discount rate of 9.00%). The key assumptions in the valuation relate

to price, foreign exchange and to a lesser extent discount rate.

Price assumptions

The independent coal industry adviser’s price assumptions were based on the December 2024 Consensus Economics forecast

average price of $223/t for the first half of 2025, decreasing to an average price of $207/t between the second half of 2025 and 2027,

before reducing to a long-term price of $192/t. Given the volatility in the commodity prices, management has assumed an average

price for the first half of 2025 of $199/t based on the Australian Premium Coking Coal FOB Financial Future price, before reverting to

consensus pricing collated by Royal Bank of Canada which decreases to an average nominal price of $223/t between the second

half of 2025 and 2027, and an average long-term nominal price of $202/t.

If the price assumptions used by management were to increase or decrease by 10% over the life of the mine the valuation effect

would be:

n a 10% reduction in the coal price would have resulted in the coal royalties being valued at $38.5m (A$62.0m) and a $10.9m

increase to the revaluation loss in the income statement to $34.0m; and

n a 10% increase in the coal price would have resulted in the coal royalties being valued at $59.2m (A$95.4m) and a $11.1m

decrease in the revaluation loss in the income statement to $12.0m.

159Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

15 Coal royalties (Kestrel) continued

The independent coal industry adviser’s AUD:USD exchange rate assumptions used in the 2024 valuation assume a slight strengthening

in the Australia dollar from a short-term rate of 0.68 to a long-term rate of 0.71 against the US dollar. If the Australian dollar were to

strengthen or weaken by 10% against the US dollar over the life of the mine that valuation effect would be:

n a 10% strengthening of the Australian dollar against the US dollar would have resulted in the coal royalties being valued at

$39.3m (A$63.4m) and a $10.0m increase to the revaluation loss in the income statement to $33.1m; and

n a 10% weakening of the Australian dollar against the US dollar would have resulted in the coal royalties being valued at $60.5m

(A$97.5m) and an $12.5m decrease in the revaluation loss in the income statement to $10.6m.

Discount rate assumptions

The independent coal industry adviser’s and management’s pre-tax nominal discount rate was 10.00%. If the discount rate used

were to increase or decrease by 1% the valuation effect would be:

n a 1% reduction in the nominal discount rate would have resulted in the coal royalties being valued at $49.5m (A$79.8m)

and a $0.8m decrease in the revaluation loss in the income statement to $22.3m; and

n a 1% increase in the nominal discount rate would have resulted in the coal royalties being valued at $48.0m (A$77.4m)

and a $0.8m increase in the revaluation loss in the income statement to $23.9m.

The net royalty income from this investment is currently taxed in Australia at a rate of 30%. The revaluation of the underlying

Australian dollar asset is recognised in the income statement with the retranslation to the Group’s US dollar presentation currency

recognised in the foreign currency translation reserve.

Refer to note 34 for additional fair value disclosures relating to Kestrel.

The shares over the entity which is the beneficial owner of the Kestrel royalty have been guaranteed as security in connection

with the Group’s borrowing facility (note 25).

16 Metal streams

		Contingent
	Cost	consideration	Total
	$’000	$’000	$’000
Group
Gross carrying amount
At 1 January 2024	175,585	2,978	178,563
At 31 December 2024	175,585	2,978	178,563
Depletion and impairment
At 1 January 2024	(16,813)	(310)	(17,123)
Impairment	(15,051)	—	(15,051)
Depletion	(4,406)	(73)	(4,479)
At 31 December 2024	(36,270)	(383)	(36,653)
Carrying amount at 31 December 2024	139,315	2,595	141,910

		Contingent
	Cost	consideration	Total
	$’000	$’000	$’000
Group
Gross carrying amount
At 1 January 2023	175,585	2,978	178,563
At 31 December 2023	175,585	2,978	178,563
Depletion and impairment
At 1 January 2023	(13,553)	(255)	(13,808)
Depletion	(3,260)	(55)	(3,315)
At 31 December 2023	(16,813)	(310)	(17,123)
Carrying amount at 31 December 2023	158,772	2,668	161,440

The Group holds a 70% interest in a stream of cobalt production from the Voisey’s Bay mine in Canada. The stream agreement

entitles the Group to 22.82% of all cobalt production from both the open pit and underground operations at Voisey’s Bay. The

Group’s entitlement steps down to 11.41% once 7,600 tonnes of finished cobalt has been delivered. Deliveries under the stream

agreement from its inception to 31 December 2024 total 1,400 tonnes (2023: 1,100 tonnes).

160 Ecora Resources PLC Annual Report and Accounts 2024

16 Metal streams continued

The contractual structure of the stream outlines that the Group pays 18% of an industry cobalt reference price prevailing

at the date of delivery, until the original upfront amount paid for the stream, by its original holder, of $300m is reduced to $nil

(through accumulating credit from 82% of the cobalt reference price), increasing to 22% thereafter. This payment is included in

the $1.2m (2023: $1.3m) metal streams cost of sales in the income statement. As at 31 December 2024, the original upfront amount

paid for the stream of $300m has been reduced to $239.6m (2023: $247.3m).

The metal stream is being depleted on a units-of-production basis over the total expected deliveries to be received of 16.7Mlbs.

During the period to 31 December 2024, the Group received 0.46Mlbs (2023: 0.34Mlbs) of cobalt resulting in a depletion charge

of $4.5m (2023: $3.3m).

The contingent consideration in relation to the acquisition is determined by reference to minimum production thresholds and

cobalt prices from the completion of the acquisition to 30 June 2025, and has been classified as a financial liability that is carried

at fair value based on the discounted expected cash outflows. The fair value of the contingent consideration is remeasured at

each reporting date, such that the gross carrying amount is equal to the sum of amounts paid to date ($3.0m) and expected future

payments and depreciated on a units-of-production basis over the total expected deliveries to be received from the metal stream.

As at 31 December 2024, the fair value of the contingent consideration payable for future periods has been assessed as $nil

as the minimum production and price thresholds are not expected to be achieved by 30 June 2025 (2023: $nil).

Impairments of metal streams

As described in notes 3.7 and 3.8, at each reporting date the Group’s metal stream asset is reviewed for any impairment indicators.

Consideration is given to the presence or occurrence of adverse operational developments at the underlying mine, together with

any significant declines in the cobalt price, as detailed below. Where impairment indicators exist, a full impairment review is carried

out to determine whether the discounted future expected cash flows (calculated on a value-in-use basis) exceed cost. Note 4

outlines the impairment methodology applied.

Despite positive momentum at Voisey’s Bay as operations continue to ramp up following the transition from the open pit mine to

the underground mine, the underlying cobalt price has remained depressed throughout 2024 with the Group realising an average

cobalt price for the year of $13.34/lbs compared to $16.36/lbs in 2023. In addition to the weakness in the cobalt price during 2024,

the long-term consensus price has also declined from $23.40/lbs as at 31 December 2023 to $17.62/lbs at 31 December 2024.

Management considers the sustained weakness in the both the realised and forward-looking cobalt price to be an indicator of impairment at

31 December 2024. Adopting consensus pricing at 31 December 2024 for cobalt which averages $16.50/lbs between 2025 and 2027

before increasing to an average long-term price of $23.00/lbs, together with the production profile in the latest LOM plan provided

by Vale and applying a pre-tax nominal discount rate of 10.50% resulted in a net present value of the discounted future cash flows

from the Voisey’s Bay cobalt stream of $141.9m, compared to the carrying value of $157.0m. As a result of the recoverable amount

being lower than the carrying value, the Group recognised an impairment charge of $15.1m for the year ended 31 December 2024.

In addition to assessing the Voisey’s Bay cobalt stream for indicators of impairment, management have assessed the Group’s ability

to utilise the carrying forward tax losses acquired as part of the stream acquisition. Adopting the assumptions outlined above, the

Group forecasts utilising carry forward tax losses totalling $87.9m over the life of the mine compared to $124.3m in available carry

forward tax losses as at 31 December 2024. As the Group is forecasting carry forward tax losses of $36.4m (2023: nil) will remain

unutilised at the end of the life of mine, the deferred tax asset recognised in relation to these losses was reduced by $9.8m (refer to

note 26).

Impairment sensitivity

Having concluded that a $15.1m impairment charge should be recognised in relation to the Voisey’s Bay cobalt stream, together with

the $9.8m write-down of the deferred tax asset associated with the carry forward tax losses acquired as part of the stream acquisition,

the Group has reviewed the sensitivity of its assessment concluding the following:

n A 10% increase in the underlying cobalt price over the life of mine would result in the impairment charge reducing by $13.0m to

$2.1m and the write-down of the deferred tax asset would reduce by $6.3m to $3.5m.

n A 10% decrease in the underlying cobalt price over the life of mine would result in the impairment charge increasing by $12.9m to

$28.0m and the write-down of the deferred tax asset would increase by $6.3m to $16.1m.

n A 1% decrease in the discount rate applied to the expected future cash flows from the Voisey’s Bay cobalt stream, would result

in the impairment charge reducing by $7.1m to $8.0m while the write-down of the deferred tax asset would remain unchanged at

$9.8m.

n A 1% increase in the discount rate applied to the expected future cash flows from the Voisey’s Bay cobalt stream, would result

in the impairment charge increasing by $6.5m to $21.6m while the write-down of the deferred tax asset would remain unchanged

at $9.8m.

Further details on the Group’s Voisey’s Bay cobalt stream, including its performance during the year ended 31 December 2024,

can be found on page 33.

At 31 December 2024, the shares of the entity which is the beneficial owner of the Voisey’s Bay metal stream have been guaranteed

as security in connection with the Group’s borrowing facility (note 25).

161Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

Group Company

$’000 $’000

Fair value

At 1 January 2023 43,880 —

Royalties due or received from royalty financial instruments (718) (718)

Revaluation of royalty financial instruments recognised in profit or loss (3,088) 718

Revaluation of royalty financial instruments recognised in equity (1,706) —

Additions 7,774 —

Disposals (13,690) —

Foreign currency translation	377	—
At 31 December 2023	32,829	—
Royalties due or received from royalty financial instruments	(1,868)	(1,868)
Revaluation of royalty financial instruments recognised in profit or loss	11,962	5,318
Revaluation of royalty financial instruments recognised in equity	(628)	—
Additions	8,852	—
Disposals	(8,145)	—
Foreign currency translation	(2,390)	—
At 31 December 2024	40,612	3,450

The details of the Group’s and Company’s royalty financial instruments, which are held at fair value, are summarised below:

					31 December	31 December
					2024	2023
					Carrying	Carrying
					value	value
	Commodity	Royalty rate	Escalation	Classification	$’000	$’000
Company
EVBC	Gold, silver, copper	0.50%	Up to 3% gold >US$2,500/oz	FVTPL	3,450	—
Group			2.5% >US$1,800/oz and
Dugbe 1	Gold	2.00%	production <50,000oz/qrt	FVTPL	5,938	1,402
			22.5% of tolling milling receipt
McClean Lake	Uranium	—	on production >215Mlbs	FVTPL	4,991	2,865
			0.95% and 1.1% if commercial
			production not achieved
			before 1 October 2027 and 1
Phalaborwa	Rare earths	0.85%	July 2028 respectively	FVTPL	9,411	—
Piauí	Nickel—cobalt	1.60%	—	FVTPL	15,666	18,329
Labrador Iron Ore	Iron ore	7.00%	—	FVTOCI	1,156	10,233
					40,612	32,829

The Group’s royalty financial instruments are represented by five royalty agreements, EVBC, Dugbe 1, McClean Lake, Phalaborwa

and Piauí which entitle the Group to either the repayment of principal and a net smelter return (“NSR”) royalty for the life of the

mine or a gross revenue royalty (“GRR”) where the project commences commercial production or the repayment of principal where

it does not. All five royalty agreements are classified as fair value through profit or loss (‘FVTPL’).

The Group’s entitlements to cash by way of the repayment of the principal and the NSR royalty or the GRR have been classified as

fair value through profit or loss in accordance with IFRS 9 and are carried at fair value in accordance with the Group’s classification

of royalty arrangements criteria set out in note 4.

The Group’s sixth royalty financial instrument is its equity investment in Labrador Iron Ore Royalty Corporation (‘LIORC’), which

entitles the Group to a share of the 7% GRR LIORC receives from the Iron Ore Company of Canada (‘IOC’) mine and distributes to

its shareholders via dividends. As LIORC is a single asset company, being GRR over the IOC mine, the Group has classified its

investment in LIORC as a royalty financial instrument and made an irrevocable election to designate it as FVTOCI.

162 Ecora Resources PLC Annual Report and Accounts 2024

fi continued

EVBC – refer to page 40 of the Business Review

The Group’s EVBC royalty was acquired in 2008 and is classified as FVTPL as outlined in note 4.

During the second half of 2023, the Group reached an agreement with Orvana Minerals Corp. the operator of the EVBC mine for

the outstanding Q3 2022 and Q4 2022 royalties totalling $1.5m to be paid in full (see note 10). Considering the sustained margin

pressures and operational constraints at the mine as the tailings facility approached capacity, the Group agreed to revise royalty

rates effective 1 January 2023.

Due to the inherent uncertainty that Orvana Minerals Corp. would obtain the necessary approvals to increase the size of the EVBC

tailings facility, the fair value of the EVBC royalty was assessed to be $nil at 31 December 2023.

The EVBC mine continued to produce throughout 2024 in line with guidance published in 2023. In the second half of 2024 Orvana

Minerals Corp published guidance on 2025 production volumes, together with an updated Life of Mine plan (‘LOM’) which details

production out to 2028. In addition, Orvana Minerals Corp outlined the progress made in relation to obtaining the necessary

approvals to increase the size of the tailings facility.

Considering the ongoing production achieved in 2023 and 2024, management has assessed the fair value of the EVBC royalty to be

$3.4m as at 31 December 2024 (2023: nil), by applying an 11.75% pre-tax nominal discount rate to the future cash flows from

Orvana Minerals Corp achieving the mid-point of their published production guidance for 2025. As inherent uncertainty remains in

relation to the necessary approvals required to increase the size of the tailings facility being granted, management have applied a

100% risk factor to the volumes for 2026 to 2028, reducing them to nil.

After adjusting for the 2024 royalties due or received of $1.9m this results in a valuation gain of $5.3m recognised in the income

statement for the year ended 31 December 2024 (2023: gain of $0.7m).

Dugbe 1 – refer to page 40 of the Business Review

In 2016, Hummingbird Resources PLC (‘Hummingbird’), the operator of the Dugbe 1 project, gave notice under the $15.0m royalty

financing arrangement with the Group that a Mineral Development Agreement (‘MDA’) had been approved by the Liberian

Government, converting the financing agreement into an NSR royalty agreement.

The NSR royalty over the Dugbe 1 project is classified as FVTPL as outlined in note 4. As at 31 December 2024 the Group assessed

the likely start date of commercial production at Dugbe 1 to be 2030 (2023: 2030), and applied a 25% (2023: 32.5%) probability

factor to the project reaching commercial production to the discounted future cash flows of the royalty with a 18% (2023: 35%)

pre-tax nominal discount rate, resulting in a valuation of $5.9m (2023: $1.4m).

In certain circumstances where the operator fails to pursue the development of the Dugbe 1 project or there is a change in control,

the Group has the option to terminate the royalty agreement and recover the $15.0m paid under the royalty financing agreement.

As at 31 December 2024, these circumstances had not arisen as development work continued on the project.

McClean Lake – refer to page 35 of the Business Review

The Group completed a C$43.5m ($33.3m) financing and streaming agreement with Denison Mines Inc (‘Denison’) in 2017. The financing

agreement comprises two separate transactions: (i) a 13-year amortising secured loan of C$40.8m ($31.2m) with an interest rate of

10% per annum payable to the Group which is classified as non-current other receivables (note 22); and (ii) a streaming agreement,

which entitles the Group to receive Denison’s portion of toll milling proceeds from the McClean Lake Mill after the first 215Mlbs of

throughput from 1 July 2016, which was acquired for C$2.7m ($2.1m) and is classified as FVTPL in accordance with note 4.

As at 31 December 2024, the Group assessed the probability of the McClean Lake Mill achieving throughput in excess of 215Mlbs at

60% (2023: 60%), and applied this to the discounted future cash flows of the stream with a 10.50% (2023: 10.00%) pre-tax nominal

discount rate, resulting in a valuation of $5.0m (2023: $2.9m). The $2.1m increase (2023: $0.6m decrease) in the carrying value of the

stream has been recognised in the income statement for the year.

Phalaborwa – refer to page 37 of the Business Review

On 24 September 2024, the Group acquired a 0.85% Gross Revenue Royalty over the Phalaborwa Rare Earths Project (‘Phalaborwa’)

located in South Africa for a total cash consideration of $8.5m. The royalty rate steps up by 0.1% to 0.95% if commercial production

does not occur prior to 1 October 2027. If commercial production does not occur prior to 1 July 2028, then the royalty rate steps up

by a further 0.15% to 1.10%. Transaction costs of $0.4m were also capitalised on acquisition.

As at 31 December 2024 the Group assessed the probability of the Phalaborwa Rare Earths Project reaching commercial production

at 70% and applied this to the discounted future cash flows of the royalty with a 12.5% pre-tax nominal discount rate, resulting in a

valuation of $9.4m. The $0.5m increase in the carrying value of the stream has been recognised in the income statement.

163Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

fi continued

The Group acquired a 1% gross revenue royalty over the Piauí nickel-cobalt project in Brazil for $2.0m in 2017. In accordance with

the acquisition agreement the gross revenue royalty rate increased to 1.25% on 31 December 2019 after certain development

milestones had not been achieved.

In 2023, the Group invested a further $7.5m increasing its royalty by 0.35% to 1.60%. Transaction costs of $0.3m were also

capitalised on acquisition.

The Group has the right to acquire a further 2.65% royalty over the Piauí project for a consideration of $62.5m.

On initial recognition the Group decided to invoke the fair value option in classifying this royalty financial instrument, due to there

being one or more embedded options that are not closely related in the underlying contract. Following the adoption of IFRS 9 the

Group continues to classify the Piauí royalty as FVTPL.

As at 31 December 2024 the Group assessed the probability of the Piauí project reaching commercial production at 100%

in relation to the start-up plant and 42.5% in relation to expansion project (2023: 100% start-up and 55% expansion project)

and applied this to the discounted future cash flows of the royalty with a 13.00% (2023: 17.50%) pre-tax nominal discount rate,

resulting in a valuation of $15.7m (2023: $18.3m).

Labrador Iron Ore – refer to page 39 of the Business Review

LIORC is a single asset company, being the 7% gross revenue royalty over the IOC mine which is majority owned and operated by

Rio Tinto; as a result, the Group classifies its investment in LIORC as a royalty financial instrument. On initial recognition the Group

made the irrevocable election to designate this investment as FVTOCI. The resulting dividends from the Group’s investment in

LIORC have been classified as royalty-related revenue, as described in note 3.14.

The Group sold 367,200 shares in LIORC in the first half of 2024 generating C$11.1m ($8.1m) in proceeds and retained 57,390 shares.

The Group’s partial sale of its holding in LIORC in 2024 resulted in a capital gain of C$2.2m ($1.6m) which was transferred directly to

retained earnings, net of C$0.3m ($0.2m) in income tax arising from the gain.

The Group sold 607,600 shares in the last quarter of 2023 generating C$18.9m ($13.7m) in proceeds and retained 424,590 shares.

The Group’s partial sale of its holding in LIORC in 2023 resulted in a capital gain of C$4.1m ($3.0m) which was transferred directly

to retained earnings, net of C$0.5m ($0.4m) in income tax arising from the gain.

At 31 December 2024, the shares of the entity which is the beneficial owner of the investment in LIORC have been guaranteed

a security in connection with the Group’s borrowing facility (note 25).

The Group’s intangibles comprise capitalised exploration and evaluation costs and royalty interests.

Exploration

and

	evaluation	Royalty	Contingent
	costs	interests	consideration	Total
Group	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2024	919	332,570	11,115	344,604
Disposals	(919)	—	—	(919)
Revaluation of contingent consideration	—	—	(10,118)	(10,118)
Foreign currency translation	—	(13,872)	(997)	(14,869)
At 31 December 2024	—	318,698	—	318,698
Amortisation and impairment
At 1 January 2024	(919)	(73,884)	—	(74,803)
Disposals	919	—	—	919
Amortisation charge	—	(3,429)	—	(3,429)
Foreign currency translation	—	4,554	—	4,554
At 31 December 2024	—	(72,759)	—	(72,759)
Carrying amount at 31 December 2024	—	245,939	—	245,939

164 Ecora Resources PLC Annual Report and Accounts 2024

 continued

	Exploration
	and
	evaluation	Royalty	Contingent
	costs	interests	consideration	Total
Group	$’000	$’000	$’000	$’000
Gross carrying amount
At 1 January 2023	919	312,210	10,058	323,187
Additions	—	20,407	—	20,407
Revaluation of contingent consideration	—	—	1,037	1,037
Foreign currency translation	—	(47)	20	(27)
At 31 December 2023	919	332,570	11,115	344,604
Amortisation and impairment
At 1 January 2023	(919)	(69,719)	—	(70,638)
Amortisation charge	—	(4,152)	—	(4,152)
Foreign currency translation	—	(13)	—	(13)
At 31 December 2023	(919)	(73,884)	—	(74,803)
Carrying amount at 31 December 2023	—	258,686	11,115	269,801

The Company’s intangibles comprise royalty interests.

	Royalty
	interests
Company	$’000
Gross carrying amount
At 1 January 2023 and 2024	3,206
At 31 December 2023 and 2024	3,206
Amortisation and impairment
At 1 January 2023 and 2024	(3,206)
At 31 December 2023 and 2024	(3,206)
Carrying amount at 31 December 2023 and 2024	—

Amortisation of royalty interests

The Group’s royalty intangible assets are amortised on a straight-line basis, upon the commencement of production

at the underlying mining operation, over the life of mine.

Four of the underlying mining operations of the Group’s royalty intangible assets were in production during 2024,

and were amortised on the following basis:

		Carrying value	Carrying value
		31 December	31 December
		2024	2023	Estimated	Remaining
Royalty interest	Currency	’000	’000	life of mine	life of mine
Mantos Blancos	USD	35,621	38,165	18 years	14 years
Maracás Menchen	AUD	18,578	19,671	21 years	17 years
Four Mile	AUD	730	852	10 years	6 years
Carlota	USD	327	409	6.5 years	4 years

The amortisation charge for the year of $3.4m (2023: $4.2m) relates to the Group’s producing royalties, Mantos Blancos, Maracás

Menchen, Carlota and Four Mile. Amortisation of the remaining interests will commence once they begin commercial production.

At 31 December 2024, the shares of the entities which are the beneficial owners of the Mantos Blancos, Maracás Menchen, West

Musgrave and Santo Domingo royalties have been guaranteed as security in connection with the Group’s borrowing facility (note 25).

165Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

 continued

Contingent consideration

On 19 July 2022, the Group acquired the West Musgrave, Santa Domingo, Nifty and Carlota royalties from South32 Royalty

Investments Pty Ltd (“South32”) for a fixed consideration of $185m with further contingent consideration of up to $15m.

The deferred consideration has been paid in full, with the last payment made in January 2024 of $9.2m.

Contingent consideration is payable subject to future nickel prices, minimum production levels and commercial production being

achieved by 2028 at West Musgrave and has been classified as a financial liability that is carried at fair value based on the discounted

expected future cash outflows. After initial recognition the contingent consideration is measured at fair value at the end of each

reporting period, with any fair value gains or losses recognised in the royalty intangible assets balance. As at 31 December 2024,

the fair value of the contingent consideration payable has been assessed as $nil, as management does not expect commercial

production to be achieved by 2028, following the announcement by BHP in 2024 to temporarily suspend the construction of the

West Musgrave project with a review of this decision to occur by February 2027. As at 31 December 2023, the fair value was assessed

at $11.1m on a pre-tax nominal discount rate of 10.5%.

Impairments of royalty intangible assets

As described in notes 3.7 and 3.8, at each reporting date the Group’s royalty intangible assets are reviewed for any impairment

indicators. Consideration is given to the presence or occurrence of adverse operational developments at the underlying mines,

together with any significant declines in commodity prices, as detailed below. Where impairment indicators exist, a full impairment

review is carried out to determine whether the discounted future expected cash flows (calculated on a value-in-use basis) exceed

cost. Note 4 outlines the impairment methodology applied. During the ended 31 December 2024, no impairment charges were

recognised (2023: no impairment charges recognised).

The Group considers the announcement by BHP on 11 July 2024 to suspend the construction of West Musgrave project from

October 2024 with the decision to be reviewed by February 2027, as an indicator of impairment as at 31 December 2024. Having

reviewed the recoverable amount of the West Musgrave royalty at 31 December 2024 and concluded that no impairment charge

should be recognised.

The Group considers the prolonged weakness in the vanadium price an indicator of impairment for the Maracás Menchen royalty

as at 31 December 2024. Having reviewed the recoverable amount of the Maracás Menchen royalty at 31 December 2024 and

concluded that no impairment charge should be recognised.

The exploration and evaluation costs disposed of comprise expenditure incurred directly by the Group on the Trefi coal project

in British Columbia, Canada for which the Group no longer owns the tenements.

Royalty intangible asset acquisitions

On 3 August 2023, the Group acquired a net smelter return royalty over all metal production from the open pit and underground

operations of the Vizcachitas copper project in Chile, owned by Los Andes Copper Ltd for $20m cash consideration paid on completion.

The applicable royalty rates are 0.250% and 0.125% for metal production from the open pit and underground operations

respectively. In the event that commercial production is not achieved before 30 June 2030, the applicable royalty rates increase

to 0.350% and 0.175% for metal production from the open pit and underground operations respectively.

Should the commencement of commercial production be delayed beyond 30 June 2031, the operator can elect to make production

delay payments or the applicable royalty rates will increase as outlined in the table below:

		No production		First production	Second production			First and second production
		delay payment		delay payment	delay payment			delay payment
Commercial	Open pit	Underground	Open pit	Underground	Open pit	Underground	Open pit	Underground
production date	royalty rate	royalty rate	royalty rate	royalty rate	royalty rate	royalty rate	royalty rate	royalty rate
On or before 30 June 2030	0.250%	0.125%
Between 30
June 2030 and 30 June 2031	0.350%	0.175%
Between 30
June 2031 and 30 June 2032	0.450%	0.225%	0.350%	0.175%
After 30 June 2032	0.550%	0.275%	0.450%	0.225%	0.450%	0.225%	0.350%	0.175%

The first and second production delay payments are U$15m each or U$20m where the average copper price in the six months

prior to election to make the delay payment exceeds US$5/lb.

166 Ecora Resources PLC Annual Report and Accounts 2024

continued

Royalty intangible asset acquisitions continued

The royalty has been classified as an intangible asset as detailed in note 4. The value of the royalty intangible acquired consists
of the fixed consideration of $20m and transaction costs totalling $0.4m which have been capitalised on acquisition.
	Group	Company
	$’000	$’000
Fair value through other comprehensive income
At 1 January 2023	3,483	1,059
Disposals	(79)	(79)
Revaluation adjustment	(491)	(544)
Foreign currency translation	(122)	(69)
At 31 December 2023	2,791	367
Additions	1,500	1,500
Revaluation adjustment	76	74
Foreign currency translation	(1)	—
At 31 December 2024	4,366	1,941

The fair values of listed securities are based on quoted market prices. Unquoted investments are initially recognised using cost

where fair value cannot be reliably determined. In the absence of an active market for these securities, the Group considers each

unquoted security to ensure there has been no material change in the fair value since initial recognition.

Mining and exploration interests are held at FVTOCI, with the effect that the gains and losses on disposal and impairment losses

are transferred directly to retained earnings.

On 28 June 2024, the Group subscribed for 10,442,427 new ordinary shares at a price of 11.3652 pence per share in Rainbow Rare

Earths Ltd for $1.5m. Rainbow Rare Earths Ltd is listed on the London Stock Exchange. The share subscription was executed in

connection with the royalty acquisition over the Phalaborwa Rare Earths Project (refer to note 17).

Total mining and exploration interests at 31 December are represented by:

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Quoted investments	1,869	296	1,869	296
Unquoted investments	2,497	2,495	72	71
	4,366	2,791	1,941	367
Number of investments	8	7	5	4

20 Deferred costs

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Deferred acquisition costs	796	341	796	341
Deferred financing costs	1,479	—	756	—
	2,275	341	1,552	341

Deferred acquisition costs

As at 31 December 2024 deferred acquisition costs of $0.8m (2023: $0.3m) represent those costs associated with royalty and metal

stream opportunities that the Group is actively pursuing and expects to complete in 2025. Should the opportunity not proceed to

completion, these costs will be charged to the income statement.

As at 31 December 2024 deferred financing costs of $1.5m represent the unamortised costs associated with the Group’s $150m

revolving credit facility which was amended and extended in January 2024 (note 25). These deferred financing costs are amortised

over the three-year term of the facility, with $0.7m (2023: $1.0m) charged to the income statement in 2024 ($2.2m was paid in cash

for these financing costs in January 2024).

167Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

21 Investments in subsidiaries

The Group’s full listing of subsidiaries is provided in note 38. The Company’s investment in subsidiaries as 31 December 2024

and 31 December 2023 is as follows:

Company	$’000
Cost
At 1 January 2024	457,608
Acquisition of additional share capital of subsidiaries	8,889
At 31 December 2024	466,497
Impairment of investment in subsidiary
At 1 January 2024	(44,618)
Impairment	(9,680)
At 31 December 2024	(54,298)
Carrying amount at 31 December 2024	412,199

Company	$’000
Cost
At 1 January 2023	396,943
Acquisition of additional share capital of subsidiaries	60,665
At 31 December 2023	457,608
Impairment of investment in subsidiary
At 1 January 2023	(44,618)
At 31 December 2023	(44,618)
Carrying amount at 31 December 2023	412,990

The acquisition of additional share capital of subsidiaries are non-cash transactions and settled against intercompany loans owed

by the subsidiary to the Company.

As at 31 December 2024, the Company has recorded an impairment of $9.7m on its investment in its subsidiary, Pyxis Royalties

Limited, as a result of the impairment of the Voisey’s Bay metal stream (note 16), which is owned by this entity through its

investment in APG Metals Limited. The remaining recoverable amount of Pyxis Royalties Limited is $166.5m (31 December 2023:

$195.1m).

The Directors believe that the carrying value of the investments is supported by their recoverable value. The methods used

to determine the recoverable value are set out in note 4.

22 Trade and other receivables

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Current
Income tax receivable	173	276	—	—
Prepayments	465	383	439	338
Royalty receivables	3,779	5,042	497	112
Deferred consideration	6,495	2,000	—	—
Contingent consideration	4,965	1,122	—	—
Other receivables	291	826	231	205
Deposits with subsidiaries (note 31)	—	—	—	7,314
	16,168	9,649	1,167	7,969

Current trade and other receivables

Trade and other receivables include amounts relating to royalties receivable from Kestrel, Mantos Blancos, Maracás Menchen, EVBC

and Carlota for the final quarter in each year, together with dividends declared but not yet received from LIORC. These amounts

were received in full subsequent to year end.

Deferred and contingent consideration – Narrabri disposal

On 31 December 2021, the Group disposed of its 1% gross revenue royalty over the Narrabri mine to the operator, Whitehaven

Coal Limited, for fixed consideration of $21.6m, of which $4.4m was received on completion with the balance payable in annual

instalments until 31 December 2026 and further contingent consideration also payable over the period to 31 December 2026.

168 Ecora Resources PLC Annual Report and Accounts 2024

22 Trade and other receivables continued

Deferred and contingent consideration – Narrabri disposal continued

The contingent consideration receivable from the disposal of Narrabri consisted of $5.0m, receivable in instalments, upon

the approval of the Narrabri South extension project by state and federal authorities in Australia, prior to 31 December 2026.

The Narrabri South extension project received final approval in September 2024, triggering the $5.0m contingent consideration

to be receivable in instalments from January 2025 to 31 December 2026.

In addition, the Group was entitled to receive biannual contingent payments linked to future realised coal prices during the period

from closing to 31 December 2026. Subject to minimum volumes of 3.0Mt per half year being achieved, where realised prices

exceed $90/t the Group was entitled to $0.05/t, increasing to $0.25/t if realised prices exceed $150/t. Both elements of the

contingent consideration in relation to the sale of the Narrabri royalty were classified as a financial asset that was carried at fair

value based on discounted expected cash flows.

Under the terms of the royalty sale agreement described above, deferred consideration of $2.0m and contingent consideration

of $3.3m was received subsequent to year end. In addition, the Group received $6.2m in February 2025 in full and final settlement of the

remaining deferred and contingent consideration after entering a forward payment agreement with Whitehaven Coal Limited. As

negotiations commenced following the approval of the Narrabri South extension project, the fair value of the contingent

consideration as at 31 December 2024 has been determined as the settlement value under the forward payment agreement.

As at 31 December 2024, the total outstanding deferred consideration was $6.5m (2023: $8.3m, of which $6.3m was included in

non-current receivables) and the fair value of the price linked and Narrabri South extension contingent consideration was $5.0m

(2023: $4.3m of which $3.3m was included in non-current receivables).

During the year ended 31 December 2024 $2.3m of deferred and contingent consideration was received in cash (2023: $5.4m).

The Directors consider that the carrying amount of trade and other receivables is approximately their fair value.

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Non—current
Denison financing agreement	12,930	17,135	12,930	17,135
Deferred consideration	—	6,311	—	—
Contingent consideration	4,765	10,149	—	—
Other receivables	125	113	—	—
Amounts due from subsidiaries (note 31)	—	—	92,435	96,895
	17,820	33,708	105,365	114,030

Non-current other receivables

Non-current other receivables comprise amounts relating to the interest-bearing loan receivable from Denison Mines

and the contingent consideration related to West Musgrave (note 18).

Denison ﬁnancing agreement

In 2017, the Group completed a C$43.5m ($33.3m) financing and streaming agreement with Denison. The streaming agreement

is classified as a royalty financial instrument (note 17), with an initial value of C$2.7m ($2.1m).

The financing agreement is structured as a 13-year secured loan of C$40.8m ($31.2m) with an interest rate of 10% per annum

payable to the Company. The loan contains mandatory repayment provisions in any period where the equivalent toll revenues

exceed the interest liability. Conversely, in any period when toll revenues are less than the interest payment, the shortfall is capitalised

and carried forward to the next period. The loan principal, along with any capitalised interest, is repayable in full at maturity. In 2024,

the Company earned $1.5m in interest revenue (2023: $1.8m) and received principal repayments of $3.0m (2023: $2.3m).

The Group assesses the carrying value of the Denison financing agreement for expected credit losses over the next 12 months

by making reference to the security held by the Group and the financial position of Denison at each reporting date. No provision

for expected credit losses has been recognised as at 31 December 2023 and 2024.

As at 31 December 2024, the outstanding loan balance was $12.8m (C$18.5m) and unamortised costs associated with the loan were

$0.1m (31 December 2023: loan balance $17.1m (C$22.5m) and unamortised costs $0.1m). The total amortisation of costs associated

with the loan during the year was $17,000 (2023: $17,000).

Contingent consideration – West Musgrave

Under the West Musgrave royalty the Group is entitled to a A$10m payment contingent on commercial production being achieved

at West Musgrave, which is distinct from and separate to the net smelter return royalty and is accounted for as a financial asset and

measured at fair value through profit or loss (“FVTPL”). As at 31 December 2024, the fair value of the contingent consideration

receivable is $4.8m (2023: $6.8m).

Non-current amounts due from subsidiaries

Amounts due from subsidiaries are considered long-term loans. The Directors consider that the carrying value of amounts due

from subsidiaries is approximately their fair value (note 33).

169Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

23 Cash and cash equivalents

Cash and cash equivalents include the following for the purposes of the statement of cash flows:

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Cash at bank and on hand	7,874	7,849	6,557	6,672
Trading deposits with brokers	2	1	2	1
Cash and cash equivalents	7,876	7,850	6,559	6,673

24 Net debt

See notes 3.9(a) and 3.9(j) for the Group’s accounting policy on cash and debt.

The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used

by the Group, including the definitions, please refer to the table of contents.

Net debt is a measure of the Group’s financial position. The Group uses net debt to monitor the sources and uses of financial

resources, the availability of capital to invest or return to shareholders, and the resilience of the balance sheet. Net debt is

calculated as total borrowings less cash and cash equivalents.

The Group and Company’s net (debt)/cash and cash equivalents position after offsetting the revolving credit facility against cash

and cash equivalents is as follows:

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Revolving credit facility	(90,228)	(82,400)	(71,000)	(75,400)
Cash and cash equivalents	7,876	7,850	6,559	6,673
Net debt	(82,352)	(74,550)	(64,441)	(68,727)

Movement in net debt

		Medium and
	Cash and cash	long-term
	equivalents	borrowings	Net debt
Group	$’000	$’000	$’000
At 1 January 2023	5,850	(42,250)	(36,400)
Cash flow	2,088	(40,150)	(38,062)
Foreign exchange differences	(88)	—	(88)
At 31 December 2023	7,850	(82,400)	(74,550)
Cash flow	634	(8,905)	(8,271)
Foreign exchange differences	(608)	1,077	469
At 31 December 2024	7,876	(90,228)	(82,352)

During the year ended 31 December 2024, the Group drew $21.3m (2023: $96.0m) on its revolving credit facility (refer to note 25)

and repaid $12.4m (2023: $55.9m).

The only financing-related liabilities are the Group’s borrowings and the Group’s lease liabilities. The movements in the former

are shown above and the movements in the latter are shown in note 27.

25 Borrowings

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Non-current secured borrowing at amortised cost
Revolving credit facility	90,228	82,400	71,000	75,400
	90,228	82,400	71,000	75,400

In January 2024 the Group entered into an amendment and extension of its $150.0m revolving credit facility largely on the same

terms as the previous facility and subject to SOFR plus a ratchet between 2.25% and 4.00%, depending on leverage levels. The

amended and extended facility also includes an uncommitted accordion feature of up $75.0m to be used to fund royalty acquisitions

which, if implemented, would take the potential borrowing capacity up to $225.0m. The Group’s facility is secured by way of a

floating charge over the Group’s assets and is subject to a number of financial covenants, all of which have been met during the

period ended 31 December 2024. The financial covenants are tested at the end of each quarter and require the Group to maintain:

170 Ecora Resources PLC Annual Report and Accounts 2024

25 Borrowings continued

n $5.0m cash and cash equivalents minimum balance

n Interest cover ratio (Adjusted EBITDA over finance costs) of no less than 4.0x

n Leverage ratio (Adjusted EBITDA over net debt) of 3.5x

n Net tangible assets in excess of $250.0m

The Group has no indication that it will have difficulty complying with these covenants.

As detailed in note 37, in February 2025 the Group extended the maturity date of its revolving credit facility by 12 months to

30 January 2028, increased the total commitments under the facility to $180.0m by exercising $30.0m of the accordion feature

and amended the following key terms:

n Adjusted EBITDA to calculate the leverage and interest cover ratios will be calculated using annualised Kestrel income from

the trailing six quarters;

n The interest cover covenant has been reduced from 4.0x to 3.0x for period to maturity;

n The facility will be subject to SOFR plus a ratchet between 2.25% and 4.50%, depending on leverage levels; and

n The uncommitted accordion feature has reduced to $45.0m following the $30.0m increase in total commitments under the facility.

Following the extension in February 2025, the Group has the option to extend the facility by up to a further 12 months, subject to

lender consent.

The Directors consider that the carrying amount of the Group’s borrowings approximates their fair value.

The following are the major deferred tax liabilities and (assets) recognised by the Group and the movements thereon during the period:

	Revaluation	Revaluation	Accrual
	of coal	of royalty	of royalty	Other	Other
	royalty	instruments	receivable	revaluations	tax losses	Total
Group	$’000	$’000	$’000	$’000	$’000	$’000
At 1 January 2023	32,001	567	3,061	1,406	(32,810)	4,225
Credit to profit or loss	(8,556)	(921)	(2,123)	(200)	(202)	(12,002)
Credit to other comprehensive income	—	(624)	—	—	—	(624)
Exchange differences	(239)	(5)	(56)	(6)	(1)	(307)
Effect of change in tax rate:
– Income statement	—	—	—	—	(617)	(617)
At 31 December 2023	23,206	(983)	882	1,200	(33,630)	(9,325)
(Credit)/charge to profit or loss	(6,924)	2,136	(814)	(1)	8,996	3,393
Credit to other comprehensive income	—	(57)	—	—	—	(57)
Transferred to retained earnings on disposal	—	(211)	—	—	—	(211)
Exchange differences	(1,662)	51	(30)	(108)	(25)	(1,774)
At 31 December 2024	14,620	936	38	1,091	(24,659)	(7,974)

A deferred tax asset of $23.7m (2023: $33.5m) has been recognised on historic losses in Canada which are being carried forward.

The utilisation of these losses is dependent on the existence of future taxable profits from the Voisey’s Bay stream, which will be

generated once the original upfront amount paid for the stream, by its original holder, is reduced to nil. During 2024, as explained

in note 16, there has been a significant decline in the current cobalt price and also the long-term cobalt outlook. As a result of the

decline in the cobalt price environment, the Voisey’s Bay cobalt stream is not expected to generate sufficient future taxable profits

to fully utilise these remaining tax losses. Current forecasts indicate that $36.4m of losses will not be utilised before the end of

mine life in 2040, which has resulted in $9.8m deferred tax charge in 2024. In assessing the probability of recovery, the Directors

have reviewed the life of mine plan that has been used for both the going concern and viability assessments and metal streams

impairment testing.

Partially offsetting the write-off the carry forward tax losses associated with the Voisey’s Bay cobalt stream, is the recognition of a

deferred tax asset of $0.9m in relation to carry forward tax losses that were not previously recognised in the United Kingdom, which

management now expect to be utilised

Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis

of the deferred tax balances (after offset) for financial reporting purposes:

	2024	2023
	$’000	$’000
Deferred tax liabilities	(17,903)	(28,126)
Deferred tax assets	25,877	37,451
	7,974	9,325

171Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

 continued

The Group has the following balances in respect of which no deferred tax asset has been recognised, as these losses are not

expected to be utilised:

		2024				2023
			Other				Other
	Tax losses –	Tax losses –	temporary		Tax losses –	Tax losses –	temporary
	trading	capital	differences	Total	trading	capital	differences	Total
	$’000	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Expiry date
Within one year	156	—	—	156	—	—	—	—
Greater than one
year, less than five
years	1,052	—	—	1,052	—	—	—	—
Greater than five
years	35,240	—	—	35,240	—	—	—	—
No expiry date	24,390	60,331	10,921	95,642	26,022	60,566	15,039	101,627
	60,838	60,331	10,921	132,090	26,022	60,566	15,039	101,627

Temporary differences associated with investments in subsidiaries, joint ventures and associates are insignificant.

The following are the major deferred tax liabilities recognised by the Company utilising a rate of 25% (2023: 25%)

and the movements thereon during the period:

	Revaluation
	of royalty	Other
	instruments	tax losses	Total
Company	$’000	$’000	$’000
At 1 January 2023	—	—	—
At 31 December 2023	—	—	—
Charge to profit or loss	862	(862)	—
At 31 December 2024	862	(862)	—
Deferred tax assets and liabilities are offset where the Company has a legally enforceable right to do so.

27 Trade and other payables

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Current
Other taxation and social security payables	141	151	141	149
Trade payables	762	414	230	401
Borrowings from subsidiaries	—	—	68,559	56,402
Accruals and other payables	2,553	3,172	2,102	2,523
Lease liability	501	440	501	440
Deferred consideration	—	9,167	—	—
	3,957	13,344	71,533	59,915

Borrowings from subsidiaries are detailed further in note 31.

The average credit period taken for trade purchases is 57 days (2023: 25 days). The Directors consider that the carrying amount

of trade and other payables approximates their fair value. All amounts are considered short term and none are past due.

172 Ecora Resources PLC Annual Report and Accounts 2024

27 Trade and other payables continued

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Non-current
Contingent consideration	—	11,115	—	—
Lease liability	2,565	2,918	2,565	2,918
Other taxation and social security payables	514	428	514	428
	3,079	14,461	3,079	3,346

As at 31 December 2023, current deferred consideration and non-current contingent consideration payable is in relation to the

acquisition of West Musgrave as detailed in note 18. The final instalment of the deferred consideration payable of $9.2m was paid

in January 2024.

Contingent consideration is payable subject to future nickel prices, minimum production levels and commercial production being

achieved by 2028 at West Musgrave and has been classified as a financial liability that is carried at fair value based on the discounted

expected future cash outflows. As at 31 December 2024, the fair value of the contingent consideration payable has been assessed

as $nil, as management does not expect commercial production to be achieved by 2028, following the announcement by BHP in

2024 to temporarily suspend the construction of the West Musgrave project with a review of this decision to occur by February 2027.

For the period from completion date to 30 June 2025, the Group may become liable for additional consideration payments

determined by reference to minimum production thresholds and cobalt prices related to the Voisey’s Bay cobalt stream acquisition

(note 16). At 31 December 2024 and 31 December 2023, there is no contingent consideration owing based on actual and expected

cobalt prices and production volumes. Therefore, the Directors consider the fair value of this potential liability to be $nil.

Current and non-current lease liability relates to the Group’s office premises in London, which comprises annual payments of £0.4m

and expires in 2032.

Non-current other taxation and social security payables relate to employer National Insurance due on vesting of certain

share-based payments.

Movement in leases

	Group	Company
	$’000	$’000
At 1 January 2023	3,348	3,348
Lease payments	(357)	(357)
Interest	216	216
Foreign exchange differences	151	151
At 31 December 2023	3,358	3,358
Lease payments	(461)	(461)
Interest	212	212
Foreign exchange differences	(43)	(43)
At 31 December 2024	3,066	3,066

28 Share capital and share premium

Issued share capital

		Share	Share	Merger
	Number	capital	premium	reserve	Total
Group and Company	of shares	$’000	$’000	$’000	$’000
Ordinary shares of 2p at 1 January 2023	257,856,157	6,761	169,212	94,847	270,820
Utilisation of shares held in treasury on exercise
of employee options (a)	47,244	1	—	—	1
Ordinary shares of 2p at 31 December 2023	257,903,401	6,762	169,212	94,847	270,821
Share buy-back (b)	(9,491,317)	(239)	—	—	(239)
Utilisation of shares held in treasury on exercise of employee
options (c)	185,809	5	—	—	5
Ordinary shares of 2p at 31 December 2024	248,597,893	6,528	169,212	94,847	270,587

173Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

28 Share capital and share premium continued

Issued share capital continued

(a) On 26 February 2023, the Company utilised 47,244 ordinary shares of 2p each from treasury, to settle awards to employees under the

Deferred Share Bonus Plan that had vested.

(b) The Company acquired in aggregate 9,491,317 ordinary shares of 2p each between 27 March 2024 and 30 May 2024 for a total consideration

of U$10m under a share buy-back programme. The ordinary shares repurchased under the programme are held in treasury.

(c) On 25 June 2024, the Company utilised 185,809 ordinary shares of 2p each from treasury, to settle awards to employees under the Long-term

Incentive Plan that had vested.

Treasury shares

	2024		2023
	Number		Number
	of shares	$’000	of shares	$’000
Treasury shares
At 1 January	3,829,152	101	3,876,396	102
Utilisation of shares held in treasury on exercise of employee options	(185,809)	(5)	(47,244)	(1)
Share buy back	9,491,317	239	—	—
At 31 December	13,134,660	335	3,829,152	101

Shares held in treasury do not receive dividends; as such they are excluded from the weighted average number of shares in issue

for the purposes of calculating earnings per share in note 12.

29 Share-based payments

The Group had outstanding awards under the following equity-settled share-based compensation plans in 2023 and 2024:

n the Unapproved Share Ownership Plan (‘USOP’); and

n the Long-term Incentive Plan (‘LTIP’).

(a) Unapproved Share Option Plan

The Group’s USOP was approved by shareholders at the 2016 AGM. No awards have been made under the Group’s USOP since

March 2021.

The outstanding options as at 31 December 2024 have an exercise price equal to the average mid-market closing price of an ordinary

share for the three days before the grant and are conditional on the employee completing three years’ service (the vesting period).

The options are exercisable starting three years from the grant date and have a contractual option term of five years. The Group

has no legal or constructive obligation to repurchase or settle the options in cash.

Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:

	2024		2023
		Weighted		Weighted
		average		average
		exercise price		exercise price
	Options	£	Options	£
Outstanding at 1 January	550,000	1.7918	550,000	1.7918
Expired during the year	(225,000)	1.8814	—	—
Forfeited during the year	(250,000)	1.8323	—	—
Outstanding at 31 December	75,000	1.3887	550,000	1.7918

Out of the 75,000 outstanding options (2023: 550,000), all were exercisable as at 31 December 2024 (2023: 475,000).

Share options outstanding at the end of the year have the following expiry dates and exercise prices:

		Options
	Exercise price
Expiry date	in £ per share	2024	2023
2024	1.8617	—	300,000
2024	1.9208	—	75,000
2025	1.7883	—	100,000
2026	1.3887	75,000	75,000
		75,000	550,000
Weighted average remaining contractual life in years		1.17	0.97

174 Ecora Resources PLC Annual Report and Accounts 2024

29 Share-based payments continued

(b) Long-term Incentive Plan

Following the approval at the 2021 AGM, the Group implemented the LTIP for the Executive Directors and employees. The LTIP

allows for the grant of Performance Share Awards (‘PSA’) whereby awards are granted to Executive Directors and senior management

to acquire shares in Ecora Resources PLC at no cost, subject to the achievement by the Group of specified performance targets and

Restricted Share Awards (‘RSA’) whereby awards are granted to employees who are not granted PSAs to acquire shares in Ecora

Resources Pacific Group PLC at no cost after a three-year vesting period with no performance criteria attached. The granting of

these RSA has replaced the granting of awards under the USOP to employees.

Performance Share Awards

Under the LTIP, Performance Share Awards are granted to Executive Directors and senior management at no cost. The percentage

of each award that vests is based upon the performance of the Group over a defined measurement period. For the awards granted

in 2021, 2022 and 2023, the performance conditions are total shareholder return, portfolio contribution and adjusted earnings per

share, which are equally weighted and measured in the final year of the three-year performance period. For the awards granted in

2024, while the performance conditions and weighting remain unchanged, the performance targets for portfolio contribution and

adjusted earnings per share have been set as the cumulative total for the three-year performance period. For Executive Directors

a mandatory two-year holding period follows the three-year performance period.

	2024	2023
	Shares	Shares
Outstanding at 1 January	2,157,539	1,404,713
Granted during the year	1,646,459	752,826
Exercised during the year	(129,468)	—
Lapsed during the year	(599,311)	—
Outstanding at 31 December	3,075,219	2,157,539

The fair value of the awards is determined based on the closing share price on the day of grant, apart from the total shareholder

return performance element of the award which uses the Monte Carlo model. The assumptions used are as follows:

Date of grant	27/05/2021	25/02/2022	12/05/2022	24/02/2023	20/02/2024	23/10/2024
Market price used for award	143.60p	141.80	158.00p	135.00p	80.07	83.41
Risk-free interest rate	0.15%	1.17%	1.23%	3.7%	3.6%	3.8%
Dividend yield	6.6%	6.5%	6.5%	4.5%	—	—
Volatility	43.2%	41.4%	41.7%	42.2%	33.8%	33.2%
Term	3 years	3 years	3 years	3 years	3 years	3 years
Fair value per share	84.04p	72.34p	97.67p	66.34p	39.00p	64.50p

Restricted Share Awards

Under the LTIP, Restricted Share Awards are granted to those employees not granted Performance Share Awards, at no cost.

The awards vest after three years and there are no performance criteria attached.

	2024	2023
	Shares	Shares
Outstanding at 1 January	630,434	259,996
Granted during the year	525,803	370,438
Exercised during the year	(56,341)	—
Forfeited during the year	(249,461)	—
Outstanding at 31 December	850,435	630,434

The fair value of these awards is determined based on the closing share price on the day of grant.

Date of grant	02/09/2021	24/02/2022	21/02/2023	20/02/2024
Market price used for award	128.94p	140.35p	138.01p	80.07p
Term	3 years	3 years	3 years	3 years (1)
Fair value per share	128.94p	140.35p	138.01p	80.07p

(1) The Restricted Share Awards granted in 2024 vest annually in equal thirds over the three-year term.

Refer to note 7(a) for the total expense recognised in the income statement for awards under the Group’s USOP and LTIP granted

to Executive Directors and employees.

175Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

30 Special reserve

As part of the capital reduction in 2002, a special reserve was created, which represents the level of profit attributable to the Group

for the period ended 30 June 2002. At 31 December 2024 and 2023, this reserve remains unavailable for distribution.

		Group Company
	$’000	$’000
At 1 January 2024 and 31 December 2024	833	833

31 Related party transactions

During the year, the Company entered into the following transactions with subsidiaries:

	2024	2023
	$’000	$’000
Net financing to related entities	(22,094)	(9,057)
Net investing in related entities	4,359	32,878
Intercompany dividends	18,067	20,178
Management fee	4,211	4,036
Amounts owed by related parties at year end (note 22)	92,435	104,209
Amounts owed to related parties at year end (note 27)	(68,559)	(56,402)

All transactions were made in the course of funding the Group’s continuing activities.

Amounts owed by related parties are non-interest bearing and are not expected to be received in the next 12 months. Amounts

owed to related parties comprise both interest-bearing (at a rate of 1.6%) and non-interest-bearing borrowings that are repayable

on demand.

There have been no transactions with related parties outside of the Group during the years ended 31 December 2024 and

31 December 2023.

Remuneration of key management personnel

The remuneration of the key management personnel including Directors of the Group is set out below in aggregate for each of

the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors

is provided in the audited part of the Directors’ Remuneration Report on pages 110 to 122.

	2024	2023
	$’000	$’000
Short-term employee benefits	2,085	2,473
Post-employment benefits	103	92
Share-based payment	765	601
	2,953	3,166

32 Segment information

The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used

by the Group, including the definitions, please refer to the table of contents.

The Group’s chief operating decision maker is considered to be the Executive Committee. Following changes in the Group’s internal

organisation, management have re-evaluated the operating segments in 2024 and have determined that operating segments should

be based on commodity exposure rather than geographical location as previously disclosed. The comparative information for the

year ended 31 December 2023 has been restated accordingly. The changes in the internal organisation which were considered

included the change in the composition of the Executive Committee, recent acquisitions increasing the Group’s commodity exposure

as well as changes in reporting. The Executive Committee evaluates the financial performance of the Group based on a portfolio

view of its individual royalty and metal stream arrangements. Portfolio contribution (note 35) and its associated impact on operating

profit is the key focus of the Executive Committee. The income from the Group’s royalties and metal streams is presented based

on the commodity exposure as follows:

Cobalt:	Voisey’s Bay
Copper:	Nifty, Mantos Blancos, Canariaco, Carlota, Santo Domingo and Vizcachitas
Nickel:	West Musgrave and Piauí
Steel-making	Kestrel, LIORC, Groundhog and Pilbara
materials:
Uranium:	McClean Lake, Four Mile and Salamanca
Other:	Dugbe I, Maracás Menchen, Ring of Fire, EVBC, Phalaborwa, Corporate and the Group’s mining
	and exploration interests
176	Ecora Resources PLC Annual Repor t and Accounts 2024

32 Segment information continued

The following is an analysis of the Group’s results by reportable segment. The key segment result presented to the Executive

Committee for making strategic decisions and allocating resources is operating profit as analysed below.

The segment information for the year ended 31 December 2024 is as follows (noting that total segment operating profit

corresponds to operating profit before impairments and revaluations on the face of the consolidated income statement):

	Cobalt	Copper	Nickel	Steel-making	Uranium	All other
	Royalties	Royalty	Royalty	Royalty	Royalty	segments	Total
31 December 2024	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Portfolio contribution	4,963	6,414	—	41,669	5,868	4,332	63,246
Reconciliation to income statement:	—	—	—	—	—	—	—
Royalties due or received from royalty financial instruments	—	—	—	—	—	(1,868)	(1,868)
Repayments under commodity
related financing agreements	—	—	—	—	(2,984)	—	(2,984)
Metal streams cost of sales	1,214	—	—		—	—	1,214
Royalty and metal stream
related revenue	6,177	6,414	—	41,669	2,884	2,464	59,608
Amortisation and depletion
of royalties and streams	(4,479)	(2,626)	—	—	(80)	(723)	(7,908)
Metal streams cost of sales	(1,214)	—	—	—	—	—	(1,214)
Operating expenses	(88)	(46)	(1)	(1,143)	592	(10,324)	(11,010)
Total segment operating
profit/(loss)	396	3,742	(1)	40,526	3,396	(8,583)	39,476
Total segment assets	166,909	158,159	94,022	53,008	18,374	55,624	546,096
Reconciliation to the consolidated
balance sheet:
Cash and cash equivalents							7,876
Total consolidated assets							553,972
Total assets include:
Additional to non-current assets
(other than financial instruments
and deferred tax assets)	—	—	—	—	—	4	4
Total segment liabilities	531	—	1,989	14,884	—	11,701	29,106
Reconciliation to the consolidated
balance sheet:
Borrowings							90,228
Total consolidated liabilities							119,334

Australia

royalties

Americas

royalties

Europe

royalties

All other

segments Total

Geographicalinformation	$’000	$’000	$’000	$’000	$’000
Royalty and metal stream related revenue	42,791	16,601	—	216	59,608
Total non-current assets (other than financial instruments
and deferred tax assets)	130,452	306,304	—	5,135	441,891

177Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

32 Segment information continued

The segment information for the year ended 31 December 2023 is as follows:

	Cobalt	Copper	Nickel	Steel-making	Uranium	All other
	Royalties	Royalty	Royalty	Royalty	Royalty	segments	Total
31 December 2023 (restated)	$’000	$’000	$’000	$’000	$’000	$’000	$’000
Portfolio contribution	4,217	6,667	—	37,610	10,964	4,129	63,587
Reconciliation to income statement:
Royalties due or received from royalty financial instrument	—	—	—	—	—	(718)	(718)
Repayments under commodity
related financing agreements	—	—	—	—	(2,307)	—	(2,307)
Metal streams cost of sales	1,338	—	—	—	—	—	1,338
Royalty and metal stream
related revenue	5,555	6,667	—	37,610	8,657	3,411	61,900
Amortisation and depletion
of royalties and streams	(3,314)	(3,345)	—	—	(81)	(727)	(7,467)
Metal streams cost of sales	(1,338)	—	—	—	—	—	(1,338)
Operating expenses	(235)	(125)	(2)	(1,114)	276	(9,689)	(10,889)
Total segment operating
profit/(loss)	668	3,197	(2)	36,496	8,852	(7,005)	42,206
Total segment assets	195,241	161,054	117,101	93,925	20,579	40,572	628,427
Reconciliation to the consolidated
balance sheet:
Cash and cash equivalents							7,850
Total consolidated assets							636,227
Total assets include:
Additional to non-current assets
(other than financial instruments
and deferred tax assets)	—	20,407	—	—	—	112	20,519
Total segment liabilities	—	—	23,200	24,810	—	23,848	71,858
Reconciliation to the consolidated
balance sheet:
Borrowings							82,400
Total consolidated liabilities							154,258

Australia

royalties

		Americas	Europe	All other
		royalties	royalties	segments	Total
Geographical information	$’000	$’000	$’000	$’000	$’000
Royalty and metal stream related revenue	42,698	19,202	—	—	61,900
Total non-current assets (other than financial instruments
and deferred tax assets)	183,494	335,257	0	(6,750)	512,001

The amounts provided to the Executive Committee with respect to total segment assets are measured in a manner consistent with

that of the financial statements. These assets are allocated based on the operations of the segment and the physical location of

the asset.

The amounts provided to the Executive Committee with respect to total segment liabilities are measured in a manner consistent

with that of the financial statements. These liabilities are allocated based on the operations of the segment.

The royalty and metal stream-related revenue for Steel-making coal of $41.7m (2023: $37.6m) includes the Kestrel royalty which

generated $41.4m (2023: $35.9m) which individually represented more than 10% of the Group’s revenue in 2024 and 2023.

The royalty and metal stream-related revenue for Uranium of $2.9m (2023: $8.7m) includes the Four Mile royalty which generated

$1.4m (2023: $6.8m), which individually represented greater than 10% of the Group’s revenue in 2023.

The royalty and metal stream-related revenue for Cobalt of $6.2m (2023: $5.6m) is made up of the Voisey’s Bay cobalt stream, which

individually represented more than 10% of the Group’s revenue in 2024 and 2023.

The royalty and metal stream-related revenue from Voisey’s Bay of $6.2m (2023: $5.6m), together with $2.2m from Maracás

Menchen (2023: $3.2m), $5.8m from Mantos Blancos (2023: $6.1m), $1.4m from Four Mile (2023: $6.8m) and $0.6m from Carlota

(2023: $0.6m), represents revenue recognised from contracts with customers as defined by IFRS 15.

178 Ecora Resources PLC Annual Report and Accounts 2024

32 Segment information continued

Impairments

During the year ended 31 December 2024 an impairment of $15.1m was recognised on the Voisey’s Bay metal stream which makes

up the Cobalt segment as detailed in note 16. No impairments were recognised during the year ended 31 December 2023.

33 Financial risk management

The Group’s and the Company’s principal treasury objective is to provide sufficient liquidity to meet operational cash flow and

dividend requirements and to allow the Group and Company to take advantage of new growth opportunities whilst maximising

shareholder value. The Group’s and Company’s activities expose it to a variety of financial risks including liquidity risk, credit risk,

foreign exchange risk and price risk. The Group and Company operates controlled treasury policies which are monitored by

management to ensure that the needs of the Group and Company are met while minimising potential adverse effects of

unpredictability of financial markets on the Group’s financial performance. The Group’s and Company’s financial risk management

should be read in conjunction with the principal risks outlined on pages 63 to 69 of the Strategic Report.

Liquidity and funding risk

The objective of the Group and the Company in managing funding risk is to ensure that it can meet its financial obligations as and

when they fall due. As at 31 December 2024 the Group had borrowings of $90.2m (2023: $82.4m) and the Company had borrowings

of $71.0m (2023: $75.4m). Subsequent to the year end, the Group repaid $6.0m of these borrowings and drew down $50.0m and

subject to continued covenant compliance, the Group has access to a further $45.8m through its secured revolving credit facility of

$180.0m as at the date of this report.

The following tables detail the Group’s and Company’s remaining contractual maturity for its non-derivative financial liabilities with

agreed repayment periods as at 31 December 2024. The table has been drawn up based on the undiscounted cash flows of

financial liabilities based on the earliest date on which the Group and Company can be required to pay. The table includes principal

cash flows only, as due to the revolving nature of the facility future interest cash flows cannot be reliably estimated. To the extent

that interest flows are floating rate, the undiscounted amount is derived from the interest rate at the balance sheet date. The

contractual maturity is based on the earliest date on which the Group and Company may be required to pay.

	Weighted
	average
	effective
	interest rate	1-5 years	5-10 years	Total
Group	%	$’000	$’000	$’000
31 December 2024
Trade and other payables	—	762	—	762
Lease liability	—	1,775	1,291	3,066
Interest—bearing revolving credit facility	8.34	90,228	—	90,228
		92,765	1,291	94,056
31 December 2023
Trade and other payables	—	414	—	414
Deferred consideration	—	9,167	—	9,167
Contingent consideration	—	11,115	—	11,115
Lease liability	—	1,638	1,720	3,358
Interest—bearing revolving credit facility	8.46	82,400	—	82,400
		104,734	1,720	106,454

	Weighted
	average
	effective
	interest rate	1-5 years	5-10 years	Total
Company	%	$’000	$’000	$’000
31 December 2024
Trade and other payables	—	230	—	230
Lease liability	—	1,775	1,291	3,066
Borrowings from subsidiaries	0.64	68,559	—	68,559
Interest-bearing revolving credit facility	8.75	71,000	—	71,000
		141,564	1,291	142,855

179Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

33 Financial risk management continued

Liquidity and funding risk continued

	Weighted
	average
	effective
	interest rate	1-5 years	5-10 years	Total
Company	%	$’000	$’000	$’000
31 December 2023
Trade and other payables	—	401	—	401
Lease liability	—	1,638	1,720	3,358
Borrowings from subsidiaries	0.66	56,402	—	56,402
Interest-bearing revolving credit facility	6.48	75,400	—	75,400
		133,841	1,720	135,561
Credit risk

The Group’s principal financial assets are bank balances, royalty financial instruments (excluding the investment in LIORC), trade

and other receivables. These represent the Group’s maximum exposure to credit risk in relation to financial assets and total $81.3m

at 31 December 2024 (2023: $73.8m). The Company’s principal financial assets are bank balances, royalty financial instruments,

trade and other receivables. These represent the Company’s maximum exposure to credit risk in relation to financial assets and

total $116.5m at 31 December 2024 (2023: $128.7m).

The Group’s credit risk is primarily attributable to its cash and cash equivalents and trade and other receivables, including royalty

and metal stream receivables, the interest-bearing long-term receivable from Denison Mines Inc (note 22) and the contingent and

deferred consideration due (note 22). The Company’s credit risk is primarily attributable to its cash and cash equivalents and trade

and other receivables, including royalty receivables and the interest-bearing long-term receivable from Denison Mines Inc (note 22).

It is the policy of the Group and Company to present the amounts in the balance sheet net of allowances for doubtful receivables

and expected credit losses, estimated by the Group’s management based on prior experience and the current economic environment.

The Group’s and Company’s credit risk on royalty interests held as financial instruments has been reviewed and the estimated

current exposure is as disclosed in note 17 where the future contractual right to cash flows from these instruments is reflected

in their fair value.

The credit risk on bank deposits is mitigated by banking with financial institutions with credit ratings assigned by Standard & Poor’s

and Moody’s of ‘A’ or higher, in reputable jurisdictions. The Group and Company has no significant concentration of credit risk, with

exposure spread over a number of currencies and financial institutions.

The Group and Company mitigate credit risk on foreign exchange forward contracts by the restriction that such contracts can only

be entered into with the existing lending syndicate. The Group and Company limits exposure to credit risk, together with that of the

contracting financial institution, by restricting the settlement date to no more than a year from the contract date. In addition, the

Group and Company limits the quantum of the forward contracts to no more than an average 70% of forecast royalty and metal

stream-related revenue expected to be received by the date of settlement. As at 31 December 2024 and 2023, the Group and

Company had no forward contracts in place.

Share price risk

The Group and Company’s is exposed to share price risk in respect of its mining and exploration interests (note 19) which include

listed and unlisted equity securities, together with its investment in LIORC which is classified as a royalty financial instrument (note 17).

A 10% increase or decrease in the fair value of our mining and exploration interests (quoted and unquoted) would increase/decrease

the mining and exploration interests balance (and investment revaluation reserve in equity) by $0.4m at 31 December 2024

(2023: $0.3m) on the Group, with no material impact on the Company.

Similarly, had there been a 10% increase or decrease in the underlying share price of the Group’s investment in LIORC, the Group’s

royalty financial instrument designated as FVTOCI (and the investment revaluation reserve in equity) would have increased/decreased

by $0.1m as at 31 December 2024 ($1.0m at 31 December 2023).

The Group’s mining and exploration interests are in entities whose primary projects the Group already holds a royalty over, for

example Berkeley Energia, Brazilian Nickel plc and Rainbow Rare Earths Limited, or in entities where a future royalty or metal

stream opportunity may exist. While these interests are considered long-term, strategic investments, they are no longer a

significant part of the Group’s approach to securing new royalties and metal streams.

No specific hedging activities are undertaken in relation to these interests and the voting rights arising from these equity

instruments are utilised in the Group’s favour.

180 Ecora Resources PLC Annual Report and Accounts 2024

33 Financial risk management continued

Other price risk

The royalty and metal stream portfolio exposes the Group to other price risk through fluctuations in commodity prices, particularly

the prices of coking coal, cobalt, vanadium, nickel, copper, iron ore, gold and uranium, while the Company is exposed primarily to

vanadium and gold. As the Directors obtain independent commodity price forecasts, the generation of which takes into account

fluctuations in prices, limited analysis of the impact of fluctuations on the valuations of the royalties has been undertaken in notes

15 and 17.

The Group’s transactional foreign exchange exposure arises from income, expenditure and purchase and sale of assets denominated

in foreign currencies. With royalty-related revenue from Kestrel accounting for over 60% of the Group’s income (2023: over 50%),

the Group’s primary foreign exchange exposure is to the Australian dollar, which these royalties are denominated in. In addition

to the Group’s exposure to the Australian dollar, it is also exposed to the Canadian dollar through the royalty-related revenue

from LIORC and McClean Lake which is denominated in Canadian dollars and accounted for 3.0% of the Group’s income in 2024

(2023: 5.8%). The Company is primarily exposed to the Canadian dollar through the royalty-related revenue from McClean Lake.

The Group’s and Company’s hedging policy allows foreign exchange forward contracts to be entered into with a maximum exposure

of 70% of forecast Australian and Canadian dollar denominated royalty revenue expected to be received during a period not

exceeding 12 months from contract date to settlement. There were no outstanding foreign exchange forward contracts at

31 December 2023 and 2024. The Group and Company have no other hedging programme in place.

In terms of material commitments, the risk in relation to currency fluctuations is assessed by the Executive Committee at the time

the commitment is made and regularly reviewed. As at 31 December 2024 the Group and Company have no material commitments

denominated in a foreign currency (2023: nil).

Financial assets and liabilities of the Group are split by currency as follows:

			2024					2023
	USD	AUD	CAD	GBP	EUR	USD	AUD	CAD	GBP	EUR
	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000	US$’000
Financial assets	40,961	76,488	15,084	2,365	43	29,024	105,064	28,602	812	22
Financial liabilities	(71,617)	(19,228)	2	(3,209)	(3)	(103,090)	(1)	(5)	(3,357)	—
Net exposure	(30,656)	57,260	15,086	(844)	40	(74,067)	105,063	28,597	(2,545)	22

With the exception of the cash balances, non-current other receivables and borrowings, the majority of the financial instruments

not denominated in USD are held in entities with the same functional currency and for the purpose of this sensitivity analysis, the

impact of changing exchange rates on the translation of foreign subsidiaries into the Group’s presentation currency has been excluded.

In terms of the non-current other receivable balance, which relates to the Canadian dollar denominated loan to Denison (note 22),

a +/-10% change in the USD:CAD rate would increase/decrease profit after tax and equity by $1.4m (2023: $1.7m) for the Group

and Company.

In terms of borrowings, the Group had drawings under the revolving credit facility in both USD and AUD at 31 December 2024

(2023: USD only). A +/-10% change in the USD:AUD rate would increase/decrease profit after tax and equity by $1.9m (2023: nil).

In terms of the cash balances, a +/-10% change in the foreign currencies in which the balances are denominated does not have

a material impact.

Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless,

the analysis above is considered to be representative of the Group’s and Company’s exposure to currency risk.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market

interest rates. The Group’s and Company’s exposure to the risk of changes in market interest rates relates primarily to the drawings

under the revolving credit facility which are subject to SOFR plus a ratchet of between 2.25% and 4.00%, depending on leverage levels.

The Group and Company manages its interest rate risk by managing its borrowing levels and prioritising debt repayments and has

not entered into any derivatives to manage this risk.

An increase or decrease of the Group’s borrowing rate by 100 basis points (1%) would increase/decrease profit after tax and equity

by $0.9m (2023: $0.6m). An increase or decrease of the Company’s borrowing rate by 100 basis points (1%) would increase/decrease

profit after tax and equity by $0.7m (2023: $0.6m).

181Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

33 Financial risk management continued

Capital risk management

The Group’s and Company’s capital management objectives are to safeguard the Group’s and Company’s ability to continue as

a going concern in order to realise the full value of its assets and to enhance shareholder value in the Company and returns to

shareholders by acquiring further royalty assets.

The Directors continue to monitor the capital requirements of the Group and Company by reference to expected future cash flows.

Capital for the reporting periods presented is summarised in the statement of changes in equity.

In funding the business activities of the Group, the Directors consider both debt and equity, having regard to the Group’s available

debt facility and the prevailing share price at the time funding is required. Where funding is obtained through debt, the Group

maintains its targeted debt capacity of 2–2.5 times adjusted EBITDA, although a higher ratio can be tolerated for shorter periods

when there is a reasonable expectation of a recovery in free cash flow.

Financial instruments and other items held at fair value

The Group and Company held the following investments in financial instruments and other items held at fair value:

	Group		Company
	2024	2023	2024	2023
	$’000	$’000	$’000	$’000
Investment property (held at fair value)
Coal royalties (Kestrel)	48,735	77,354	—	—
Fair value through other comprehensive income
Royalty financial instruments	1,156	10,233	—	—
Mining and exploration interests	4,366	2,791	1,941	367
Fair value through profit or loss
Royalty financial instruments	39,456	22,596	3,450	—
Contingent consideration – receivable (1)	6,470	11,070	—	—
Financial assets at amortised cost
Trade and other receivables (2)	23,620	31,427	106,094	121,660
Contingent consideration – receivable (1)	3,260	201	—	—
Cash at bank and in hand	7,876	7,850	6,559	6,673
Financial liabilities at amortised cost
Trade and other payables (3)	762	414	68,789	56,803
Borrowings (4)	90,228	82,400	71,000	75,400
Deferred consideration (5)	—	9,167	—	—
Lease liability	3,066	3,358	3,066	3,358
Financial liabilities at fair value through profit or loss
Contingent consideration – payable (6)	—	11,115	—	—

(1) Contingent consideration – receivable as detailed in note 22.

(2) Trade and other receivables include royalty receivables, other receivables and other non-current receivables, less contingent consideration

only, as set out in note 22.

(3) Trade and other payables include trade payables only, as set out in note 27.

(4) Borrowings include the revolving credit facility only, as set out in note 25.

(5) Deferred consideration as detailed in note 27.

(6) Contingent consideration – payable as detailed in notes 16, 18 and 27. As per the Group’s accounting policy fair value movements are

recognised in the carrying value of the related royalty intangible asset or metal stream.

Cash and cash equivalents comprise cash and short-term deposits held by the Group treasury function. The carrying amount

of these assets approximates their fair value.

Fair value hierarchy

The following tables present financial assets and liabilities measured at fair value in the balance sheet in accordance with the fair

value hierarchy. This hierarchy aggregates financial assets and liabilities into three levels based on the significance of the inputs

used in measuring the fair value of the financial assets and liabilities. The fair value hierarchy has the following levels:

n Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;

n Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly

(i.e. as prices) or indirectly (i.e. derived from prices); and

n Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The level within which the financial asset or liability is classified is determined based on the lowest level of significant input to the

fair value measurement.

182 Ecora Resources PLC Annual Report and Accounts 2024

33 Financial risk management continued

Fair value hierarchy continued

The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2024:

			2024
		Level 1	Level 2	Level 3	Total
Group	Notes	$’000	$’000	$’000	$’000
Assets
Coal royalties (Kestrel)	(a)	—	—	48,735	48,735
Royalty financial instruments	(b)	1,156	—	39,456	40,612
Mining and exploration interests – quoted	(c)	1,869	—	—	1,869
Mining and exploration interests – unquoted	(d)	—	2,496	—	2,496
Contingent consideration – receivable	(e)	—	—	6,470	6,470
Liabilities
Contingent consideration – payable	(f)	—	—	—	—
Net fair value		3,025	2,496	94,661	100,182

The following table presents the Group’s assets and liabilities that are measured at fair value at 31 December 2023:

			2023
		Level 1	Level 2	Level 3	Total
Group	Notes	$’000	$’000	$’000	$’000
Assets
Coal royalties (Kestrel)	(a)	—	—	77,354	77,354
Royalty financial instruments	(b)	10,233	—	22,596	32,829
Mining and exploration interests – quoted	(c)	296	—	—	296
Mining and exploration interests – unquoted	(d)	—	2,495	—	2,495
Contingent consideration – receivable	(e)	—	—	11,070	11,070
Liabilities
Contingent consideration – payable	(f)	—	—	(11,115)	(11,115)
Net fair value		10,529	2,495	99,905	112,929

The following table presents the Company’s assets that are measured at fair value at 31 December 2024:

			2024
		Level 1	Level 2	Level 3	Total
Company	Notes	$’000	$’000	$’000	$’000
Assets
Royalty financial instruments	(b)	—	—	3,450	3,450
Mining and exploration interests – quoted	(c)	1,869	—	—	1,869
Mining and exploration interests – unquoted	(d)	—	72	—	72
Net fair value		1,869	72	3,450	5,391

The following table presents the Company’s assets that are measured at fair value at 31 December 2023:

			2023
		Level 1	Level 2	Level 3	Total
Company	Notes	$’000	$’000	$’000	$’000
Assets
Royalty financial instruments	(b)	—	—	—	—
Mining and exploration interests – quoted	(c)	296	—	—	296
Mining and exploration interests – unquoted	(d)	—	71	—	71
Net fair value		296	71	—	367

There have been no significant transfers between Levels 1 and 2 in the reporting period.

The methods and valuation techniques used for the purposes of measuring fair value of royalty financial instruments give more

prominence to the probability of production by applying a risk weighting to the discounted net present value outcome in order to

fully reflect the risk that the operation never comes into production rather than factoring this risk into the discount rate applied to

the future cash flow.

183Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

33 Financial risk management continued

Fair value hierarchy continued

(a) Coal royalties (investment property)

The Group’s coal royalties derive from its ownership of certain sub-stratum land in Queensland, Australia. In accordance with IAS 40,

this land is revalued at each reporting date. Refer to note 15 for details of the key inputs into the valuation, together with a sensitivity

analysis for fluctuations in the price assumptions and discount rate. All unobservable inputs are obtained from third parties.

(b) Royalty ﬁnancial instruments

The Group’s royalty financial instruments comprise the investment in LIORC and the McClean Lake streaming agreement, together

with the NSR and GRR royalties over EVBC, Dugbe 1, Phalaborwa and Piauí as detailed in note 17.

At the reporting date, the fair value of the Group’s investment in LIORC has been determined by reference to the quoted bid price of

the instrument. As LIORC has a quoted share price in an active market, it has been categorised as Level 1 in the fair value hierarchy.

The Group’s remaining royalty financial instruments are valued based on the net present value of pre-tax cash flows discounted at

a rate between 10.50% and 18.00% at the reporting date. The discount rate of each royalty arrangement is derived using a capital

asset pricing model specific to the underlying project, making reference to the risk-free rate of return expected on an investment

with the same time horizon as the expected mine life, together with the country risk associated with the location of the operation.

For those royalty financial instruments not in production, the outcome of this net present value calculation is then risk weighted

to reflect management’s current assessment of the overall likelihood and timing of each project coming into production and royalty

income arising. This assessment is impacted by news flow relating to the underlying operation in the period, in conjunction with

management’s assessment of the economic viability of the project based on commodity price projections.

The table below outlines the discount rate and risk weighting applied in the valuation of the Group’s royalty financial instruments:

			31 December 2024	31 December 2023
		Discount	Risk	Discount	Risk
	Classification	rate	weighting	rate	weighting
EVBC	FVTPL	11.75%	100%	12.00%	0%
Dugbe 1	FVTPL	18.00%	25%	35.00%	32.50%
McClean Lake	FVTPL	10.50%	60%	10.00%	60%
Piauí	FVTPL	13.00%	42.5%–100% (1)	17.50%	55%–100% (1)
Phalaborwa	FVTPL	12.50%	70%	N/A	N/A

(1) A risk weighting of 42.5% (2023:55%) is applied to the probability of Piaui’s expanded 24Ktpa plant reaching commercial production,

as compared to the risk weighting of 100% (2023: 100%) applied to the 1Ktpa plant which has already achieved production.

The Group has reviewed the impact on the carrying value of its royalty financial instruments and does not consider a +/-1% change

in the discount rate or a +/-5% change in the underlying commodity prices to have a material impact.

All the quoted mining and exploration interests have been issued by publicly traded companies on well-established security

markets. Fair values for these securities have been determined by reference to their quoted bid prices at the reporting date.

(d) Mining and exploration interests – unquoted

All the unquoted mining and exploration interests are initially recognised using cost as the best approximation of fair value.

The Group notes any trading activity in the unquoted instruments and will value its holding accordingly. At present the Group

holds these investments with a view to generating future royalties and there is no present intention to sell. The vast majority of

these are in investments for which the Group anticipates a realistic possibility of a future listing.

(e) Contingent consideration – receivable

Contingent consideration – receivable relates to the West Musgrave royalty intangible purchased on 19 July 2022 (notes 18 and 22)

and the sale of the Narrabri royalty intangible completed on 31 December 2021 (note 22).

(f) Contingent consideration – payable

Contingent consideration – payable relates to the acquisition of the West Musgrave royalty intangible on 19 July 2022 (note 18)

and Voisey’s Bay metal stream completed on 11 March 2021 (note 16).

184 Ecora Resources PLC Annual Report and Accounts 2024

33 Financial risk management continued

Fair value measurements in Level 3

The Group’s and Company’s financial assets classified in Level 3 use valuation techniques based on significant inputs that are not

based on observable market data.

The following table presents the changes in Level 3 instruments for the year ended 31 December 2024.

	Royalty	Coal	Contingent	Contingent
	financial	royalties	consideration	consideration
	instruments	(Kestrel)	–receivable	– acquisition	Total
	$’000	$’000	$’000	$’000	$’000
At 1 January 2024	22,596	77,354	11,070	(11,115)	99,905
Contingent consideration received	—	—	(2,120)	—	(2 ,120)
Revaluation gains or losses recognised in:
Income statement	11,962	(23,079)	(909)	—	(12,026)
Royalty intangible and metal stream	—	—	—	10,118	10,118
Royalties due or received from royalty financial instruments	(1,868)	—	—	—	(1,868)
Additions	8,852				8,852
Foreign currency translation	(2,086)	(5,540)	(1,571)	997	(8,201)
At 31 December 2024	39,456	48,735	6,470	—	94,660

The following table presents the changes in Level 3 instruments for the year ended 31 December 2023.

	Royalty	Coal	Contingent	Contingent
	financial	royalties	consideration	consideration
	instruments	(Kestrel)	– receivable	– acquisitions	Total
	$’000	$’000	$’000	$’000	$’000
At 1 January 2023	18,290	106,669	12,650	(10,058)	127,551
Contingent consideration received	—	—	(1,351)	—	(1,351)
Revaluation gains or losses recognised in:
Income statement	(3,088)	(28,520)	(666)	—	(32,274)
Royalty intangible and metal stream	—	—	—	(1,037)	(1,037)
Royalties due or received from royalty financial instruments	(718)	—	—	—	(718)
Additions	7,774	—	—	—	7,774
Foreign currency translation	338	(795)	437	(20)	(40)
At 31 December 2023	22,596	77,354	11,070	(11,115)	99,905

The following table presents the changes in Level 3 instruments for the year ended 31 December 2024. There were no changes in

Level 3 instruments for the year ended 31 December 2024.

	Royalty
	financial
	instruments	Total
	$’000	$’000
At 1 January 2024	—	—
Revaluation gains or losses recognised in:
Income statement	5,318	5,318
Royalties due or received from royalty financial instruments	(1,868)	(1,868)
At 31 December 2024	3,450	3,450

There have been no transfers into or out of Level 3 in any of the years.

The Group and Company measure its entitlement to the royalty income and any optionality embedded within the royalty financial

instruments using discounted cash flow models. In determining the discount rate to be applied, management considers the country

and sovereign risk associated with the projects, together with the time horizon to the commencement of production and the

success or failure of projects of a similar nature.

185Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

34 Free cash flow

The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used

by the Group, including the definitions, please refer to the table of contents.

The structure of a number of the Group’s royalty financing arrangement, such as the Denison transaction completed in February 2017,

result in a significant amount of cash flow being reported as principal repayments, which are not included in the income statement.

As the Group considers the dividend payout by reference to the free cash flow generated by its assets, management have

determined that free cash flow per share is a key performance indicator.

Free cash flow per share is calculated by dividing net cash generated from operating activities, proceeds from the disposal of mining

and exploration interest and principal repayments under commodity related financing agreements and finance income, less finance

costs paid and lease payments, by the weighted average number of shares in issue.

2024

Free

cash flow

per share

$’000 ¢

Net cash generated from operating activities

Net cash generated from operating activities for the year ended 31 December 2024	29,595
Adjustment for:
Finance income received	255
Finance costs paid	(10,306)
Lease payments	(461)
Repayments under commodity—related financing agreements	2,984
Free cash flow for the year ended 31 December 2024	22,067	8.74c

		Free
		cash flow
	2023	per share
	$’000	¢
Net cash generated from operating activities
Net cash generated from operating activities for the year ended 31 December 2023	33,540
Adjustment for:
Proceeds from disposal of mining and exploration interests	79
Finance income received	151
Finance costs paid	(6,010)
Lease payments	(357)
Repayments under commodity—related financing agreements	2,307
Free cash flow for the year ended 31 December 2023	29,710	11.52c

The weighted average number of shares in issue for the purpose of calculating the free cash flow per share is as follows:

	2024	2023
Weighted average number of shares in issue	252,398,426	257,896,023

186 Ecora Resources PLC Annual Report and Accounts 2024

35 Portfolio contribution

The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used

by the Group, including the definitions, please refer to the table of contents.

Portfolio contribution represents the funds received or receivable from the Group’s underlying royalty and metal stream-related

assets. A number of the Group’s royalty financing arrangements result in a significant amount of cash flow being reported as principal

repayments, which are not included in the income statement. In addition, following the adoption of IFRS 9, royalty receipts from those

royalty financial instruments classified as FVTPL are no longer recognised in the income statement. The Group considers total portfolio

contribution as a means of assessing the overall performance of the Group’s underlying royalty and metal stream-related assets.

Portfolio contribution is royalty and metal stream-related revenue (note 5), less metal streams cost of sales, plus royalties received

or receivable from royalty financial instruments carried at FVTPL (note 17) and principal repayment received under the Denison

financing agreement (note 22) as follows:

	2024	2023
Group	$’000	$’000
Royalty and metal stream-related revenue (note 5)	59,608	61,900
Royalties due or received from royalty financial instruments	1,868	718
Repayments under commodity-related financing agreements	2,984	2,307
Metal streams cost of sales (note 16)	(1,214)	(1,338)
	63,246	63,587

36 Contingent liabilities

During 2022 on advice from professional advisers, the Group undertook the capital restructuring of a number of subsidiaries

with significant historical losses and impairment charges. This advice involved the interpretation of certain tax legislation for which

there is no clear precedent or guidance. Absent clear guidance from relevant tax authorities there is the possibility that those tax

authorities could interpret the legislation in a different way from the Group. Should the relevant tax authorities interpret the

legislation in a different way from the Group, this could result in an additional income tax charge of $5.5m for the year ended

31 December 2024 (2023: $5.5m).

37 Events occurring after year end

On 7 January 2025, Nioko Resources Corporation acquired a majority interest in Hummingbird Resources PLC, with Hummingbird

subsequently de-listing from the AIM market. The Group has certain change of control protections under its Dugbe royalty

agreement (note 17). This includes the right to terminate the royalty and recover the $15.0m royalty consideration from the

operator, for which Hummingbird and Pasofino Gold Limited are co-guarantors. The Group is currently assessing next steps,

whilst also in discussions with Hummingbird and Pasofino.

On 31 January 2025, an interim dividend of 1.70c per share was paid to shareholders ($4.1m) in respect of the first six months

of the year ended 31 December 2024 (note 13).

On 13 February 2025, the Group entered into a forward payment agreement with Whitehaven Coal Limited for full and final

settlement of the remaining deferred and contingent consideration receivable for the disposal of the Narrabri royalty for $6.2m

(note 22).

On 27 February 2025, the Group entered into a copper stream with reference to production at the Mimbula copper mine owned

by Moxico Resources plc and located in Zambia, for a total cash consideration of $50.0m. In conjunction with this transaction,

the Group extended the maturity date of its revolving credit facility by 12 months to 30 January 2028, increased the total

commitments under the facility to $180.0m by exercising $30.0m of the accordion feature and amended the following key terms as

detailed in note 25:

n Adjusted EBITDA to calculate the leverage and interest cover ratios will be calculated using annualised Kestrel income from the

trailing six quarters;

n The interest cover covenant has been reduced from 4.0x to 3.0x for period to maturity;

n The facility will be subject to SOFR plus a ratchet between 2.25% and 4.50%, depending on leverage levels; and

n The uncommitted accordion feature has reduced to $45.0m following the $30.0m increase in total commitments under the facility.

The acquisition of the Mimbula copper stream was completed on 4 March 2025, with the cash consideration of $50.0m funded by

drawing on the Group’s revolving credit facility. The Group having made repayments of $6.0m subsequent to year end, now has

total borrowings of $134.2m and subject to continued covenant compliance, has access to a further $45.8m through its secured

revolving credit facility of $180.0m as at the date of this report.

There are no other events that have occurred subsequent to the year-end that require additional disclosure.

187Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Notes to the financial statements continued

for the year ended 31 December 2024

38 Subsidiaries

The following tables outline the Company’s subsidiaries, as defined in Regulation 7 of the UK Companies Act 2006. All subsidiaries

are included in the Group consolidation.

			Proportion	Proportion
			of shares	of shares
			held at 31	held at 31
			December	December
			2024	2023
Company and country of incorporation/operation	Principal activities	Class of shares held	%	%
Australia
Alkormy Pty Ltd	Investments	Ordinary A$1.00	100 (+)	100 (+)
APG Aus No 1 Pty Ltd	Owner of iron ore royalties	Ordinary A$1.00	100	100
APG Aus No 2 Pty Ltd	Owner of iron ore royalties	Ordinary A$1.00	100 (+)	100
APG Aus No 3 Pty Ltd	Owner of uranium royalties	Ordinary A$1.00	100	100
APG Aus No 4 Pty Ltd	Owner of iron ore and copper royalties Ordinary A$1.00		100	100
APG Aus No 5 Pty Ltd	Owner of iron ore royalties	Ordinary A$1.00	100	100
APG Aus No 6 Pty Ltd	Owner of vanadium royalties	Ordinary A$1.00	100	100
APG Aus No 7 Pty Ltd	Owner of coal royalties	Ordinary A$1.00	100	100
APG Aus No 8 Pty Ltd	Owner of nickel royalties	Ordinary A$1.00	100	100
	Owner of nickel and copper
APG Aus No 9 Pty Ltd	royalties	Ordinary A$1.00	100	100
APG Aus No 10 Pty Ltd	Investments	Ordinary A$1.00	100	100
Argo Royalties Pty Ltd	Investments	Ordinary A$1.00	100 (+)	100 (+)
Gordon Resources Ltd	Owner of coal royalties	Ordinary A$0.20	100 (+)	100 (+)
HydroCarbon Holdings Pty Ltd	Dormant	Ordinary A$1.00	100 (+)	100 (+)
Indian Ocean Resources Pty Ltd	Investments	Ordinary A$0.25	100 (+)	100 (+)
Indian Ocean Ventures Pty Ltd	Dormant	Ordinary A$0.20	100 (+)	100 (+)
Starmont Holdings Pty Ltd	Investments	Ordinary A$1.00	100 (+)	100
Starmont Finance Pty Ltd	Treasur y	Ordinary A$1.00	100 (+)	100 (+)
Starmont Ventures Pty Ltd	Investments	Ordinary A$1.00	100 (+)	100 (+)
Woodford Wells Pty Ltd	Dormant	Ordinary A$0.25	100 (+)	100 (+)
(1)	The registered office of all of the entities listed above is 6 Price Street, Subiaco, Western Australia 6008.
Barbados
Entrée International Holdings Inc	Intermediate holding company	Ordinary U$1.00	100	100
Entrée Peru Holdings Inc	Intermediate holding company	Ordinary U$1.00	100 (+)	100 (+)
(2)	The registered office of all of the entities listed above is , Chancery House, High Street, Bridgetown, BB11128, Barbados.
Canada
Advance Royalty Corporation (3)	Owner of uranium royalties	Ordinary C$0.01	100 (+)	100 (+)
Albany River Royalty Corporation (3)	Owner of chromite royalties	Ordinary C$1.00	100 (+)	100 (+)
Panorama Coal Corporation (3)	Owner of coal royalties	Ordinary C$1.00	100	100
Polaris Royalty Corporation (3)	Intermediate holding company	Ordinary C$1.00	100 (+)	100 (+)
Trefi Coal Corporation (3)	Owner of coal tenures	Ordinary C$0.01	100	100
APG Metals Limited (4)	Owner of metal stream	Ordinary U$1.00	100 (+)	100 (+)
(3)	The registered office of this entity is 1720 Queens Avenue, West Vancouver, British Columbia, Canada V7V 2X7.
(4)	The registered office of this entity is 620-111 Melville Street, Vancouver, British Columbia, Canada V6E 3V6.

188 Ecora Resources PLC Annual Report and Accounts 2024

Company and country of incorporation/operation Principal activities Class of shares held

Proportion

held at

December

2024

Proportion

of shares

held at 31

December

2023

England

Anglo Pacific Cygnus Limited Owner of rare earths royalties Ordinary £1.00 100 100

Aquila Royalties Limited

(formerly Scutum Royalties Limited) Owner of copper royalties Ordinary £1.00 100 100

Carina Royalties Limited Owner of copper royalties Ordinary £1.00 100 100

Centaurus Royalties Limited Investments Ordinary £1.00 100 100

Pegasus Royalties Limited Owner of copper stream Ordinary £1.00 100 100

Pyxis Royalties Limited Intermediate holding company Ordinary £1.00 100 100

Southern Cross Royalties Limited Owner of copper royalties Ordinary £1.00 100 100

38 Subsidiaries continued
		Vela Royalties Limited Owner of copper royalties Ordinary £1.00	100	100
(5) The registered office of all of the entities listed above is Kent House, 3rd Floor North, 14–17 Market Place, London W1W 8AJ, United Kingdom.
Guernsey
Anglo Pacific Group Employee Benefit Trust	Administering Group incentive plans		100	100
(6) The registered office of the entity listed above is Frances House, Sir William Place, St Peter Port GY1 4HQ.
Ireland
Anglo Pacific Finance DAC	Treasur y	Ordinary £1.00	100	100
(7) The registered office of the entity listed above is Rocktwist House, Block 1, Western Business Park, Shannon, Co. Clare.
Peru
Exploraciones Apolo Resources SAC	Owner of copper royalties	Ordinary S/1.00	100 (+)	100 (+)
(8) The registered office of the entity listed above is Av. Ricardo Angulo No. 776, Office 301, District of San Isidro, Lima, Peru.
Scotland
Shetland Talc Ltd	Mineral exploration	Ordinary £1.00	100	100
(9)	The registered office of the entity listed above is PO Box 24238, SC097658: Companies House Default Address, Edinburgh, EH7 9H
(+)	Denotes interest is held indirectly.

189Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

Other Information

Shareholder statistics

Size of Holding (at 25 March 2025)

Category

UKandCanada

Number of

Shareholders %

Number

of Shares %

1 – 1,000 499 39.01% 248,010 0.10%

1,001–5,000 409 31.98% 911,201 0.35%

5,001–10,000 91 7.12% 664,606 0.25%

10,001 – and over 280 21.89% 259,908,736 99.30%

1,279 100% 261,732,553 100%

Thepercentageoftotalsharesheldbyoronbehalfofthetwentylargestshareholdersasat25March2025was67.68%.

fi

Ecora Resources PLC

Kent House

3rd Floor North

14–17 Market Place

LondonW1W8AJ

RegisteredinEnglandNo.897608

Telephone:+44(0)2034357400

Fax:+44(0)2076290370

Website:ecora-resources.com

Shareholders

Please contact the respective registrar if you have

anyqueriesaboutyourshareholding.

Equiniti Registrars Limited

Highdown House

Yeoman Way

Worthing

West Sussex BN99 3HH

Telephone:+44(0)3713842030

Equity Transfer & Trust Company

Suite 400

200UniversityAvenue

Toronto

OntarioM5H4H1

Telephone:+14163610152

Corporate brokers

Berenberg

60ThreadneedleStreet

LondonEC2R8HP

Canaccord Genuity Limited

88WoodStreet

London EC2V 7QR

RBC Capital Markets

100 Bishopsgate

London EC2N 4AA

Other information

190 Ecora Resources PLC Annual Report and Accounts 2024

Forward looking statements

Cautionary statement on forward-looking



CertainstatementsinthisAnnualReportareforward-looking

statementsbasedoncertainassumptionsandreflectthe

Group’sexpectationsandviewsoffutureevents.Forward-

looking statements (which includes any statement which

constitutes‘forward-lookinginformation’forthepurposesof

Canadian securities legislation) 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 estimates, estimates of future

production, production costs and revenue, future demand for

andpricesofpreciousandbasemetalsandothercommodities

and future demand for products which include 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,amongstothers,

‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’,

‘intends’, ‘targets’, ‘projects’, ‘forecasts’, ‘potential’, ‘positioned’,

‘strategy’, ‘outlook’, ‘predict’ or negative versions thereof

andothersimilarexpressions,orfutureorconditionalverbs

suchas‘may’,‘will’,‘aims’,‘should’,‘would’and‘could’.These

include statements regarding our intentions, beliefs or current

expectations concerning, amongst other things, our results of

operations,financialcondition,liquidity,prospects,growth,

strategies and the economic and business circumstances

occurring from time to time in the countries and markets in

whichtheGroupoperates.

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 and/or with

productionprojections,includingtheon-goingfinancialviability

of such operators and operations; 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;contractualtermshonouredoftheGroup’sroyalty

and stream investments, together with those of the owners and

operators of the 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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.ItisbelievedthattheexpectationsreflectedinthisAnnual

Reportarereasonablebuttheymaybeaffectedbyawiderange

ofvariablesthatcouldcauseactualresultstodiffermaterially

fromthosecurrentlyanticipated.Readersarecautionedthat

suchforward-lookingstatementsmaynotbeappropriateother

thanforpurposesoutlinedinthisAnnualReport.Forward-

looking statements are not guarantees of future performance

and involve risks, uncertainties and assumptions, that may be

generalorspecific,whichcouldcauseactualresultstodiffer

materially from those forecast, 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.Theforward-

looking statements made in this Annual Report relate only to

events or information as of the date on which the statements are

madeand,except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.

Nostatementinthiscommunicationisintendedtobe,nor

shoulditbeconstruedas,aprofitforecastoraprofitestimate

and no statement in this communication should be interpreted

tomeanthatearningspershareforthecurrentoranyfuture

financialperiodswouldnecessarilymatch,exceedorbelower

thanthehistoricalpublishedearningspershare.

Forward-lookingstatementsinvolveestimatesandassumptions

that are subject to risks, uncertainties and other factors that

couldcauseactualfuturefinancialcondition,performanceand

resultstodiffermateriallyfromtheplans,goals,expectations

andresultsexpressedintheforward-lookingstatementsand

otherfinancialand/orstatisticaldatawithinthiscommunication.

Such risks and uncertainties include, but are not limited to: the

failuretorealisecontemplatedbenefitsfromacquisitionsand

otherroyaltyandstreaminvestments;theeffectofanymergers,

acquisitionsanddivestituresontheGroup’soperatingresults

andbusinessesgenerally;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‘EmergingRisks’

sectionsherein.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hereinentitled‘risk

management’, ‘emerging risks’ and ‘principal risks’ are

notexhaustiveofthefactorsthatmayaffecttheGroup’s

forward-lookingstatements.Readersarealsocautionedto

consider these and the other factors, uncertainties and potential

eventscarefullyandnottoputunduerelianceonforward-

lookingstatements,whichspeakonlyasofthedatehereof.

ThisAnnualReportalsocontainsforward-lookinginformation

contained and derived from publicly available information

regarding properties and mining operations owned by third

parties.ThisAnnualReport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.

191Ecora Resources PLC Annual Report and Accounts 2024

Strategic report – Governance report – Financial statements

US Employment Retirement Income Security Act

Fiduciariesof(i)USemployeebenefitplansthataresubjectto

TitleIoftheUSEmploymentRetirementIncomeSecurityActof

1974 (ERISA), (ii) individual retirement accounts, Keogh and other

plansthataresubjecttoSection4975oftheUSInternalRevenue

Codeof1986,asamended(theInternalRevenueCode),and(iii)

entities whose underlying assets are deemed to be ERISA ‘plan

assets’ by reason of investments made in such entities by such

employeebenefitplans,individualretirementaccounts,Keogh

andotherplans(collectivelyreferredtoasBenefitPlanInvestors)

should consider whether holding the Company’s ordinary shares

willconstituteaviolationoftheirfiduciaryobligationsunder

ERISA or a prohibited transaction under ERISA or the Internal

RevenueCode.Shareholdersshouldbeawarethattheassetsof

the Company may be or become treated as ‘plan assets’ that are

subjecttoERISAfiduciaryrequirementsand/ortheprohibited

transactionrulesofERISAandtheInternalRevenueCode.The

Company’sordinarysharesaresubjecttotransferrestrictions

and provisions that are intended to mitigate the risk of, among

other things, the assets of the Company being deemed to be

‘planassets’underERISA.Shareholderswhobelievethese

provisions may be applicable to them should review

theserestrictionswhicharesetforthintheCompany’sArticlesof

Association and should consult their own counsel regarding the

potential implications of ERISA, the prohibited transaction

provisions of the Internal Revenue Code or any similar law in the

context of an investment in the Company and the investment of

theCompany’sassets.

Technical and third-party information

Asaroyaltyandstreamingcompany,theGroupoftenhaslimited,

ifany,accesstonon-publicscientificandtechnicalinformationin

respect of the properties underlying its portfolio of royalties,

orsuchinformationissubjecttoconfidentialityprovisions.As

such,inpreparingthisAnnualReport,theGrouphaslargely

relied upon the public disclosures of the owners and operators

of the properties underlying its portfolio of royalties investments,

asavailableatthedateofthisannouncement.Accordingly,no

representationorwarranty,expressorimplied,ismadeandno

relianceshouldbeplaced,onthefairness,accuracy,correctness,

completeness or reliability of that data, and such data involves

risksanduncertaintiesandissubjecttochangebasedon

variousfactors.

Capstone, the owner of the Santo Domingo project, is listed on

theTorontoStockExchangeandreportsinaccordancewiththe

standardsoftheCanadianInstituteofMining,Metallurgyand

Petroleum(CIM)andtheNI43-101standards.

BHPGroupLimited,theowneroftheWestMusgraveproject,is

listed on the Australian Securities Exchange and reports in

accordancewiththeJORCCode.

Cyprium Metals, the owner of the Nifty project, is listed on the

Australian Securities Exchange and reports in accordance with

theJORCCode.

AltaCopperCorp.,theowneroftheCañariacoproject,islisted

on the Toronto Stock Exchange and reports in accordance with

theCanadianInstituteofMiningandMetallurgy(CIM)andthe

NI43-101standards.

LosAndesCopperLtd,theowneroftheVizcachitasproject,is

listedontheTorontoStockExchangeandreportsinaccordance

withthestandardsoftheCanadianInstituteofMining,

MetallurgyandPetroleum(CIM)andtheNI43-101standards.

OrvanaMineralsCorp.,theowneroftheElValle-Boinás/Carlés

(EVBC) project, is listed on the Toronto Stock Exchange and

reports in accordance with the standards of the Canadian

Institute of Mining, Metallurgy and Petroleum (CIM) and the NI

43-101standards.

Rainbow Rare Earths Ltd, the owner of the Phalaborwa project, is

listed on the London Stock Exchange and reports in accordance

withtheJORCCode.

Forward looking statements continued

192 Ecora Resources PLC Annual Report and Accounts 2024

EcoraResourcesPLC’scommitmenttoenvironmentalissuesisreflectedinthisAnnualReport,

which has been printed on Arena Extra White Smooth, an FSC

certifiedmaterial.

ThisdocumentwasprintedbyPureprintGroupusingitsenvironmentalprinttechnology,with

99%ofdrywastedivertedfromlandfill,minimisingtheimpactofprintingontheenvironment.

The printer is a CarbonNeutral

company.

BoththeprinterandthepapermillareregisteredtoISO14001.

CBP030149

Ecora Resources PLC

Kent House

3rd Floor North

14–17 Market Place

London W1W 8AJ

info@ecora-resources.com