Mr. Geoff Callow reports

ECORA ROYALTIES PLC ANNOUNCES PHALABORWA RARE EARTHS PROJECT UPDATE

Ecora Royalties PLC has noted the press release issued today by Rainbow Rare Earths Ltd. announcing that its large-scale pilot plant recently commissioned in Johannesburg is operating the optimized Phalaborwa primary flow sheet in line with expectations and has successfully produced around two kilograms of a high-grade mixed rare earth hydroxide.

This is a commercial product with a grade of around 55 per cent TREO (total rare earth oxides) (versus the Chinese specifications for a mixed rare earth carbonate at around 42 to 44 per cent TREO) and has been confirmed to be an ideal feed for the production of NdPr (neodymium-praseodymium) oxide and SEG+ product through a solvent extraction separation circuit, to be tested off site.

Ecora holds a 0.85-per-cent gross revenue royalty on the Phalaborwa project.

About Ecora Royalties PLC

Ecora is a leading critical-minerals-focused royalty and streaming company.

Copper is at the core of the company's portfolio, which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanization, digital infrastructure, robotics, and energy security.

Ecora's cash-generative portfolio includes producing royalties and streams and has a strong organic growth profile driven by royalties and streams already acquired and expected to generate substantial additional cash flow within the next five years.

The company takes a disciplined approach to investments and acquisitions, focusing on high-quality opportunities, in established mining jurisdictions and with experienced management teams. These investments have the potential to deliver enhanced returns through life-of-mine extension and commodity price outperformance.

Ecora's management team has a long and proven record of originating, completing due diligence, and innovatively structuring and completing accretive royalty and stream transactions in the critical minerals space.

Ecora allocates capital prudently, with a focus on growth, maintaining a strong balance sheet and returns to shareholders.

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