Producing projects

Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution

Voisey’s Bay (cobalt):

• The ramp up of cobalt production from the Voisey’s Bay underground mine was a highlight of 2025. Cobalt volumes attributable to Ecora increased 113% to 448t (2024: 210t) and average realised cobalt prices increased 43% to $19.11/lb (2024: $13.34/lb).
• The combination of volume and price growth saw portfolio contribution from Voisey’s Bay increase 208% to $15.3m (2024: $5.0m). Further volume growth is anticipated during 2026 with Ecora expecting to receive between 500 and 560tpa, with the mine expected to reach steady state production during the course of 2026.
• Successful exploration and resource conversion at the Voisey’s Bay site are expected to extend the life of mine by another four years to 2044.

Mantos Blancos (copper):

• Mantos Blancos generated a record portfolio contribution of $9.5m (2024: $5.8m). Copper production increased 43% to 61.9kt (2024: 43.2kt) and achieved record quarterly production in Q4 of 16.9kt with an average sulphide plant throughput of approximately 21.4ktpd, exceeding design throughput levels.
• Total plant throughput averaged approximately 20.0ktpd in 2025, representing a 25% increase over 2024 driven by the successful ramp-up after the completion of a debottlenecking initiative.
• Capstone Copper has guided that annual copper production in 2026 is expected to be between 48 and 56ktpa, lower than in 2025 due to a one-year period of lower copper grades, before recovering in 2027

Mimbula (copper):

• In March 2025, we completed the $50m acquisition of a stream over the producing Mimbula copper mine in Zambia, operated by Moxico Resources plc. Heavy rainfall impacted Mimbula production during the first quarter of 2025, with copper production ramping up thereafter to achieve an annual equivalent production run rate in Q4 of 20ktpa.
• Ecora received 400t of attributable copper under the stream which generated a $2.9m portfolio contribution. Copper production in 2026 is expected to be between 30 and 35kt.

Development projects

The Group has a number of key development royalties over copper and nickel projects which are expected to drive strong organic growth in the next four to five years. By 2030, approximately 90% of the Group’s portfolio contribution is expected to come from base metals, building on the growth we saw in 2025.

Santo Domingo (copper)

• In October, Capstone announced the completion of its process to find a joint venture partner for the Santo Domingo copper project. This is a key milestone on the path towards a Final Investment Decision to sanction construction of the project.
• A number of other key milestones, including obtaining project finance and completing detailed engineering studies, are expected to be achieved in 2026 as Capstone works towards a project sanctioning decision in H2 2026.
• At current spot prices, the royalty is expected to generate upwards of $35m per annum.
• Capstone also commenced a planned 54,700 metre drill programme at Santo Domingo, and the adjacent Estrellita deposit (which is within the Group's royalty area), aimed at delineating the oxide resource and exploring near-mine sulphides.

Mantos Blancos (copper)

• Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.
• Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.

• Combined, these initiatives could add 35ktpa of copper over at least ten years. Furthermore, Capstone commenced an exploration drilling programme at Mantos Blancos in 2025 that will be continued in 2026.

West Musgrave (nickel and copper)

• Construction of the West Musgrave copper-nickel project in Australia remains suspended pending a review by the operator, BHP, by February 2027.
• During 2025, BHP stated it would consider divesting the project and commenced a process for the potential sale of West Musgrave. A sale could result in the acceleration of the timeline to a construction restart and first production.

Piauí (nickel and cobalt)

• During 2025, the team at Brazilian Nickel continued to advance the Piauí nickel project. The majority of the work was in the field of pre-construction development work, community relations and construction financing. Brazilian Nickel also announced a number of non-binding agreements to supply nickel and cobalt in mixed hydroxide precipitate to European and US-based refiners.
• Brazilian Nickel remains in discussions with potential financing partners ahead of a potential Final Investment Decision to proceed with construction of the Piauí project, at which point Ecora will have the right, but not the obligation, to invest a further $62.5m to acquire an incremental 2.65% Gross Revenue royalty.

Nifty (copper)

• Cyprium Metals Limited (Cyprium), a copper developer focused on the phased restart of the Nifty copper complex, approved the Cathode Project restart plan with first production of copper cathode expected in mid-2026. Royalty payments to Ecora are triggered once a cumulative 800kt of copper has been produced from the mine.
• Taking into account historical production, as well as Cyprium’s forecast copper production, this threshold is expected to be reached five years following the restart of mining operations.
• In January 2026, Cyprium announced that it had completed a A$41m equity raise, with part of the proceeds to be used for studies and early works on growth initiatives including the reactivation of the Nifty open pit, expansion of heap leach and SXEW capacity and concentrator refurbishment studies.

Canariaco (copper)

• In December 2025, Alta Copper Corp. (Alta), the owner of the Cañariaco copper project, announced that it has entered into a binding agreement with Fortescue Ltd. (Fortescue) under which Fortescue will acquire the remaining 64% of Alta’s issued and outstanding shares not already owned by Fortescue. This transaction closed in March 2026.
• The Cañariaco Project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect. Fortescue, listed on the ASX with a current market capitalization of approx. A$59 billion, is well placed to advance the Cañariaco Project applying its well established technical, permitting and community engagement expertise.