Mr. Marc Bishop Lafleche reports

ECORA RESOURCES PLC ANNOUNCES Q4 2024 TRADING UPDATE

Ecora Resources PLC has provided a trading update for the period Oct. 1, 2024, to Dec. 31, 2024.

Fourth quarter and full year 2024 portfolio contribution

Increased production volumes at Voisey's Bay and Mantos Blancos underpinned a portfolio contribution of $6.7-million (U.S.) in Q4 2024, 29 per cent up on Q3 2024. FY 2024 total portfolio contribution increased 9 per cent year on year to $63.2-million (U.S.) (FY 2023: $58.2-million (U.S.) -- adjusted for $5.4-million (U.S.) one-off Four Mile receipt in Q4 2023 following the favorable court ruling with respect to royalty payments due between 2014 and Q3 2023).

Marc Bishop Lafleche, chief executive officer of Ecora, commented:

"Fourth quarter performance was underpinned by a record quarterly portfolio contribution from Mantos Blancos, coupled with record production from the underground mine at Voisey's Bay, which saw streamed cobalt entitlements for the year at the top of our guidance range. We carry this momentum into 2025 with both operations expected to deliver further production volume growth in the year ahead.

"The fundamental outlook for copper remains strong, which has led to some of the largest operators globally recently seeking to significantly increase copper exposure. Ecora's royalty portfolio provides investors exposure to a strong organic copper growth profile through a derisked royalty model. With volume growth anticipated in 2025 we are well positioned to transact on opportunities in the year ahead."

Highlights:

• 9-per-cent increase in portfolio contribution for the year ended Dec. 31, 2024, of $63.2-million (U.S.) (2023: $58.2-million (U.S.));
• Total portfolio contribution of $6.7-million (U.S.) in Q4 2024 (Q4 2023: $9.0-million (U.S.); Q3 2024: $5.2-million (U.S.));
• Completion of the Voisey's Bay mine expansion project, underground mining activities continue to ramp up to steady-state production rates, with record levels of underground production during the period driving net portfolio contribution of $2.3-million (U.S.) (Q3 2024: $1.2-million (U.S.)).

o Seven deliveries in Q4 2024 (Q3 2024: four deliveries) led to a total of 15 deliveries in FY 2024; at the high end of FY guidance of 11 to 16 deliveries (FY 2023: 11 deliveries).

o Realized Q4 2024 average sales price of $12.9 (U.S.)/pound (Q3 2024: $11.4 (U.S.)/lb).

• Record Mantos Blancos quarterly portfolio contribution of $1.7-million (U.S.) in Q4 2024 (Q3 2024: $1.3-million (U.S.));
• The operator of the Four Mile mine continues to report that no royalty income is due, despite production continuing. The group has formally exercised its information rights under the royalty agreement to understand the circumstances, following which it will take such action as it considers appropriate;
• Net debt at Dec. 31, 2024, of $82.4-million (U.S.) (Q3 2024: $85.5-million (U.S.)).

Portfolio updates:

• Capstone Copper is targeting the completion of a Mantos Blancos phase II expansion feasibility study by the end of 2025.

o Capstone is also evaluating Mantos Blancos tailings reprocessing that could increase copper production by approximately 25 ktpa (thousand tonnes per annum) for 15 years with no additional mining or crushing costs.

• Largo Inc. published an updated life of mine plan and prefeasibility study in respect of the Maracas Menchen mine which included a 13-year increase in the reserve-based mine life (out to 2054) and a 67-per-cent increase in mineral reserves.
• Brazilian Nickel received a letter of interest from the U.S. International Development Finance Corp. expressing interest in providing the Piaui nickel project with a loan facility of up to $550-million (U.S.), representing approximately 40 per cent of the overall financing package.
• Rainbow Rare Earths released an interim economic study confirming the Phalaborwa rare-earths project as one of the highest-margin rare-earths projects globally outside of China.
• In line with guidance, Kestrel Q4 2024 production mainly outside of Ecora's private royalty area.
• Cyprium Metals Ltd. published a prefeasibility study for the Nifty copper mine complex which estimated that the Initial cathode project will produce an annual average of 6,000 tonnes of copper over four years and forecast that the Copper concentrate project will produce an average of 38.7 Kt (thousand tonnes) of copper over an estimated 20-year reserve-based mine life.

o In December, Cyprium launched a $13.5-million (Australian) fundraising, with the majority of the funds being used to advance the Nifty project. Cyprium expects the fundraising to complete in the next month.

• NexGen Energy completed its 2024 drilling program in the Patterson Corridor East (PCE), establishing a substantial 600-metre strike and 600-metre depth uranium zone only 3.5 kilometres from the flagship world-class Arrow deposit. A significant drill program in 2025 is planned at PCE, where NexGen believes there is the prospectivity for material growth

Postperiod events:

• Approval of Whitehaven Coal's Narrabri Stage 3 project triggered Ecora's right to a total of $5-million (U.S.) in contingent consideration of which $3-million (U.S.) was received this month. The remaining $2-million (U.S.) will be paid in equal instalments in January and December, 2026.

Portfolio outlook

Overall: 2025 production volumes are expected to grow relative to 2024, driven mainly by:

o Voisey's Bay: The group is expecting between 335 tonnes and 390 tonnes (24 to 28 deliveries) of attributable cobalt metal in 2025 (2024: 210 tonnes (15 deliveries)) as the ramp-up continues.

o Kestrel: Saleable volumes produced within the group's private royalty area are expected to be 5-to 10-per-cent higher than those achieved in 2024 (c. two Mt (million tonnes)).

o Production primarily expected in the group's private royalty area in Q2 and Q3 2025.

o Mantos Blancos: Increased copper production due to higher mill throughput with operator guidance of between 49,000 and 59,000 tonnes (2024: 44,574 tonnes.

o Volumes weighted toward H2 2025 given planned maintenance in Q1 2025:

• Capstone plans to progress partnership discussions and its financing strategy for Santo Domingo throughout 2025, with a potential project sanctioning decision not anticipated prior to 2026.

o Capstone has allocated approximately $50-million (U.S.) of capital expenditure in 2025 to the Santo Domingo project:

• Business development activities remain focused on growing the group's near-term income-producing royalty portfolio.

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'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 the company's strategy. Ecora 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 the company has successfully transitioned from a coal-oriented 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 the Toronto Stock Exchange (under the symbol ECOR) and trade on the OTCQX Best Market (OTCQX: ECRAF).

We seek Safe Harbor.