An anonymous director reports

ECORA RESOURCES PLC -- FOUR MILE LEGAL RULING IN FAVOUR OF ECORA UPHELD

The Supreme Court of Western Australia, Court of Appeal, has upheld the original, favourable judgment by the Supreme Court of Western Australia in Ecora Resources PLC's legal dispute with Quasar Resources Pty. Ltd., the owner and operator of the Four Mile uranium mine over which the group has a 1-per-cent net smelter return (NSR) royalty.

Ecora and Quasar have been engaged in a legal dispute since 2016 over the level of allocable charges being applied to calculate NSR revenue subject to the group's royalty entitlement. On April 13, 2022, the Supreme Court of Western Australia ruled in favour of the group's position that no costs incurred at the mine or at the Beverley plant should be applied as permitted allocable charges. On Dec. 1, 2023, the Supreme Court of Western Australia, Court of Appeal, upheld the original judgement.

Following the initial ruling, the group received a settlement payment of approximately $6-million (Australian), plus interest, that has been held as deferred income and will be released to the income statement in the fourth quarter of 2023.

Since April, 2022, the group has also been receiving its NSR free of any deductions for extraction and processing, subject to the outcome of Quasar's appeal. The group decided that it was prudent to accrue the amounts relating to the contested allocable charges. With the appeal having been upheld, the group expects to release approximately $2.3-million (Australian) of accrued income in Q4 2023.

A total of approximately $9.3-million (Australian), including interest, is expected to be released to the income statement in Q4 2023. This does not impact on the group's cash balances, as these amounts have been received.

Furthermore, the group has been awarded its legal costs of both the trial and of the appeal, which will be assessed, if Ecora and Quasar cannot reach agreement.

About Ecora Resources PLC

Ecora Resources is a leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future.

Ecora Resources' vision is to be globally recognized as the royalty company of choice synonymous with commodities that support a sustainable future by continuing to grow and diversify its royalty portfolio in line with its strategy. The company will achieve this through building a diversified portfolio of scale over high-quality assets that drives low-volatility earnings growth and shareholder returns.

The mining sector has an essential role to play in the energy transition, with commodities such as copper, nickel and cobalt -- key materials for manufacturing batteries and electric vehicles. Copper also plays a critical role in electricity grids. All these commodities are mined, and there are not enough mines in operation today to supply the volume required to achieve the energy transition.

Ecora Resources' strategy is to acquire royalties and streams over low-cost operations and projects with strong management teams, in well-established mining jurisdictions. The company's portfolio has been reweighted to provide material exposure to this commodity basket, and Ecora Resources has successfully transitioned from a coal-orientated royalty business in 2014 to one that by 2026 will be materially coal-free and composed of over 90 per cent exposure to commodities that support a sustainable future. The fundamental demand outlook for these commodities over the next decade is very strong, which should significantly increase the value of the company's royalty portfolio.