Ecora Resources PLC (LSE/TSX: ECOR) announces full year results for the year ended 31 December
2022. The Company will publish its audited 2022 Annual Report and Accounts later today, which will
be available on the Group's website at www.ecora-resources.com and on SEDAR at www.SEDAR.com.
Financial Highlights:

• Record FY22 portfolio contribution of $143.2m, up 67% on FY21 ($85.6m) as the portfolio
benefited from stronger commodity prices for the majority of the year
• Adjusted earnings of $87.9m, also representing a 67% increase on FY 21 ($52.3m) preserving
profit margins despite inflationary backdrop
• Adjusted earnings per share up 49% at 37.55c (2021: 25.18c)
• Royalty and metal stream related revenue of $141.9m, up 66% on FY21 ($85.3m)
• Profit before tax of $135.4m, up 147% on FY 21 ($54.6m)
• Net debt as at 31 December 2022 of $36m (31 Dec 21: $90m), reflecting rapid deleveraging in
2022 as a result of strong cash generation
• Borrowing facility extended by twelve months to February 2025
• Final dividend proposed of 1.75p per share, bringing the total dividend for the year to 7p per
share, as per guidance
• Future facing commodities now represent 85% of the Group’s royalty assets on balance sheet
at YE 22 (YE 21: 75%)

Portfolio Highlights

• Added medium term growth through the acquisition of a portfolio of royalties over advanced
stage copper and nickel projects from South32, including royalties over the West Musgrave
and Santo Domingo projects, for a fixed consideration of $185m with further contingent
consideration of up to US$15m
• Construction commenced on the West Musgrave copper nickel project with production
forecast by OZ Minerals to start in H2 25
• BHP reached an agreement to acquire 100% of the shares in OZ Minerals (subject to various
conditions) in a transaction that will see BHP become operator of the West Musgrave
development
• Capstone Copper published the Mantoverde-Santo Domingo District Integration Plan,
detailing the path towards a world class mining district in the Atacama region of Chile
• Brazilian Nickel announced first nickel production from the small scale PNP1000 plant at the
Piauí nickel and cobalt project in Brazil with the full-scale construction financing process now
underway
• The Queensland Government added new tiers to the statutory royalty regime, significantly
increasing royalty revenue from the Group’s Kestrel royalty entitlement at prices above
2
A$175/tonne from 1 July 2022, increasing the weighted average royalty rate from 13% in H1
22 to 23% in H2 22
Outlook:

• Copper, steel making coal, uranium and iron ore pellet prices have started the year strongly
• Cobalt and nickel prices have weakened YTD reflecting increased supply and, in the case of
cobalt, a reduction in demand for consumer electronics. Class 1 nickel markets remain tight,
and the medium-long term outlook for both commodities remains strong
• Kestrel saleable volumes produced within the Group’s private royalty area in 2023 are
expected to be primarily weighted towards Q1 and Q4, with total saleable volumes from the
Group’s area approximately half those during 2022
• Voisey’s Bay stream expected to generate 13-15 deliveries of cobalt in 2023 (each delivery is
20 tonnes of which 70% to attributable to Ecora), compared to 19 received in 2022, due to the
transition from end of life open pit operations to the underground mine life extension which
is expected to ramp up from 2024
• Capstone Copper announced commercial production following the Mantos Blancos Phase I
expansion, and is now evaluating the potential to increase throughput of the Mantos Blancos
sulphide concentrator plant from 7.3 million tonnes per year to 10.0 million tonnes per year.
The Mantos Blancos Phase II feasibility study is expected to be released in H2 23
• Cameco has reversed an earlier decision to operate the Cigar Lake mine at 75% of production
capacity in 2024 and it is now planned to operate the mine at full licensed capacity of 18Mlbs
• Remain in discussions with the operator of EVBC following recent margin pressure, and it is
likely that in the short term a portion of cash royalties, including H2 22, will be deferred until
a later date
• Production volumes at the Group's other royalty assets for 2023 are expected to be broadly
in-line with 2022 levels
• Updated Santo Domingo feasibility study expected in H2 23 as Capstone Copper plans to take
advantage of the proximity synergies with the existing Mantoverde operation and
infrastructure
• Retain a strong balance sheet from which to pursue future growth opportunities as we
continue to transition our portfolio towards future facing metals
• Dividend to be rebased to US$ at twelve month average USD:GBP exchange rate of 1.21. 7p
per share dividend to be converted and rounded up to 8.5¢ per share, resulting in quarterly
payments of 2.125¢ per share, commencing from Q1 23.

Marc Bishop Lafleche, Chief Executive Officer of the Company, commented:
“2022 was an outstanding year for Ecora, achieving record portfolio contribution for the second year
running. We completed the acquisition of

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https://www.ecora-resources.com/application/files/4016/8006/7542/Ecora_Resources_FY_22_Results.pdf