Half Year 2026 Ecora Royalties PLC Earnings Call

September 2, 2026

Speaker #1: Hello everybody. My name is Jeff Callow, Head of Investor Relations at Ecora Royalties, and I'd like to welcome you today to our Half-Year 2026 Results Call.

Geoff Callow: Hello, everybody. My name is Geoff Callow, Head of Investor Relations at Ecora Royalties, and I would like to welcome you today to our H1 2026 results call. I am joined by our Chief Executive, Marc Bishop-Lafleche, and our Chief Financial Officer, Kevin Flynn. They will take you through a short presentation, and there will be plenty of time for questions at the end. I will just draw your attention to slide 2, where there is a disclaimer. With that, I will hand over to Marc, who will take you through the presentation.

Speaker #1: I'm joined by our Chief Executive, Mark Bishop-Leflesh, and our Chief Financial Officer, Kevin Flynn. They'll take you through a short presentation, and there will be plenty of time for questions at the end.

Speaker #1: I'll just draw your attention to slide 2, where there's a disclaimer, and then, with that, I'll hand over to Mark; he'll take you through the presentation.

Speaker #2: Thank you for joining us today. It was a strong first half of 2026, with the critical minerals portfolio continuing to build on the momentum established during 2025.

Marc Bishop Lafleche: Thank you for joining us today. It was a strong H1 to 2026, with the critical minerals portfolio continuing to build on the momentum established during 2025. During the period, total portfolio contribution increased 75% to just over $31 million, certainly benefiting from both volumes growth as well as a strong commodity price environment. The 75% growth in portfolio contribution translated to a 509% increase in adjusted earnings. Certainly a part of the scalability of the royalty model, and that benefit is certainly highlighted in these results. The period also represents continued delivery in a number of areas. First, the critical minerals portfolio continues to demonstrate its cash generation potential. In particular, the base metals portfolio contribution increased just under 160% on the H1 2025, and was very much the key driver of top-line revenue growth.

Speaker #2: During the period, total portfolio contribution increased 75% to just over $31 million, certainly benefiting from both volume growth as well as a strong commodity price environment.

Speaker #2: The 75% growth in portfolio contribution translated to a 509% increase in adjusted earnings, certainly a part of the scalability of the royalty model, and that benefit is certainly highlighted in these results.

Speaker #2: The period also represents continued delivery in a number of areas. First, the critical minerals portfolio continues to demonstrate its cash generation potential. In particular, the base metals portfolio contribution increased by just under 160% on the first half of 2025 and was very much the key driver of top-line revenue growth.

Speaker #2: The second key point to raise is the reduction in net debt, now down to $75 million as of 30 June, from $125 million this time last year.

Marc Bishop Lafleche: The second key point to raise is the reduction in net debt, now down to GBP 75 million as of 30 June from GBP 125 million this time last year. Strong cash generation is expected to continue to drive debt reduction in the H2 of the year and beyond, with the potential for an additional benefit from commodity price tailwinds should the price of copper and other key commodity exposures remain at or above current levels. The third area of delivery is in the area of the contribution and makeup therein of our key sources of revenue, whereby we have increasingly transitioned our revenue from short-dated assets to very much assets with mine lives measured in decades.

Speaker #2: Strong cash generation is expected to continue to drive debt reduction in the second half of the year and beyond, with the potential for an additional benefit from commodity price tailwinds should the price of copper and other key commodity exposures remain at or above current levels.

Speaker #2: The third area of delivery is in the area of the contribution and make-up therein of our key sources of revenue, whereby we have increasingly transitioned our revenue from short-dated assets to very much assets with mine lives measured in decades.

Speaker #2: And fourth, the performance in this period provides a partial indication of the increase in free cash flow conversion that's expected to occur in the future from the critical minerals portfolio and streams, as the Kestrel royalty generates proportionally less revenue over time.

Marc Bishop Lafleche: Fourth, the performance in this period provides a partial indication of the increase in free cash flow conversion that is expected to occur in the future from the critical minerals portfolio and streams as the Kestrel royalty generates proportionally less revenue and time. Kevin will pick up on this point later in the presentation. Last but certainly not least, the portfolio is now positioned for a number of near and medium-term potential milestones and de-risking events, which individually and in aggregate are expected to underpin this portfolio’s organic revenue and free cash flow growth over the next five years and beyond. With that, I will hand it over to Kevin to take us through the financials.

Speaker #2: And Kevin will pick up on this point later in the presentation. Last, but certainly not least, the portfolio is now positioned for a number of near- and medium-term potential milestones and de-risking events, which, individually and in aggregate, are expected to underpin this portfolio's organic revenue and free cash flow growth over the next five years and beyond.

Speaker #2: So with that, I'll hand it over to Kevin to take us through the financials.

Speaker #1: Thanks, Mark, and thanks to everyone for joining the call. Turning to our financial highlights, another very strong period of portfolio contribution growth. As Mark mentioned, we saw a 75% increase in total contribution, from $17.9 million to $31.3 million.

Kevin Flynn: Thanks, Marc, and thanks to everyone for joining the call. Turning to our financial highlights, another very strong period of portfolio contribution growth, as Marc mentioned. We saw a 75% increase in total contribution from GBP 17.9 million to GBP 31.3 million in the period. Base metals have once again driven this growth with strong operational performance across key assets, combining with a very favorable commodity price backdrop. We will look at the drivers of some of this growth on the next slide. Earnings grew at a much higher pace than contribution in the period, and this is really the point I want to focus on. We have been saying for some time now that as Kestrel reduces, the efficiency of our portfolio becomes much more noticeable.

Speaker #1: In the period, base metals have once again driven this growth with strong operational performance across key assets, combined with a very favorable commodity price backdrop.

Speaker #1: And we'll look at the drivers of some of this growth on the next slide. Earnings grew at a much higher pace than contribution in the period, and this is really the point I want to focus on.

Speaker #1: We have been saying for some time now that as Kestrel reduces, the efficiency of our portfolio becomes much more noticeable, and the reason for this is that Kestrel has a very high tax rate associated with it, which has impacted our earnings in the past.

Kevin Flynn: The reason for this is that Kestrel has a very high tax rate associated with it, which has impacted on our earnings in the past. The rest of our portfolio and group structure is much more efficient. As we can see here, our earnings grew by 75%, but our adjusted earnings grew by 5 times. So this H1 is the first time we are really seeing this trend for what the future complexion of our business is going to be starting to play out. This is also positively impacting on free cash flow conversion, which has enabled meaningful deleveraging in the period.

Speaker #1: The rest of our portfolio and group structure is much more efficient. As we can see here, earnings grew by 75%, but our adjusted earnings grew by five times.

Speaker #1: So, this half-year is the first time we're really seeing this trend for what the future complexion of our business is going to be—starting to play out.

Speaker #1: This is also positively impacting free cash flow conversion, which has enabled meaningful deleveraging in the period. And with our dividend formula now well established, we've declared a dividend for the first half of the year of $1.90, which is more than three times that of the comparable period in 2025, and actually almost the same as what we paid out for 2025 as a whole.

Kevin Flynn: With our dividend formula now well established, we have declared a dividend for the H1 of the year of 1.9 cent, which is more than 3 times that of the comparable period in 2025, and actually almost the same as what we paid out for 2025 as a whole. Turning to slide 6 and looking at our portfolio, I am going to focus primarily on the top 3 assets as these account for the majority of our income and the growth catalysts that we expect to come through in the H2 of the year. Our base metals portfolio grew by 159% compared to the same period last year, very much building on the momentum which started to come through in the H2 of last year. Importantly, that is not just driven by price, but strong underlying ramp-up in operational performance.

Speaker #1: Turning to slide 6 and looking at our portfolio, I'm going to focus primarily on the top three assets, as these account for the majority of our income and the growth catalysts that we expect to come through in the second half of the year.

Speaker #1: Our base metals portfolio grew by 159% compared to the same period last year, very much building on the momentum which started to come through in the second half of last year.

Speaker #1: Importantly, that's not just driven by price, but by strong underlying ramp-up and operational performance. This is particularly evident at Voisey's Bay, where we saw a near doubling of volumes as the operation nears its steady-state capacity.

Kevin Flynn: This is particularly evident at Voisey's Bay, where we saw a near doubling of volumes as the operation nears its steady state capacity. Cobalt pricing was also strong in the period, with the average realized price of $28.50 per pound comfortably in excess of the $16.50 we had in the same period last year. Our guidance at Voisey's for full year volumes remains unchanged, and based on consensus pricing in the H2, this should result in meaningful growth year-on-year. We were also pleased to see Vale Base Metals exploring the potential to increase mill capacity by around 35% in and around 2030. So we hope to see plenty more to come from Voisey's Bay over the coming years. Our copper portfolio was also a particular highlight in the period, performing strongly.

Speaker #1: Cobalt pricing was also strong in the period, with the average realized price of $28.50 per pound—comfortably in excess of the $16.50 we had in the same period last year.

Speaker #1: Our guidance at Voises for full-year volumes remains, pricing in the second half. This should result in meaningful growth year on year. We are also pleased to see Vale Base Metals exploring the potential to increase mill capacity by around 35% in or around 2030.

Speaker #1: So, we hope to see plenty more to come from Voisey's Bay over the coming years. Our copper portfolio was also a particular highlight in the period, performing strongly.

Speaker #1: Although, as expected, volumes at Mantos Blancos were lower in the period, copper prices remained at record levels, leading to a 26% increase in revenue from the royalty to $4.8 million. This, again, similar to the second half of last year, is almost a 20% cash yield on an annualized basis.

Kevin Flynn: Although as expected, volumes at Mantos Blancos were lower in the period, the copper prices remained at record levels, leading to a 26% increase in revenue from the royalty to GBP 4.8 million, which again, similar to the H2 of last year, is almost a 20% cash yield on an annualized basis. Capstone have indicated that a PFS in relation to a phase 2 expansion will be published in due course, and this could see volumes increase significantly from 2030 onwards. Similar to Voisey's Bay, plenty more to come from this royalty, along with a very favorable copper price environment. The increase in Mimbula is partially explained by the fact that the H1 of 2026 reflects a full six months of income, compared to three months in 2025. The stream also benefited from strong copper prices in the period, which were about 37% higher compared to H1 2025.

Speaker #1: Capstone have indicated that a PFS in relation to a Phase 2 expansion will be published in due course, and this could see volumes increase significantly from 2030 onwards.

Speaker #1: So, similar to Voisey's Bay, there’s plenty more to come from this royalty, along with a very favorable copper price environment. The increase in Mimbula is partially explained by the fact that the first half of 2026 reflects a full six months of income compared to three months in 2025.

Speaker #1: The stream also benefited from strong copper prices in the period, which were about 37% higher compared to H1 25. The underlying operation continues to ramp up, and the commissioning of the SX capacity should drive near-term growth in volumes here.

Kevin Flynn: The underlying operation continues to ramp up, and the commissioning of the SX EW capacity should drive near-term growth in volumes here. Just by way of reminder, we have structured this stream to provide some protections for a ramp-up operation, such that we receive a higher portion of metal for the first 15,000 tons of production. Just to pick out a few others, income from Four Mile is not quite like for like as the Q1 of 2025 saw the operator continue to stockpile rather than sell, whereas this year we've seen a normalized sales profile. It is also worth noting that we have some exposure to gold prices with EVBC, very much benefiting from very strong gold prices, and this comes through with an 80% increase in contribution in the period. And finally, Kestrel.

Speaker #1: Just as a reminder, we have structured this stream to provide certain protections during the ramp-up phase, so that we receive a higher portion of metal for the first 15,000 tons of production.

Speaker #1: Just to pick out a few others, income from Four Mile is not quite like-for-like, as the first quarter of 2025 saw the operator continue to stockpile rather than sell, whereas this year we've seen a normalized sales profile.

Speaker #1: It's also worth noting that we have some exposure to gold prices with EVBC, which is very much benefiting from the strong gold prices. This comes through with an 80% increase in contribution for the period.

Speaker #1: And finally, Kestrel, we saw around 100,000 tons of sales in the second quarter, which generated $1.3 million of income, and this represented less than 5% of our overall contribution.

Kevin Flynn: We saw around 100,000 tons of sales in the Q2, which generated GBP 1.3 million of income, and this represented less than 5% of our overall contribution. We expect to see most of the 2026 volume in the Q3, which is currently benefiting from a much higher coking coal price environment. And at Kestrel, our overall guidance remains unchanged in the period as well. So overall, a very good first six months from the portfolio, with much more to come in the H2. Turning to the next slide and how this contribution converts to earnings. I mentioned this in the first slide, but the conversion to earnings post-Kestrel was really demonstrated in the H1 of this year. This is particularly evident in the tax line. In 2025, we had GBP 1.9 million of tax on GBP 31.3 million of contribution, which led to GBP 3.2 million of adjusted earnings.

Speaker #1: We expect to see most of the 2026 volume in the third quarter, which is currently benefiting from a much higher coking coal price environment.

Speaker #1: And at Kestrel, our overall guidance remains unchanged in the period as well. So overall, a very good first six months from the portfolio, with much more to come in the second half.

Speaker #1: Turning to the next slide, and how this contribution converts to earnings. I mentioned this in the first slide, but the conversion to earnings post-Kestrel was really demonstrated in the first half of this year.

Speaker #1: This is particularly evident in the tax line. In 2025, we had $1.9 million of tax on $31.3 million of contribution, which led to $3.2 million of adjusted earnings.

Speaker #1: This represented an effective tax rate on pre-tax adjusted earnings of 37%. The equivalent number for the first half of 2026, where Kestrel contributed only 5%, is less than 5% itself.

Kevin Flynn: This represented an effective tax rate on pre-tax adjusted earnings of 37%. The equivalent number for the H1 of 2026, where Kestrel contributed only 5%, is less than 5% itself. And this is due to the tax losses that we've inherited at Voisey's Bay, which should ensure no cash tax payable for the foreseeable future. And tax losses in our wider group are getting reactivated as income from Mantos and Mimbula start to ramp up also. The other virtue of the royalty model is scalability, and this is evident as overheads remain broadly flat despite FX movements, whilst contribution increased by 75%. And we hope that this will get even more meaningful as we continue to add to our income portfolio. So all of this combined to realize adjusted earnings per share of 7.8 cents in the H1.

Speaker #1: And this is due to the tax losses that we've inherited at Voisey's Bay, which should ensure no cash tax payable for the foreseeable future.

Speaker #1: And tax losses in our wider group are getting reactivated as income from Mantas and Mimbula starts to ramp up also. The other virtue of the royalty model is scalability, and this is evident as overheads remain broadly flat despite FX movements, while contribution increased by 75%.

Speaker #1: And we hope that this will get even more meaningful as we continue to add to our income portfolio. So, all of this combined to realize adjusted earnings per share of $7.80 in the first half. This was five times that of H1 last year, and actually close to the $8.80 for the entirety of 2025.

Kevin Flynn: This was five times that of H1 last year, and actually close to the 8.8 cents for the entirety of 2025. My next slide is a summary of our balance sheet. I make this point every time, but I think it's always worth highlighting. 87% of our royalties are held on our balance sheet at the lower of fair value or amortized cost, and so they're never revalued upwards. As I mentioned earlier, there's potential for expansion at both Voisey's Bay and Mantos Blancos. We won't see this incremental value reflected on our balance sheet. The balance sheet value is not reflective of commercial value. It's also worth highlighting as well that 85% of our royalty assets as of the end of June were in base metals, royalties, and streams. Turning to my final slide.

Speaker #1: My next slide is a summary of our balance sheet, and I make this point every time, but I think it's always worth highlighting: 87% of our royalties are held on our balance sheet at the lower of fair value or our amortized cost, so they're never revalued upwards.

Speaker #1: As I mentioned earlier, there is potential for expansion at both Voisey's Bay and Mantos Blancos, so we won't see this incremental value reflected on our balance sheet, and thus the balance sheet value is not reflective of commercial value.

Speaker #1: It's also worth highlighting as well that 85% of our royalty assets, as of the end of June, were in base metals royalties and streams.

Speaker #1: And turning to my final slide, this slide highlights the continued deleveraging in the period, with closing net debt of $75 million, down from a peak of $125 million only 15 months previously.

Kevin Flynn: This slide highlights the continued deleveraging in the period with closing net debt of GBP 75 million, down from a peak of GBP 125 million only 15 months previously. As we can see in the bottom right, based on consensus pricing, we'd expect this to continue reducing in the H2 towards GBP 50 million by the end of the year. Our leverage number at the end of June was 1.35 times, which is very comfortable in the context of our permitted leverage of 3.5 times. Our headline facility is GBP 180 million, with a further GBP 45 million accordion, bringing total borrowing capacity to GBP 225 million, providing significant access to capital to fund further growth. I just summarized the results for the H1. We saw significant portfolio contribution growth, which had a much more meaningful impact on earnings. We saw continued deleveraging, ending the period with a strong balance sheet.

Speaker #1: As we can see in the bottom right, based on consensus pricing, we'd expect this to continue reducing in the second half, towards $50 million by the end of the year.

Speaker #1: Our leverage number at the end of June was 1.35 times, which is very comfortable in the context of our permitted leverage of 3.5 times.

Speaker #1: Our headline facility is $180 million, with a further $45 million accordion, bringing total borrowing capacity to $225 million. This provides significant access to capital to fund further growth.

Speaker #1: So, I'll just summarize the results for the first half: we saw significant portfolio contribution growth, which had a much more meaningful impact on earnings.

Speaker #1: We saw continued deleveraging, ending the period with a strong balance sheet. We're benefiting from good pricing momentum, and we expect several portfolio updates in the coming months to de-risk the next wave of our organic growth.

Kevin Flynn: We're benefiting from good pricing momentum, and we expect several portfolio updates in the coming months to de-risk the next wave of our organic growth. With that, I'll hand back to Marc.

Speaker #1: And with that, I'll hand back to Mark.

Speaker #2: Well, thank you, Kevin. Starting the portfolio update with Voisey’s Bay: as Kevin just mentioned, the operation achieved very strong performance in the period, and in fact, production throughput during the second quarter was actually above annualized nameplate capacity levels—so, a very strong result by the Vale Base Metals team.

Marc Bishop Lafleche: Well, thank you, Kevin. Starting the portfolio update with Voisey's Bay. As Kevin just mentioned, the operation achieved very strong performance in the period, and in fact, production throughput during the Q2 was actually above annualized nameplate capacity levels. A very strong result by the Vale Base Metals team. Ecora received 266 tons of cobalt in the H1, which leaves us very much on track for our full year guidance of 500 to 560 tons of delivered cobalts. In line with prior years, annual maintenance is planned at Voisey's Bay at the mine and the Long Harbour refinery during the H2 of the year. In the context of the strong operational performance, as Kevin mentioned, Vale Base Metals has indicated they are now focusing on the next potential phases of growth at this operation, and that really comes in two key areas.

Speaker #2: Ecora received 266 tons of cobalt in the first half, which leaves us very much on track for our full-year guidance of 500 to 560 tons of delivered cobalt.

Speaker #2: And in line with prior years, annual maintenance is planned at Voisey’s Bay at the mine and the Long Harbour Refinery during the second half of the year.

Speaker #2: So, in the context of the strong operational performance, as Kevin mentioned, Vale Base Metals has indicated they are now focusing on the next potential phases of growth at this operation.

Speaker #2: And that really comes in two key areas. First is the potential to expand the Voisey's Bay mill throughput from 2.8 to 3.8 million tons a year, and that will align throughput at the mine with throughput capacity at the Long Harbour Refinery.

Marc Bishop Lafleche: First is the potential to expand the Voisey's Bay mill throughput from 2.8 to 3.8 million tons a year and that are aligned throughput at the mine with throughput capacity at the Long Harbour refinery. The second relates to life of mine expansion potential. We saw in 2025, Vale announced the drill program resulted in extensions of both the Reid Brook and Eastern Deeps deposits, increasing the total mineral resource. The 2026 program is focused on both near term mine plan optimization, but importantly, aggressively seeking for long-term underground resource growth. Slides 12 and 13 are very much an illustration of that significant life of mine extension potential that exists at Voisey's Bay.

Speaker #2: The second relates to life and mine expansion potential. We saw in 2025 that Vale announced the drill program resulted in extensions of both the Bree Brook and Eastern Deep deposits, increasing the total mineral resource.

Speaker #2: And the 2026 program is focused on both near-term mine plan optimization, but, importantly, aggressively seeking long-term underground resource growth. Slides 12 and 13 are very much an illustration of that significant life-of-mine extension potential that exists at Voisey's Bay.

Speaker #2: With one slide from around 2018 and the other fast-forwarded to today, it very much demonstrates why we continue to be highly confident this operation will see its life extended. In time, there's a very real possibility that the life of mine is extended to be double—or if not, more—than the current plan.

Marc Bishop Lafleche: With one slide around 2018 and the other fast forwarded to today, and very much demonstrate why we continue to be highly confident this operation will see its life extended and in time, there is a very real possibility that that life of mine is extended to be double or if not more, the current plan. Turning to Mantos Blancos. As mentioned as well by Kevin, Mantos Blancos continues to achieve really strong operational performance, and you can see this on the chart on the left-hand of the slide, whereby throughput levels are very much now at or above nameplate design capacity.

Speaker #2: Turning to Mantas Blankus, as mentioned as well by Kevin, Mantas Blankus continues to achieve really strong operational performance. You can see this on the chart on the left-hand side of the slide, where throughput levels are now very much at or above nameplate design capacity.

Speaker #2: In terms of what's next, Capstone Copper submitted an environmental impact assessment during the first half, which is very much a step towards the next phase of potential growth at Mantoverde Blanco.

Marc Bishop Lafleche: In terms of what is next, well, Capstone Copper submitted an environmental impact assessment during the H1 and very much a step towards the next phase of potential growth at Mantos Blancos, which will be detailed and outlined in the phase 2 expansion study that is targeted for release by Capstone Copper later this year. As a reminder, the phase 2 study contemplates, number 1, increasing copper concentrate, and number 2, increasing copper and cathode production. With varying degrees, both of these opportunities seek to leverage existing equipment's underutilized capacity. Capstone has indicated that following the receipt of environmental approvals and permits, as well as approximately 1 year of construction, expanded Mantos Blancos capacity is expected to occur between 2030 and 2031.

Speaker #2: This will be detailed and outlined in the Phase Two expansion study, which is targeted for release by Capstone Copper later this year. As a reminder, the Phase Two study contemplates: number one, increasing copper concentrate; and number two, increasing copper cathode production.

Speaker #2: And with varying degrees, both of these opportunities seek to leverage existing equipment and existing equipment's underutilized capacity. Capstone has indicated that, following the receipt of environmental approvals and permits, as well as approximately one year of construction, expanded Mantus Blancas capacity is expected to occur between 2030 and 2031.

Speaker #2: In addition to the phase two expansion, however, there is also potential for resource growth at this operation to provide life-of-mine extension potential, with Capstone stating that the Mantos Blancos mineralization is open at both depth, as well as in areas adjacent to the current mining operation.

Marc Bishop Lafleche: In addition to the phase 2 expansion, however, there is also potential for resource growth at this operation, to provide life of mine extension potential, with Capstone stating that the Mantos Blancos mineralization is open at both depth as well as in areas adjacent to the current mining operation. Turning now to the wider base metals portfolio. The phase 2 Mimbula expansion project achieved a key milestone in June when new SX capacity began commissioning phase. The key areas of the phase 2 expansion project now are, first, the construction of the ETL circuit, and second, the expansion of existing electrowinning capacity.

Speaker #2: Turning now to the wider base metals portfolio. The Phase Two Mimbula expansion project achieved a key milestone in June, when new SX capacity began the commissioning phase.

Speaker #2: The key areas of the Phase Two expansion project now are, first, the construction of the ETL circuit, and second, the expansion of existing electrowinning capacity.

Speaker #2: At Santo Domingo, Capstone continues to advance the remaining workstreams towards a final investment decision, targeted by Capstone for Q4 this year. Those remaining workstreams in advance of FID include advancing detailed engineering towards a target of 60% completion, and also updating the capital cost estimates, which were released in 2024, but based on 2023 dollars.

Marc Bishop Lafleche: At Santo Domingo, Capstone continues to advance the remaining work streams towards a final investment decision targeted by Capstone for Q4 this year. Those remaining work streams in advance of FID include advancing detailed engineering towards a target of 60% completion and also including updating the capital cost estimates which were released in 2024, but based on 2023 dollars. Number 2, further evaluating district infrastructure optimization opportunities. Then 3, to secure final financing to proceed with the construction. At Nifty, Cyprium Metals has stated that the phase 1 of the Nifty restart project is now approaching practical and mechanical completion, with first cathode expected in the H2 of this year. Cyprium's Nifty restart strategy is split into 3 phases, and Cyprium is progressing further studies in relation to the phase 2 and phase 3 concurrent to the phase 1 project.

Speaker #2: Number two, further evaluating district infrastructure optimization opportunities, and then third, to secure final financing to proceed with the construction. At Nifty, Cyprium Metals has stated that phase one of the Nifty Restart Project is now approaching practical and mechanical completion, with first cathode expected in the second half of this year.

Speaker #2: Cyprian's Nifty restart strategy is split into three phases, and Cyprian is progressing further studies in relation to phase two and phase three concurrently with the phase one project.

Speaker #2: And keep in mind that Ecora's royalty entitlement at Nifty is subject to a cumulative copper production threshold. Based on Cyprium's current Nifty production targets, timing guidance, and targets for phase one and phase three, we have estimated that the production threshold would be triggered for entitling Ecora to royalty payments at least five years following the restart of phase one.

Marc Bishop Lafleche: Keep in mind that Ecora's royalty entitlement at Nifty is subject to a cumulative copper production threshold. Based on Cyprium's current Nifty production targets and timing guidance and targets for phase 1 and phase 3, we then have estimated that the production threshold would be triggered entitling Ecora to royalty payments at least 5 years following the restart of phase 1. Turning now to Ecora's specialty metals and uranium portfolio. We are very pleased to see a likewise strong result from the team at Largo, where very strong operational improvements at the Maracás Menchen mine resulted in a significant pickup in sales during the period, particularly those subject to our royalty entitlements. Certainly we benefited from a slight uptick as well in vanadium pentoxide prices.

Speaker #2: So, turning now to Ecora's specialty metals and uranium portfolio. We're very pleased to see likewise strong results from the team at Largo, where a very strong operational improvement at the Maracás Menchen mine resulted in a significant pickup in sales during the period, particularly those subject to our royalty entitlements.

Speaker #2: And certainly we benefited from a slight uptick as well in vanadium pentoxide prices. Of note is that LARGO has secured an approximately $60 million order of vanadium products from the U.S. Defense Logistics Agency, which very much highlights that this operation is a strategic supplier of vanadium products to both the American, but more widely, Western end markets.

Marc Bishop Lafleche: Of note is that Largo has secured an approximately $60 million order of vanadium products from the US Defense Logistics Agency, which very much highlights that this operation is a strategic supplier of vanadium products to both the American, but more widely, Western end markets. Third, a very positive development relates to US tariffs applicable to vanadium oxide and hydratoxide imports from Brazil, which have received specific tariff exemptions, thereby preserving Maracás's mentioned cost competitiveness, but also access to the US market in the future. At Palabora, Rainbow Rare Earths continues to progress the Palabora Rare Earth Project definitive feasibility study towards completion. Furthermore, it remains very well-funded following an equity raise in the H1 of this year. At Patterson Corridor East, really on that front it has been more of the same, with NexGen continuing to report absolutely outstanding results from the drilling program.

Speaker #2: And third, a very positive development relates to US tariffs applicable to vanadium oxide and hydroxide imports from Brazil, which have received specific tariff exemptions, thereby preserving Miracus's cost competitiveness, but also access to the US market in the future.

Speaker #2: At Palabora, Rainbow Rare Earths continues to progress the Palabora Rare Earth project definitive visibility study towards completion and furthermore remains very well funded, following an equity raise in the first half of this year.

Speaker #2: At Patterson Corridor East, really on that front, it's been more of the same, with NexGen continuing to report absolutely outstanding results from the drilling program.

Speaker #2: The mineralized footprint at Patterson Corridor East and the high-grade subdomain has been expanded over the period and remains open in nearly all directions. NextGen are continuing to advance their 2026 drill campaign over the second half of this year, with the addition of a fifth drill rig.

Marc Bishop Lafleche: The mineralized footprint at Patterson Corridor East and high-grade subdomain has been expanded over the period, remains open in nearly all directions. NexGen are continuing to advance their 2026 drill campaign over the H2 of this year with the addition of a fifth drill rig. We are very excited to see what comes next. In the near and medium term, as outlined on this slide, our operating partners are targeting a number of potential key de-risking milestones that relate to Ecora's next wave of organic growth. Taking a step back, it does not seem that long ago that many of these were actually still a few years away. However, we now appear to be at the beginning of hopefully a potential multi-year phase when we start seeing these come through year on year on year.

Speaker #2: So we're very excited to see what comes next in the near and medium term. As outlined on this slide, our operating partners are targeting a number of potential key de-risking milestones that relate to Ecora's next wave of organic growth.

Speaker #2: And taking a step back, it doesn't seem that long ago that many of these were actually still a few years away. However, we now appear to be at the beginning of, hopefully, a potential multi-year phase when we start seeing these come through year on year on year.

Speaker #2: And these are very much layered across the entirety of Ecora's portfolio, spanning producing assets, brownfield expansions, as well as near-term and longer-term development-stage royalties.

Marc Bishop Lafleche: These are very much layered across the entirety of Ecora's portfolio, spanning producing brownfield expansions, as well as near-term and longer-term development stage royalties. This is another way of looking at Ecora's layered growth profile split into stage of development, further summarizing Ecora's longer term cash generation potential. The first layer relates to solely the producing portfolio, which is forecast this year to generate approximately $70 million based on consensus forecasts. Ecora's second layer of organic growth relates to potential expansions of operations that are already in production, specifically Mantos Blancos and Voisey's Bay. Both of these expansions appear, number 1, economically attractive, and number 2, relatively low risk. Vale is currently targeting a final investment decision to proceed with the Voisey's expansion in 2028, with Capstone targeting the expanded Mantos Blancos production within 5 years.

Speaker #2: This is another way of looking at Ecora's layered growth profile, split into stage of development, further summarizing Ecora's longer-term cash generation potential. The first layer relates solely to the producing portfolio, which is forecast this year to generate approximately $70 million, based on consensus forecasts.

Speaker #2: Ecora's second layer of organic growth relates to potential expansions of operations that are already in production, specifically Mantos Blancos and Poiséuilles Bay. Both of these expansions appear, number one, economically attractive, and number two, relatively low risk.

Speaker #2: And Vale is currently targeting a final investment decision to proceed with the Voisey's expansion in 2028, with Capstone targeting expanded Mantoverde-Blanco production within five years.

Speaker #2: And please note that neither of these two potential expansions are actually currently included in any of Ecora research analyst forecasts. Although we certainly would expect this to change as the likelihood of the expansions are de-risked and further detailed, for example, via the publication of the Mantas Blankus Phase Two study later this year.

Marc Bishop Lafleche: Please note that neither of these 2 potential expansions are actually currently included in any of Ecora research analyst forecasts. Although we certainly would expect this to change as the likelihood of the expansions are de-risked, and further detailed. For example, via the publication of the Mantos Blancos phase 2 study later this year. The third layer of our organic growth profile relates to new mines or operations that are expected or restart operations that are targeted to be in production by our operator partners within the next 5 years. The figure shown on the page is at spot and steady state production targets in the longer term.

Speaker #2: The third layer of our organic growth profile relates to new mines or operations that are expected to restart operations, that are targeted to be in production by our operator partners within the next five years.

Speaker #2: And the figure shown on the page is that spot and steady-state production targets in the longer term. So you can see, when you think back to the catalyst page we just discussed and you overlay that with our next five years of potential free cash flow growth, this business really is in a position to further de-risk our growth profile and, in some ways, really build upon what's already occurred in the producing portfolio.

Marc Bishop Lafleche: When you think back to the catalyst page we just discussed, and you overlay that with our next 5 years of potential free cash flow growth, this business really is in a position to further de-risk our growth profile, and in some ways, really build upon what's already occurred in the producing portfolio. Longer term, this bucket is not expected to generate income, for the next 5 years. However, this still has the potential to drive significant share price appreciation as these projects see incremental de-risking events. For example, from the Cañariaco project, which is now owned by Fortescue or NexGen's Patterson Corridor East, which continues to deliver very strong exploration results and in time a resource and beyond.

Speaker #2: Longer term, this bucket is not expected to generate income in the next five years. However, it still has the potential to drive significant share price appreciation.

Speaker #2: As these projects see incremental de-risking events—for example, from the Canariaco project, which is now owned by Fortescue, or NexGen's Patterson Corridor East, which continues to deliver very strong exploration results and, in time, a resource and beyond.

Speaker #2: So, in parallel to Ecora's near-term potential catalysts, number two, expect a strong organic growth profile over the medium term. We're also in the final, most impactful stage of a multi-year transformation.

Marc Bishop Lafleche: In parallel to Ecora's near-term potential catalyst, and number 2, expected strong organic growth profile over the medium term, we're also in the final most impactful stage of a multi-year transformation. Where first we've seen our sources of revenue go from primarily one asset to a much more diversified portfolio. Number 2, we've seen our sources of revenue shift from primarily coking coal to critical minerals. Certainly not least, we've also seen our revenue profile go from very short dated, measured in years, to operations primarily with mine lives that run for decades. This is a major change in this business. In addition to that, in the period, we've also adopted a growth-focused capital allocation framework, which provides clarity of purpose and which has already delivered benefits in the form of supporting growth.

Speaker #2: First, we've seen our sources of revenue go from primarily one asset to a much more diversified portfolio. Number two, we've seen our sources of revenue shift from primarily coke and coal to critical minerals. And certainly not least, we've also seen our revenue profile go from very short-dated, measured in years, to operations primarily with mine lives that run for decades.

Speaker #2: So this is a major change in this business. And in addition to that, in the period we've also adopted a growth-focused capital allocation framework, which provides clarity of purpose and which has already delivered benefits in the form of supporting growth, but, as Kevin mentioned as well, allowing for a relatively much more rapid pace of deleveraging following an acquisition.

Marc Bishop Lafleche: But as Kevin mentioned as well, allowing for a relatively much more rapid pace of deleveraging following an an acquisition. So when you combine the portfolio's significantly improving quality of earnings with the near and medium-term potential de-risking events targeted by our operating partners, a strong five-year organic revenue growth profile, and likewise strong fundamental outlook for Ecora's key commodity exposures such as copper. This provides us, at Ecora anyways, great confidence in the near and long-term outlook for Ecora, and is the basis for our belief that Ecora continues to offer investors a really highly attractive entry point. So to conclude with a brief outlook, looking ahead, number one, we are on track to deliver volume growth from our key base metals royalties during 2026. We are very well positioned for multiple near-term catalysts, some potentially as soon as the H2 of this year.

Speaker #2: So, when you combine the portfolio's significantly improving quality of earnings with the near- and medium-term potential de-risking events targeted by our operating partners, a strong five-year organic revenue growth profile, and likewise strong fundamental outlook for Ecora's key commodity exposures such as copper, this provides us at Ecora, anyway, great confidence in the near- and long-term outlook for Ecora and is the basis for our belief that Ecora continues to offer investors a highly attractive entry point.

Speaker #2: So, to conclude with a brief outlook: looking ahead, number one, we're on track to deliver volume growth from our key base metals royalties during 2026.

Speaker #2: We're very well positioned from multiple near-term catalysts, some potentially as soon as the second half of this year. We expect further debt reduction in the second half of this year, with commodity prices potentially providing an additional benefit should they remain at or above current levels.

Marc Bishop Lafleche: We expect further debt reduction in the H2 of this year, with commodity prices potentially providing an additional benefit should they remain at or above current levels. We remain focused on growing and further diversifying the business, and importantly, have the financial flexibility to do so. The royalty model continues to be defensively positioned to inflationary pressures that continue to persist. So with that, we will take some Q&A. Thank you.

Speaker #2: We remain focused on growing and further diversifying the business, and, importantly, have the financial flexibility to do so. And last, the royalty model continues to be defensively positioned to inflationary pressures that continue to persist.

Speaker #2: So with that, we'll take some Q&A. Thank you.

Speaker #1: And thank you. Thank you very much, sir. Ladies and gentlemen, if you'd like to ask any audio questions, please press star one on your telephone keypad, and just make sure that your line is unmuted to allow you to reach us with your equipment.

Operator: Thank you very much, sir. Ladies and gentlemen, if you would like to ask any audio questions, please press star one on your telephone keypad and just make sure that your line is unmuted to allow you to mute your equipment. That is star one for audio questions. Our very first audio question is coming from Richard Hatch, Analyst from Berenberg. Please go ahead, Richard. Your line is open. Thank you.

Speaker #1: Star one for audio questions. Every first audio question is coming from Richard Hatch, calling from Berenberg. Please go ahead, Richard. Your line is open.

Speaker #1: Thank you.

Speaker #2: Yeah, thanks. Hi team, and congrats on the good set of numbers. Just one question: I mean, just looking at the balance sheet and how quickly it's deleveraging, as you're guiding to sort of £50 million on consensus net debt by the end of this year, £25 million—we then start turning into a conversation where perhaps the balance sheet is under-levered.

Richard Hatch: Yeah, thanks. Hi team, and congrats on the good set of numbers. Just one question. Just looking at the balance sheet and how quickly it is de-leveraging as you are guiding to sort of $50 million on consensus net debt by the end of this year, $25 million. We then start turning into a conversation where perhaps the balance sheet is under-levered. So can you just talk us through where your head is at in terms of the scope for additional shareholder returns if the right growth opportunities are not made available to you in the next couple of years? Thanks.

Speaker #2: So, can you just talk us through where your head's at in terms of the scope for additional shareholder returns if the right growth opportunities aren't made available to you in the next couple of years?

Speaker #2: Thanks.

Speaker #3: Hi Richard. Thanks for the question. Our priority and focus at the moment is to continue to grow and diversify Equora. As you know, over the past years, over following to support a number of acquisitions, we've used our revolving credit facility as a tool to transact and then with a clear deleveraging path subsequently delevered and again drew on the facility to continue to grow and diversify which very much remains the aim and the focus we've also been very focused on ensuring that any leverage to acquire transaction is accompanied by a clear deleveraging plan that's robust, that does not overlever the business, but that being said in the future we would anticipate continuing to use our facility to continue to grow.

Marc Bishop Lafleche: Hi, Richard. Thanks for the question. Our priority and focus at the moment is to continue to grow and diversify Ecora. As you know, over the past years, following to support a number of acquisitions, we have used our revolving credit facility as a tool to transact, and then with a clear de-leveraging path, subsequently de-levered. Again, drew on the facility to continue to grow and diversify, which very much remains the aim and the focus. We have also been very focused on ensuring that any leverage to acquire a transaction is accompanied by a clear de-leveraging plan that is robust, that does not over-lever the business. That being said, in the future, we would anticipate continuing to use our facility to continue to grow.

Speaker #2: Okay. Thanks very much.

Richard Hatch: Okay. Thanks very much.

Speaker #1: Thank you for your questions, sir. Ladies and gentlemen, once again, if you have any questions, please press star one. And I'll go to Riley Ventas of Atrium Research.

Operator: Thank you for your question, sir. Ladies and gentlemen, once again, if you have any questions, please press star one. Now with Riley Ventas of ATM Research. Please go ahead.

Operator: Thank you for your question, sir. Ladies and gentlemen, once again, if you have any questions, please press star one. Now with Riley Ventas of ATM Research. Please go ahead.aun

Speaker #1: Please go ahead.

Speaker #4: Hey guys, congrats on the strong first half. Just touching on the potential acquisitions, can you remind us of your kind of investment criteria in terms of projects that you're evaluating?

Riley Ventas: Hey, guys. Congrats on the strong H1. Just taking on the potential acquisitions, can you remind us your investment criteria in terms of projects that you are evaluating?

Riley Venton: Hey, guys. Congrats on the strong H1. Just taking on the potential acquisitions, can you remind us your investment criteria in terms of projects that you are evaluating?

Speaker #3: Absolutely. Well, thank you for the question. At the moment, you could shape our focus into two key areas. So, in terms of quantum—in other words, ticket size—as well as the majority of our attention.

Marc Bishop Lafleche: Absolutely. Well, thank you for the question. At the moment, you could shape our focus into two key areas. In terms of quantum, in other words, ticket size, as well as majority of attention over opportunities that are towards the front end of the development curve, if not already into production. Secondly, we would consider opportunities that are at the earlier stage of development, but certainly, in lower investment amounts. In terms of commodity focus, our remit includes critical minerals, although we certainly have a preference, if possible and available, subject to the opportunity set, to retain the core of this portfolio in copper and other base metals. From a jurisdiction perspective, we continue to focus on well-established mining jurisdictions.

Speaker #3: Over opportunities that are towards the front end of the development curve, if not already into production. And secondly, we would consider opportunities that are at the earlier stage of development.

Speaker #3: Certainly, in lower investment amounts. In terms of commodity focus, our remit includes critical minerals, although we certainly have a preference, if possible and available—subject to the opportunity set—to retain the core of this portfolio in copper.

Speaker #3: And other base metals. And from a jurisdiction perspective, we continue to focus on well-established mining jurisdictions. And of course, from a team perspective, as a royalty company, we clearly don't control the operations.

Marc Bishop Lafleche: Then of course, from a team perspective, as a royalty company, we clearly don't control the operations, so partnering with the right counterparties who have the track records of execution in terms of project development as well as operational expertise remains paramount. That's certainly not all we consider when we do a transaction, but are amongst the key points.

Speaker #3: So partnering with the right counterparties, who have the track record of execution in terms of project development as well as operational expertise, remains paramount.

Speaker #3: That's certainly not all we consider when we do a transaction, but those are amongst the key points.

Speaker #4: Thanks, Mark. And then maybe just one more for me on Boise's Day. I know Q2 included some catch-up from Q1 based on the timing of deliveries.

Riley Ventas: Okay, thanks, Marc. Maybe just one more for me on Voisey's Bay. I know Q2 included some catch-up from Q1 based on the timing of deliveries. Can you give us a sense of how much of Q2 was attributed to those timing benefits? As the ramp-up being largely complete, what do you see as kind of the steady state contributions for the next couple quarters here?

Riley Venton: Okay, thanks, Marc. Maybe just one more for me on Voisey's Bay. I know Q2 included some catch-up from Q1 based on the timing of deliveries. Can you give us a sense of how much of Q2 was attributed to those timing benefits? As the ramp-up being largely complete, what do you see as kind of the steady state contributions for the next couple quarters here?

Speaker #4: Can you give us a sense of how much of Q2 was attributed to those timing benefits? And then, as you ramp up—with the ramp-up being kind of largely complete—what do you see as the steady-state contributions for the next couple of quarters here?

Speaker #3: Yeah, so I think, Riley, we're always going to anticipate seeing some variability at Voisey's Bay just as a result of the timing of cobalt shipments.

Marc Bishop Lafleche: Yeah. I think, Riley, we're always going to anticipate seeing some variability at Voisey's Bay just as a result of the timing of cobalt shipments. For those who aren't aware, the Voisey's Bay stream is settled in physical cobalt. Unlike the rest of our portfolio, which is calculated by reference to production in a quarterly period, at Voisey's, there's an additional step, which is for those volumes to be shipped to a warehouse in Rotterdam, where we take possession of that cobalt and on-sell it to our marketing partner. In terms of the second part of your question, it was measured in a handful of deliveries. Not in and of itself the key driver between the volume deliveries between Q1 and Q2. In any event, it was great to see those volumes catch up in Q2 as expected.

Speaker #3: And for those who aren't aware, the Boise's Bay stream is settled in physical cobalt. So unlike the rest of our portfolio, which is calculated by reference to production and the quarterly period, at Boise's there's an additional step, which is for those volumes to be shipped to a warehouse in Rotterdam, where we take possession of that cobalt and on-sell it to our marketing partner.

Speaker #3: So, in terms of the second part of your question, it was measured in a handful of deliveries—so not, in and of itself, the key driver between the volume deliveries between Q1 and Q2. But in any event, it was great to see those volumes catch up in Q2, as expected.

Speaker #3: And looking ahead, this asset this year—our guidance is 500 to 560 tons of attributable cobalt. Historically, the steady-state production capacity and the life-of-mine average basis has been around that 560 tons per year mark—some years above, some years below.

Marc Bishop Lafleche: Looking ahead, this asset this year, our guidance is 500 to 560 tons of attributable cobalt. Historically, the steady state production capacity on a like-to-mine average basis has been around that 560 tons per year mark, some years above, some years below. As we mentioned earlier on the call, Vale is now exploring the possibility to extend throughput, which would obviously increase our steady state volume entitlements if they were to proceed with a mill expansion.

Speaker #3: But as we mentioned earlier on the call, Valley is now exploring the possibility of extending throughput, which would obviously increase our steady-state volume entitlements if they were to proceed with the mill expansion.

Speaker #4: Okay, thanks, Mark. That’s it for me. Good luck in the second half.

Riley Ventas: Okay. Thanks, Marc. That's it for me. Good luck in the H2.

Riley Venton: Okay. Thanks, Marc. That's it for me. Good luck in the H2.

Speaker #3: Thank you.

Marc Bishop Lafleche: Thank you.

Speaker #1: Thank you for your questions, Riley. Next, we'll go to Ben Davis of RBC Capital Markets. Please go ahead, your line is open, sir.

Operator: Thanks. Thank you for your questions, Roddy. Next, we'll be going to Ben Davis of RBC Capital Markets. Please go ahead. Your line is open, sir.

Speaker #5: Thanks. So, for the presentation—great set of numbers. Just quickly on Piauí, the nickel project—I was just curious where we are in terms of construction funding.

Ben Davis: Thanks all for the presentation. Great set of numbers. Just quickly on Kiawi, the nickel project, I was just curious where we are in terms of construction funding. Is there any sort of more of an update you can give on how things are progressing there? Also, it would be tremendous if they ever did receive that funding from the US government at the end of the Biden administration.

Speaker #5: Is there any sort of update you can give on how things are progressing there? And also, can you remind us if they ever did receive that funding from the U.S. government at the end of the Biden administration?

Speaker #3: So generally, in terms of the project, I'd say the team continues to be very focused and very active towards securing project financing. It's a great team.

Marc Bishop Lafleche: Generally, in terms of the project, I'd say the team continues to be very focused and very active towards securing project financing. It's a great team that's only gotten better over time, as they've attracted some very experienced individuals, both particularly in terms of project execution and so that's been great to see. The backdrop for funding nickel projects clearly was challenging, particularly during 2025. That certainly is beginning to change as a result of cost pressures, potentially structural rather than temporary. So I think the overall outlook for this project from a funding perspective has certainly improved. We don't have any immediate updates beyond that. But as and when these are made available, we'll certainly pass that on.

Speaker #3: That's only gotten better over time, as they've attracted some very experienced individuals, particularly in terms of project execution, so that's been great to see.

Speaker #3: The backdrop for funding nickel projects clearly was challenging, in particular during 2025. That certainly is beginning to change, as a result of cost pressures potentially being structural rather than temporary.

Speaker #3: So, I think the overall outlook for this project, from a funding perspective, is certainly improved. We don't have any immediate updates beyond that, but as and when these are made available, we'll certainly pass that on.

Speaker #5: Great, thank you. And just more generally, in terms of actually getting the kind of deals that you're looking at done, is there anything you can say on— I mean, is it getting harder or easier in terms of competing sources of capital out there, and in terms of government funding for projects?

Ben Davis: Great. Thank you. Just more generally, in terms of actually getting the deals that you're looking at done, I mean, is there anything you can say on, is it getting harder, easier in terms of competing sources of capital out there, in terms of government funding for projects, that is making it trickier to get the deals done?

Speaker #5: It's making it trickier to get the deals done?

Speaker #3: Yeah, it's an interesting question. And I'd say depending on where you are in the cycle and the economic backdrop, generally the opportunities can somewhat shift.

Marc Bishop Lafleche: Yeah, it's an interesting question, and I'd say depending on where you are in the cycle and the economic backdrop generally, and the opportunities that can somewhat shift. But I think actually where we are today, there's certainly a group of opportunities that are open and are possible, and that group is a function of the fact that there is equity capital available and there's debt capital available. As you know, Ecora can be the only financing solution in some circumstances, but at other points in time, we are part of a wider capital structure. I think to answer your question more directly, there are certainly some opportunities where that collection of wider financing and the availability of other financing through equity, debt, and also from the form of other participants potentially creates opportunities that might not otherwise be available.

Speaker #3: But I think, actually, where we are today, there's certainly a group of opportunities that are open and are possible. And that group is a function of the fact that there is equity capital available, and there's debt capital available.

Speaker #3: As you know, Ecora can be the only financing solution in some circumstances. But at other points in time, we are part of a wider capital structure.

Speaker #3: I think so. To answer your question more directly, there are certainly some opportunities where that collection of wider financing, and the availability of other financing through equity, debt, and also from the form of other sort of participants, potentially creates opportunities that might not otherwise be available.

Speaker #3: More generally on the pipeline, our focus continues to be to grow and diversify the business, obviously in a very disciplined way.

Marc Bishop Lafleche: More generally on the pipeline, our focus continues to be to continue to grow and diversify the business, obviously within a very disciplined way. We are pleased with the state of the offering at the moment, and in time, we are very confident that we will continue to grow and diversify the business. We are pleased with what we are seeing in the market at the moment. We are seeing opportunities, but in terms of exactly when and how the stars align, that is always a difficult thing to predict in the royalty sector, as you know, in particular, in circumstances where we are one piece of the capital structure. While we might be ready to go, the other parts are not quite there. That is not always within our control.

Speaker #3: But we're sort of pleased with the state of the offering at the moment, and in time we're very confident that we'll continue to grow and diversify the business.

Speaker #3: We're pleased with what we're seeing in the market at the moment. We're seeing opportunities, but in terms of exactly when and how the stars align, that's always a difficult thing to predict in the royalty sector.

Speaker #3: As you know, in particular in circumstances where one piece of the capital structure—while we might be ready to go—the other parts are not quite there.

Speaker #3: That's not always within our control.

Speaker #5: Great. Thanks very much.

Ben Davis: Great. Thanks very much.

Speaker #1: Thanks so much, sir. Our next question will be coming from Tim Huff of Canaccord. Please go ahead, Tim.

Operator: Thanks much, sir. Our next question will be coming from Tim Huff of Canaccord. Please go ahead, Tim.

Speaker #2: Yeah, thanks very much. Yeah, just one question sort of a follow-up on pipeline, like a couple of the other questions. First half '25 to first half '26, you guys moved from being like 50%, your base metals portfolio was about 50% of contribution, moved to over 70% in the first half of this year, which my mind really good news.

Tim Huff: Yeah, thanks very much. Just one question, sort of a follow-up on pipeline, like a couple of the other questions. H1 2025 to H1 2026, you guys moved from being 50%, your base metals portfolio was about 50% of contribution, moved to over 70% in the H1 of this year, which in my mind, really good news. You mentioned previously that you continue to want to see the base metals portion, particularly copper, being the focus of this portfolio. I am just wondering, sort of from a diversification perspective, I guess, at what level do you guys start to think about maybe needing to build out the specialty metals, uranium portfolio a little bit more?

Speaker #2: You mentioned previously that you continue to want to see the base metals portion particularly copper. Being the focus of this portfolio. And I'm just wondering sort of from a diversification perspective, I guess when does at what level do you guys start to think about maybe needing to build out the specialty metals uranium portfolio a little bit more?

Speaker #2: I mean, I know you've got Patterson Corridor East, and you've got Palabora in there as well. So, I mean, those will be built out at some point in time, but equally so, you've got a lot of copper projects coming up in the portfolio—in the pipeline—as well.

Tim Huff: I know you've got Patterson Corridor East, and you've got Palabora in there as well, so those will be built out at some point in time. But equally so, you've got a lot of copper projects coming up in the pipeline as well. So it was just a little bit of maybe background thought as to how you see that developing going forward between the base metals and the specialty metals parts of the portfolios.

Speaker #2: So, I was just wondering if you could provide a little bit of background on how you see the development going forward between the base metals and the specialty metals parts of the portfolio.

Speaker #3: Hi Tim, thanks for the question. Look, I think when we think about this portfolio's construction, thematically we've sought to build it in such a way that the commodity exposure transcends electrification.

Marc Bishop Lafleche: Hi, Tim. Thanks for the question. Look, I think when we think about this portfolio's construction, thematically, we've sought to build it in such a way that the commodity exposure transcends electrification, and that covers both renewable energy storage, data centers, batteries, urbanization, just old-fashioned white goods. The one commodity that cuts across all these trends is copper, and therefore, we're quite pleased to have copper as the core of the portfolio. But beyond that, look, our strategy has never been copper only. It's been a critical mineral strategy. So we certainly do consider other commodities within the critical minerals framework. That being said, we do feel that retaining copper at the core of this portfolio, given it, as I mentioned, transcends the electrification trend, firmly aligns the business, its prospects to a very strong fundamental outlook for copper as a result.

Speaker #3: And that covers both renewable energy, energy storage, data centers, batteries, urbanization, and just old-fashioned white goods. The one commodity that cuts across all these trends is copper.

Speaker #3: And therefore, we're quite pleased to have copper as the core of the portfolio. But beyond that, look, our strategy has never been copper only.

Speaker #3: It's been a critical mineral strategy. So, we certainly do consider other commodities within the critical minerals framework. That being said, we do feel that retaining copper at the core of this portfolio—given it, as I mentioned, transcends the electrification trend—firmly aligns the business and its prospects to a very strong fundamental outlook for copper as a result.

Speaker #3: We at this time are not focused on only copper, but if we're seeing a copper opportunity, all else being equal, we probably would lean more toward copper than a more niche commodity.

Marc Bishop Lafleche: We, at this time, are not focused on only copper, but if we're seeing copper opportunities, all else being equal, we probably would lean to more copper than a more niche commodity. But I think it really needs to be considered in the specifics of the circumstance, which includes factors like jurisdiction, management team, project execution risk, returns profile, entry point, and all these factors would be taken into consideration if one were ever to be doing sort of a side-by-side of an opportunity.

Speaker #3: But I think it really needs to be considered in the specifics of the circumstance, which includes factors like jurisdiction, management team, project execution risk, returns profile, and entry point.

Speaker #3: And all these factors would be taken into consideration if one were ever to be doing sort of a side-by-side of an opportunity.

Speaker #2: Okay, that's really helpful. Thank you.

Tim Huff: Okay. That's really helpful. Thank you.

Speaker #1: And thank you very much, Tim. As we have no further audio questions at this time, I'll hand the call over to Scott to take any questions submitted through the webcast.

Operator: Thank you very much, Tim. As we have no further audio questions at this time, I am going to hand the call over to Scott to take any questions submitted through webcast. Thank you.

Speaker #1: Thank you.

Speaker #4: Thanks very much, George. Just a reminder: if you'd like to submit a question through the webcast, please do so using the toolbar below.

Geoff Callow: Thanks very much, George. Just a reminder, if you would like to submit a question through the webcast, please do so using the toolbar below. First question is, you have spent several years transforming Ecora from a Kestrel-dependent royalty company into a much more diversified critical minerals platform. H1 feels like one of the first periods where that architecture is really starting to show through in the numbers. Which part of the portfolio do you think the market still underappreciates most today?

[Company Representative] (Ecora Royalties): Thanks very much, George. Just a reminder, if you would like to submit a question through the webcast, please do so using the toolbar below. First question is, you have spent several years transforming Ecora from a Kestrel-dependent royalty company into a much more diversified critical minerals platform. H1 feels like one of the first periods where that architecture is really starting to show through in the numbers. Which part of the portfolio do you think the market still underappreciates most today?

Speaker #4: First question is, you've spent several years transforming Ecora from a Kestrel-dependent royalty company into a much more diversified critical minerals platform. And H1 feels like one of the first periods where that architecture is really starting to show through in the numbers.

Speaker #4: Which part of the portfolio do you think the market still underappreciates most today?

Speaker #3: Look, I think the ramp-up and cash generation potential that existed within the producing portfolio assets, like Voisey’s Bay and Los Bronces, that has been signaled and telegraphed for many years to come.

Marc Bishop Lafleche: Look, I think the ramp-up in cash generational potential that existed within the producing portfolio, assets like Voisey's Bay and Mantos Blancos, that has been signaled and telegraphed for many years to come. Obviously it is delightful to see that now being demonstrated. Beyond that, there is significant growth in this potential, as we mentioned earlier in the presentation, starting with just expansion of assets already in production at Mantos Blancos and Voisey's Bay. Then beyond that, a five-year greenfield or a restart organic growth pipeline, and of course, longer-term assets. I would say, I think thus far, most of the focus, frankly, appears to us to be really on that first step, which is just demonstrating the free cash flow generation potential that exists from our producing asset base.

Speaker #3: So, obviously, it's delightful to see that now being demonstrated. But beyond that, there's significant growth in this potential, as we mentioned earlier in the presentation.

Speaker #3: Starting with just expansion of assets already in production at Los Blancos and Voisey's Bay. And then beyond that, a five-year greenfield or restart growth, organic growth pipeline.

Speaker #3: And of course, longer-term assets. So, I'd say I think thus far, most of the focus, frankly, appears to us to be really on that first step, which is just demonstrating the free cash flow generation potential that exists from our producing asset base.

Speaker #3: And that is also why we look to the future with a lot of excitement and optimism, in particular given the significant milestones and de-risking events that are expected in the near and medium term, which ultimately will, hopefully, translate to much more confidence in the five-year organic growth profile and beyond.

Marc Bishop Lafleche: Also is why we look to the future with a lot of excitement and optimism, in particular, given the significant milestones and de-risking events that are expected in the near and medium term that ultimately will thus translate, hopefully, to much more confidence in the five-year organic growth profile and beyond.

Speaker #4: Thank you for that. That's all the questions we've got time for at the moment, Mark. Maybe I could hand back to you for any closing remarks.

Geoff Callow: Thank you for that. That is all the questions we have got time for at the moment. Mark, maybe I could hand back to yourself for any closing remarks.

[Company Representative] (Ecora Royalties): Thank you for that. That is all the questions we have got time for at the moment. Mark, maybe I could hand back to yourself for any closing remarks.

Speaker #3: Look, in short, it's a great set of numbers. We're really pleased with the performance, and we're well positioned for a strong H2 and beyond.

Marc Bishop Lafleche: Look, in short, it is a great set of numbers. We are really pleased with the performance. We are well positioned for a strong H2 and beyond. Thank you very much for your time today. If you have any questions or any further questions, I encourage you to reach out to ourselves at Ecora, IR@ecoraroyalties.com, royalties, excuse me, .com.

Speaker #3: So thank you very much for your time today. If you have any questions or any further questions, encourage you to reach out to ourselves at Ecora IR@ecoraresourcesroyalties, excuse me, dot com.