Core Viewpoint - The company has rebranded itself as Ecora Royalties PLC to better reflect its focus on critical minerals and royalty business [1]. Company Name Change - The name change to Ecora Royalties PLC will take effect on January 15, 2026, with shares trading under the new name on the London Stock Exchange starting at 8:00 AM and on the Toronto Stock Exchange and OTCQX Best Market at 9:30 AM EST [2]. - The Tradable Instrument Display Mnemonic (TIDM) code remains "ECOR" for London and Toronto exchanges, and "ECRAF" for OTCQX [2]. Shareholder Information - Existing ISIN and SEDOL numbers for the company's ordinary shares will remain unchanged, and shareholders do not need to take any action regarding their holdings [3]. Company Overview - Ecora is positioned as a leading royalty and streaming company focused on critical minerals, with a portfolio that includes copper and other commodities linked to electrification, energy transition, and urbanization [5]. - The company emphasizes a disciplined investment approach, targeting high-quality opportunities in established mining jurisdictions with experienced management teams [6]. Growth and Strategy - The portfolio is expected to generate substantial additional cash flow within the next five years, driven by existing royalties and streams [5]. - The management team has a proven track record in structuring and completing accretive royalty and stream transactions in the critical minerals sector, focusing on growth and maintaining a strong balance sheet [7].

NACCO Industries (NC) FY Conference Summary Company Overview - NACCO Industries is a diversified natural resources platform with a legacy in coal mining, established in 1913, transitioning from underground mining to surface mining and integrated services for power plants [2][4] - The company aims to leverage its historical strengths to expand into new business areas while maintaining strong cash flows from its legacy operations [3][5] Business Model and Strategy - NACCO's business model focuses on long-term relationships with customers, generating stable income through contracts that provide visibility into earnings and cash flows [6][7] - The company emphasizes a "mining as a service" approach, where customers own the power plants, and NACCO provides coal mining services under long-term contracts [55][56] - NACCO has diversified into contract mining for industrial minerals and is expanding into lithium mining, with a project in Northern Nevada [10][15] Financial Performance and Projections - The company targets an EBITDA of $150 million, with a current recurring EBITDA of approximately $50 million from legacy businesses [35][39] - New projects signed in 2024 are expected to contribute an additional $11 million in annual EBITDA starting in 2026 [40] - NACCO has invested $94 million in mineral reserves, focusing on long-term value and low competition for future development opportunities [20][43] Environmental and Mitigation Business - NACCO has a strong environmental record and is developing a mitigation business that restores damaged streams and wetlands, generating credits that can be sold to developers [22][26] - The mitigation business is expected to achieve profitability by 2026, with a focus on long-term contracts and low maintenance capital expenditures [44][45] Market Position and Competitive Advantage - NACCO positions itself as a stable investment in the natural resources sector, not driven by short-term trends or cycles, but by fundamental growth in infrastructure and resource needs [46][47] - The company’s dual-class stock structure allows for long-term strategic planning without the pressure of quarterly earnings expectations [51][52] Risks and Considerations - Quarterly income variations can occur due to customer maintenance schedules, weather conditions, and natural gas prices affecting coal demand [59][60] - The company does not own the power plants, which means its revenue is dependent on the operational efficiency and demand from its utility customers [55][63] Conclusion - NACCO Industries presents a unique investment opportunity in the natural resources sector, with a focus on long-term growth, stable cash flows, and a commitment to environmental stewardship [46][48]