Ecora Royalties PLC Announces Q1 2026 Trading Update

• Event: Q1 2026 Trading Update released on April 29, 2026.
• Financial Performance: Total portfolio contribution reached $12.3 million, a 105% increase year-over-year compared to $6.0 million in Q1 2025.
• Base Metals: Contribution rose 152% YoY to $8.3 million, driven primarily by Voisey's Bay cobalt ($3.6m) and Mantos Blancos copper ($2.4m).
• Debt Position: Net debt decreased slightly to $84.4 million as of March 31, 2026, from $85.5 million at December 31, 2025.
• Operational Highlights: Voisey's Bay received 70 tonnes of cobalt in Q1 (vs 56t YoY) with realized prices averaging $28.66/lb (vs $13.28/lb). Mimbula copper stream contributed $2.1 million.
• Outlook: FY 2026 cobalt guidance remains unchanged at 500-560 tonnes. Kestrel steelmaking coal is expected to resume contributions in Q3 2026, leaving a gap in H1.
• Strategic Updates: Fortescue's acquisition of Alta Copper (Canariaco project) is complete; Ecora retains a 0.5% royalty. Rainbow Rare Earths announced an equity raise for Phalaborwa DFS funding.

• Confirmation of Turnaround: The Q1 results validate the strategic pivot toward critical minerals outlined in the March 2026 Full Year Results. Base metals now represent a dominant portion of revenue, reducing reliance on volatile coal markets.
• Revenue Quality: While contribution doubled YoY, it is heavily dependent on cobalt prices which spiked to $28.66/lb in Q1 compared to $13.28/lb previously. This price sensitivity poses a risk if commodity cycles turn.
• Debt Management: The reduction in net debt ($84.4m) is positive but incremental. With annualized contribution running near $50 million (based on Q1 run rate), leverage remains manageable but requires continued discipline given the Kestrel revenue gap in H1 2026.
• Expectation vs Reality: The growth was largely anticipated following the FY 2025 results released one month prior (March 26, 2026). Therefore, while positive, it does not constitute a surprise "Game Changer" but rather confirms the established trajectory.

• Overview: Ecora Royalties PLC is a mining royalty and streaming company focused on critical minerals (cobalt, copper, uranium) and bulk commodities (coal). The company has pivoted significantly from coal to electrification metals over the last two years.
• Flagship Project: Voisey's Bay (Cobalt). Ecora holds a 70% net interest in the cobalt stream. This asset is currently the primary revenue driver, contributing $3.6 million in Q1 2026 alone.
• Development Status: The company is in a growth phase with multiple assets ramping up (Voisey's Bay, Mimbula) while transitioning away from declining coal royalties (Kestrel).