What you need to know: • Ecora is a leading royalty company focusing on critical minerals (predominantly copper). The Company has shifted its exposure from coal to base metals, and the market has not fully recognized this. • ECOR has a diversified mix of assets across project stages and commodities, while focusing on safe jurisdictions. • We expect ECOR to see stellar growth over the next five years due to copper’s fundamentals and its development royalties advancing. • Ecora trades at 0.8x NAV, a steep discount to peers at 1.9x NAV. Ecora Royalties PLC (ECOR:TSX,LSE, ECRAF:OTCQX) is a leading critical minerals focused royalties firm, offering investors exposure to a basket of metals which are growing in importance to society. ECOR uses a royalty model, providing a diversified approach with producing and developing assets in top jurisdictions. We expect the Company to experience major growth over the next five years as it transitions away from its past focus on coal. We are initiating coverage on Ecora Royalties with a BUY rating and target price of C$4.00/share. Investment Thesis Summary Transition to Critical Metals. ECOR was historically focused on generating income from coal royalties before re-allocating capital over the last ten years towards base metals. Now, base metals represent 81% of NAV (including copper at 50%), playing into mega-trends including electrification, power generation, and renewable energy. The market continues to value ECOR based on its past exposure to coal, which will be phased out over the coming years. Diversified Mix of Projects. The Company has a largely diversified portfolio of projects across the mine lifecycle. 49% of NAV is from producing assets (generating steady cashflow) while 43% is from advanced stage development assets (providing growth opportunities). The remaining 8% comes from exploration projects. High Growth Through 2030 with Zero Capital Required. Ecora has a projected 75% income growth over the next five years, with its critical minerals portfolio growing 300%. This requires zero additional capital and growth can surpass these levels if metal prices rise. We are modelling 30% growth in 2026, and a slight decline in 2027 based on decreasing coal production (while the base metals portfolio continues to grow), but overall growth will resume shortly thereafter. Tier-One Operating Partners. Ecora’s partnership network spans most of the top mining firms and its portfolio is focused on operations in strong jurisdictions. 77% of NAV comes from OECD countries, and 44% of NAV comes from assets in the 1st quartile of the cost curve. Management & Ownership. Management brings decades of senior leadership experience across mining and capital markets, combining sector expertise with a track record of value creation. Together, they represent the ideal group to navigate ECOR through its next phase of growth and deliver sustained returns. Valuation. Ecora trades at 0.8x NAV and 17.0x/18.3x 2026E/2027E EBITDA compared to its peers at 1.9x and 35.0x/24.9x, respectively. We attribute the discount to the continued cashflow from coal assets, which will be overtaken by base metals over the coming years, resulting in a re-rating.