Mr. Marc Lafleche reports

ECORA ROYALTIES PLC ANNOUNCES Q2 2026 TRADING UPDATE

Ecora Royalties PLC has issued the following trading update for the period April 1 to June 30, 2026.

Marc Bishop Lafleche, chief executive officer of Ecora, commented: "Q2 was a strong quarter, with the producing critical minerals portfolio continuing to demonstrate its cash generation potential. Total portfolio contribution was up [approximately] 60 per cent year on year and up 54 per cent from Q1 2026. This performance was driven by our base metals portfolio, which delivered a 166-per-cent contribution increase year on year and a 69-per-cent increase from Q1 2026, with the catch-up in cobalt deliveries from Q1 production driving a record quarterly Voisey's Bay performance.

"Net debt has continued to reduce, down to $75-million from $125-million this time last year, and we expect further debt reduction throughout the rest of the year providing balance sheet flexibility to fund further royalty acquisitions that meet our investment criteria."

Financial highlights:

• Total portfolio contribution of $19-million in Q2 2026, up approximately 60 per cent versus Q2 2025 ($11.8-million);
• Net debt on June 30, 2026, of $74.9-million (March 31, 2026: $84.4-million) down materially from $124.6-million on June 30, 2025, following the Mimbula copper stream acquisition in March, 2025; further deleveraging is expected throughout the rest of 2026 absent royalty or stream acquisitions.

Base metals:

• Base metals portfolio contribution of $14.1-million, up 166 per cent versus Q2 2025 ($5.3-million) and representing 74 per cent of the overall portfolio contribution during the period;
• Voisey's Bay (cobalt):
  • Record quarterly performance from Voisey's Bay in terms of attributable volumes and net portfolio contribution;
  • 196 tonnes of attributable cobalt received in Q2 2026 (Q2 2025: 84 tonnes) generating a 270-per-cent increase in net portfolio contribution of $10-million (Q2 2025: $2.7-million) at an average realized price of $28.30 per pound (Q2 2025: $18.61 per pound);
• Mantos Blancos (copper):
  • Q2 2026 portfolio contribution of $2.4-million (Q2 2025: $2-million);
  • On June 19, Capstone Copper submitted the Mantos Blancos phase II project to the environmental impact assessment (EIA) process; Mantos Blancos phase II contemplates an expansion of the sulphide concentrator plant throughput capacity (to at least 27,000 ore tonnes per day from 20,000 currently);
• Mimbula (copper):
  • Net portfolio contribution of $1.5-million (Q2 2025: $500,000);
  • Copper entitlement for Q2 2026 of 175 tonnes, generating Q3 2026 portfolio contribution of $1.7-million (net of metal purchase costs);
  • Commissioning of the additional 46,000-tonne-per-annum expansion plant capacity commenced in June, 2026.

Specialty metals and uranium:

• Specialty metals and uranium portfolio generated $2.4-million of portfolio contribution, up 9 per cent versus Q2 2025 ($2.2-million);
• Maracas Menchen (vanadium):
  • Q2 portfolio contribution of $800,000, up 100 per cent versus Q2 2025 ($400,000);
  • After period-end, Largo Resources USA Inc. received a $60.1-million firm fixed-price delivery order from the U.S. Defense Logistics Agency Strategic Materials (DLA) for the supply of high-purity vanadium pentoxide produced at the Maracas Menchen operation for the U.S. National Defense Stockpile;
  • The agreement highlights the strategic importance of the Maracas Menchen mine as a supplier of premium-quality vanadium products outside of China and Russia;
• Phalaborwa (rare earths):
  • Rainbow Rare Earths announced on July 1 that its test work and pilot plant operations have optimized and simplified the flow sheet at the Phalaborwa rare earths project, 75 per cent of the flow sheet is now in the engineering phase of the definitive feasibility study with final optimization of the solvent extraction under way;
• McClean Lake mill (uranium):
  • The annual maintenance outage at Cigar Lake began in the second quarter of 2026, compared with the third quarter in previous years, leading to a Q2 portfolio contribution of $600,000 (Q2 2025: $1-million);
  • On July 14 (after period-end), Cameco announced the restart of production at the Cigar Lake mine following a two-week stoppage due to an expansion joint failure at the sulphuric acid plant at the McClean Lake mill, where Cigar Lake ore is processed; Cameco's Cigar Lake full-year 2026 production guidance is unchanged at 17.5 million to 18 million pounds.

Bulks and other:

• EVBC (gold):
  • Q2 portfolio contribution of $1.2-million, up 50 per cent versus Q2 2025 ($800,000);
• Kestrel (steelmaking coal):
  • Mining operations at Kestrel returned to the group's private royalty area toward the end of Q2 2026 with 100,000 tonnes of saleable production generating $1.3-million of portfolio contribution;
  • Mining activity is expected to remain in the group's private royalty area throughout Q3 2026.

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).

We seek Safe Harbor.