Mr. Marc Lafleche reports

ECORA RESOURCES PLC ANNOUNCES INITIATION OF SHARE BUYBACK PROGRAMME

Ecora Resources PLC has initiated a share buyback program to purchase ordinary shares of two pence each in the company for up to a maximum aggregate consideration of $10-million (U.S.) (7.9 million British pounds) from the date of this announcement.

Ecora has a portfolio of high-quality royalties located in established mining jurisdictions with leading operating partners. The portfolio combines near-term volume growth with a pipeline of development projects that should drive material revenue growth and offers a compelling expected return profile.

The purpose of the buyback is to take advantage of a capital allocation opportunity as the board is of the view that the shares are trading at a substantial discount to net asset value offering a compelling expected return profile underpinned by a portfolio of high-quality royalties. The capital outlay will primarily be financed by the proceeds of from the company's recent partial LIORC (Labrador Iron Ore Royalty Corp.) stake sale.

The buyback program is in line with the newly announced capital allocation framework, which is designed to directly link dividends to free cash flows, maintain balance sheet strength, provide an attractive dividend yield and retain the flexibility to allocate capital to enhance the company's royalty portfolio through accretive royalty acquisitions.

Marc Bishop Lafleche, chief executive officer of Ecora, commented: "Cyclical market lows present an opportunity for Ecora to buy back its shares, which are currently trading at a substantial discount to NAV [net asset value]. As such and in line with our updated capital allocation framework, our $10-million (U.S.) program will be highly accretive to our per-share metrics.

"We remain in a strong position to acquire royalties that further diversify and grow our business to deliver long-term sustainable returns and to align with society's shift towards a low-carbon economy."

Process

To facilitate the buyback program, Ecora has entered into an engagement with Peel Hunt LLP, under which it has issued a non-discretionary irrevocable instruction to Peel Hunt to repurchase ordinary shares in the company to be held in treasury. The agreement provides Peel Hunt with authority to carry out market purchases under the buyback program independently of the company within the agreed parameters. The buyback program will commence on March 27, 2024, and end no later than Sept. 27, 2024. Purchases may continue during any closed periods of the company during this period.

Purchases pursuant to the buyback program will be conducted in accordance with the general authority to repurchase ordinary shares granted by the company's shareholders at the 2023 annual general meeting. All ordinary shares purchased under the buyback program will be purchased within the price parameters as specified in the relevant shareholder authorities. The maximum number of shares that may be purchased under the existing authorities is 25,790,340 ordinary shares.

Due to the limited liquidity in the ordinary shares, a buyback of ordinary shares on any trading day may represent a significant portion of the daily trading volumes in the ordinary shares and may exceed 25 per cent of the average daily trading volume specified in the provisions of the United Kingdom version of the Market Abuse Regulation (596/2014/EU) dealing with buyback programs, and, accordingly, the company may not benefit from the exemption in Article 5(1) of that regulation.

The purchases will take place on the London Stock Exchange only and not on the Toronto Stock Exchange. Details of any purchases made under the buyback program will be provided through RNS announcements and published on the company's website.

About the Ecora Resources PLC

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

The company's 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 the 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's 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 has successfully transitioned from a coal-orientated royalty business in 2014 to one that, by 2026, will be materially coal-free and comprise 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 Ecora's royalty portfolio.

Ecora's shares are listed on the London Stock Exchange and TSX (ECOR) and trade on the OTCQX Best Market (ECRAF).