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