Core Insights - Ecora Resources has finalized the sale of a wholly owned subsidiary holding a 2% net smelter return (NSR) royalty on the Dugbe Gold Project in Liberia to Elemental Altus Royalties for up to $20 million, with $16.5 million received upon completion and up to $3.5 million in contingent payments [1][2] Transaction Details - The sale agreement includes contingent payments structured around project milestones, with $700,000 due at the start of construction and $2.8 million payable upon the start of commercial production [2] - If the project scope is reduced from the feasibility study, the entire contingent payment of $3.5 million will be payable once production reaches 150,000 ounces of gold [2] - As of December 2024, the carrying value of the Dugbe NSR royalty was $5.9 million, which Ecora acquired in 2012 [2] Operational Updates - Ecora, in partnership with Vale Base Metals, reported successful cobalt processing tests at the Voisey's Bay mine, achieving an average throughput rate of 93.7% over 90 days [3] - The company holds a 70% interest in the cobalt stream from the Voisey's Bay mine, with entitlements to 22.82% of cobalt production until specific delivery thresholds are met [3] - In February, Ecora expanded its copper interests by securing a $50 million agreement with Moxico Resources for the Mimbula copper mine in Zambia [3] Strategic Implications - The transaction supports Ecora's strategy to enhance its copper growth profile and drive earnings across various time frames, covering an estimated reserve-based life of mine of 11 years, with potential for extension [4]

Company Overview - Ecora Resources PLC is a leading critical minerals focused royalty company aiming to be globally recognized as the royalty company of choice for commodities that support electrification trends [3] - The company has transitioned from a coal-oriented royalty business in 2014 to a portfolio that will be over 90% focused on sustainable commodities by 2026 [5] Industry Context - The mining sector plays a crucial role in the energy transition, with key commodities like copper, nickel, and cobalt being essential for battery and electric vehicle manufacturing [4] - There is a significant demand for these commodities, and current mining operations are insufficient to meet the required volume for the energy transition [4] Recent Highlights - Ecora announced an 81% increase in its base metals portfolio contribution for the first half of the year [9] - The company sold a non-core, development-stage Dugbe gold royalty for up to $20 million [9] - A record six-month portfolio contribution was reported from the Mantos Blancos copper royalty [9] - The Voisey's Bay cobalt stream is projected to deliver 365 to 390 tons of attributable cobalt in 2025, up from 210 tons in 2024 [9] Upcoming Events - Geoff Callow, Head of Investor Relations, will present at the European Growth Virtual Investor Conference on September 11, 2025, at 11:30 AM ET [1] - The event will allow real-time questions from investors, with an archived webcast available post-event for those unable to attend live [1]