Mr. Marc Lafleche reports

ECORA ROYALTIES PLC ANNOUNCES FULL YEAR RESULTS

Ecora Royalties PLC has released full year results for the year ended Dec. 31, 2025. The company will publish its audited 2025 annual report and accounts later today, which will be available on the group's website and on SEDAR+.

Ecora is a leading critical-minerals-focused royalty and streaming company. Copper is at the core of the portfolio, which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanization, digital infrastructure, robotics and energy security.

Marc Bishop Lafleche, chief executive officer, commented: "Two thousand twenty-five was a landmark year for Ecora. Our critical minerals royalties and streams delivered record portfolio contribution representing the first time in the group's history where the majority of the group's portfolio contribution was derived from critical minerals.

"Projects underlying Ecora's development-stage portfolio saw a number of meaningful advances during 2025, with our operator partners targeting further derisking events in the upcoming 12 months which will move these projects closer to production, underpinning a key part of Ecora's organic growth profile during the remainder of the decade and beyond.

"Ecora has delivered strong deleveraging post the acquisition of the Mimbula copper stream, which is expected to continue in 2026. Ecora retains the financial flexibility to continue to further diversify its portfolio, with a primary focus on acquiring producing or advanced-stage near-production royalties or streams, to complement Ecora's existing growth portfolio."

Financial highlights:

• $57-million portfolio contribution for the year ended Dec. 31, 2025 (2024: $63.2-million), with significant increase in contribution from base metals royalties largely offsetting reduction in Kestrel steelmaking coal contribution;
• Royalty- and metal-stream-related revenue of $55.9-million (2024: $59.6-million);
• Profit after tax of $22.2-million (2024: loss of $9.8-million);
• The latest Voisey's Bay mine plan extends production by four years to 2044 and accelerates near-term volumes; as a result, the group has recognized an impairment reversal of $14.1-million and a related deferred tax credit of $9.8-million relating to carryforward losses, which are now expected to be utilized;
• Adjusted earnings of $22.1-million (2024: $28.9-million) and adjusted earnings per share of 8.86 cents (2024: 11.43 cents);
• Free cash flow of $27.4-million (2024: $22.1-million), a 21-per-cent increase;
• Strong deleveraging after the $50-million Mimbula stream acquisition with net debt as at Dec. 31, 2025, of $85.5-million (Dec. 31, 2024: $82.3-million), significantly below the peak of $124.6-million during Q2 2025;
• Final dividend of 1.4 cents per share, in line with policy, bringing the total dividend for the year to 2.0 cents per share (2024: 2.81 cents per share).

Base metals:

• Base metals portfolio contribution of $28.5-million, up 150 per cent (2024: $11.4-million) and representing 50 per cent of group portfolio contribution, driven by:
  • Strong production ramp-up at Voisey's Bay, which generated a net portfolio contribution of $15.3-million (2024: $5-million) from 448 tonnes of attributable cobalt (2024: 210 tonnes) at an average realized price of $19.11 per pound (2024: $13.34 per pound);
  • Record year portfolio contribution from Mantos Blancos of $9.5-million (2024: $5.8-million);
  • Acquisition of a copper stream over the Mimbula mine in March, 2025, which generated portfolio contribution net of metal purchase costs of $2.9-million in 2025 (2024: n/a).

Specialty metals and uranium:

• Specialty metals portfolio contribution of $7.6-million (2024: $8.1-million), representing 13 per cent of the group's portfolio contribution:
  • Toll milling rate at McClean Lake mill stepped down in 2025 following the processing of an agreed volume of uranium, leading to a portfolio contribution of $3.7-million (2024: $4.5-million).

Bulks and other:

• Bulks and other portfolio contribution of $20.9-million (2024: $43.7-million) represented 37 per cent of the group's portfolio contribution:
  • Kestrel steelmaking coal royalty generated $17.5-million from 2.2 million tonnes of sales from the group's private royalty area, down versus 2024 due to a lower average realized sale price of $143 per tonne (2024: $223 per tonne);
  • Sold a non-core royalty over the development-stage Dugbe gold project in Liberia for a $16.5-million upfront cash payment and contingent consideration of up to $3.5-million.

Outlook:

• Ecora's key commodity exposures performed strongly in early 2026; the conflict in Iran has resulted in market and commodity price volatility; however, the long-term commodity price outlook, in particular copper, continues to be underpinned by strong supply/demand fundamentals;
• Volume growth in base metals royalties and streams expected to continue to offset a reduction in volumes from Kestrel associated with mining increasingly moving outside the group's private royalty area;
• Series of value catalysts during the next 12 months with operator partners targeting a number of key project development milestones, including:
  • Santo Domingo: final investment decision;
  • Mantos Blancos: phase II study mid-2026;
  • Phalaborwa: publication of DFS;
  • Nifty: restart of cathode operations, DFS on restart of mining operation.

Analyst and investor presentation and call

A live webcast of the presentation, including a question-and-answer session will be held today at 2 p.m. GMT for investors and analysts and will be available through Ecora's website.

Please join the event five to 10 minutes prior to the scheduled start time.

This will be available for playback after the event.

Event title:  Ecora Royalties -- 2025 results presentation

Time zone:  Dublin, Edinburgh, Lisbon and London

Start time:  2 p.m. GMT

Duration:  60 minutes

Dial-in details

United Kingdom-wide:  44-0-33-0551-0200

United Kingdom toll-free:  0808-109-0700

United States local:  1-786-697-3501

United States toll-free:  866-580-3963

About Ecora Royalties PLC

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

Copper is at the core of Ecora'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 that is expected to generate substantial additional cash flow in the medium term.

Ecora 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, 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 the Toronto Stock Exchange (symbol: ECOR) and trade on the OTCQX Best Market (symbol: ECRAF).