Ecora Resources PLC Announces Canariaco Project Update

On December 15, 2025, Ecora Resources announced an update on the Cañariaco Copper Project in Peru, where it holds a 0.5% Net Smelter Return (NSR) royalty. The update notes that Fortescue Ltd has proposed to acquire the remaining 64% of Alta Copper Corp.'s shares that it does not already own. Alta Copper is the owner of the Cañariaco project. This move would give Fortescue, a major global mining company, full control over the project.

The news is material and positive. While Ecora is a passive royalty holder, the quality and commitment of the project operator are paramount to the royalty's future value. Fortescue taking full ownership of Alta Copper is a significant de-risking event for the Cañariaco project. It signals strong intent from a well-capitalized major to advance the project, substantially increasing the likelihood that the asset will be developed and Ecora's royalty will eventually generate revenue.

This development follows a series of positive updates that have fundamentally improved the investment thesis for Ecora over the past year: - Santo Domingo De-Risking (Oct 14, 2025): The announcement of a joint venture between Capstone Copper and Orion for the Santo Domingo project was a game-changer. This brought in a strong financial partner, making a Final Investment Decision (FID) in H2 2026 highly probable. For Ecora, its 2.0% NSR on this project is expected to generate $30-$35 million annually in its first seven years, a figure that would transform the company's revenue profile. - Strong Operational Performance (Oct 29, 2025): The Q3 trading update confirmed record portfolio contributions, driven by the ramp-up at Voisey's Bay and strong performance from Mantos Blancos. This demonstrates the company's producing assets are delivering. - Successful Deleveraging: Net debt has been reduced from a peak of $125.9M in Q1 2025 to $104.0M by the end of Q3 2025, aided by strong cash flow and the strategic sale of the non-core Dugbe gold royalty for up to $20M.

The Fortescue news builds on this positive momentum. It provides another example of a major mining company validating the quality of an asset within Ecora's development portfolio. While the Cañariaco royalty is smaller than Santo Domingo's, its advancement adds another layer of long-term, high-quality growth potential. The market has already begun to re-rate Ecora's stock on the back of the Santo Domingo news and strong operating results; this latest update further solidifies the bull case.

Ecora Resources is a royalty and streaming company shifting its focus from a reliance on coal to a diversified portfolio of future-facing commodities, particularly copper and other critical minerals needed for global electrification and decarbonization.

The company's portfolio consists of producing, development, and exploration assets. - Key Producing Assets: Voisey's Bay (cobalt stream), Mantos Blancos (copper royalty), Mimbula (copper stream), and Kestrel (steelmaking coal royalty). - Flagship Development Project: The company's most significant value driver is its 2.0% NSR on Capstone Copper's Santo Domingo copper project in Chile. The project is advancing towards an FID in H2 2026 and is projected to generate $30-$35 million per year for Ecora in its first seven years of operation.