Ecora Resources Announces Santo Domingo Copper Project Update

Ecora Resources PLC (LSE:ECOR)(TSX:ECOR) notes the press release issued by Capstone Copper Corp on 31 July 2024 regarding the publication of an updated Feasibility Study (“FS”) on the Santo Domingo project, over which Ecora holds a 2% Net Smelter Return royalty. The Group’s royalty area includes the highest copper grade portion of the deposit, expected to be mined during the initial 6 to 7 years of production.¹

Key highlights from the Feasibility Study include:

• The 2024 FS outlines a robust copper-iron-gold project with an after-tax net present value at an 8% discount rate of $1.7 billion and an after-tax internal rate of return of 24.1%
• Over the first seven years of the mine plan, production is expected to average 106,000 tonnes of copper and 3.7 million tonnes of iron concentrate at first quartile cash costs of $0.28 per payable pound of copper produced
• Over the Project’s 19-year mine life, production is expected to average 68,000 tonnes of copper and 3.6 million tonnes of iron concentrate at first quartile cash costs of $0.33 per payable pound of copper produced
• Total initial capital cost of $2.3 billion drives a capital intensity of approximately $21,900 per tonne of annual copper equivalent production over the life of mine
• A 19-year mine life is supported by a higher Mineral Reserve² estimate of 436 million tonnes at a copper grade of 0.33%, iron ore grade of 26.5%, and a gold grade of 0.05 grams per tonne
• Mineral Reserve tonnes have increased by 11% while contained copper has increased by 23% since the 2020 Feasibility Study
• The updated Santo Domingo 2024 FS was prepared by Ausenco, a multinational engineering, procurement, construction management, and operations service provider with broad international experience in the design and construction of concentrator projects of this scale. Ausenco was specifically responsible for the construction of Capstone’s nearby Mantoverde Development Project

¹ Based on the 2020 Feasibility Study available on SEDAR, as per Capstone Copper news release dated 24 March 2020, “Capstone Files Technical Report for Santo Domingo Project”
² Comprised of 131 million tonnes in the Proven category and 305 million tonnes in the Probable category.

The full Capstone press release can be found here: https://capstonecopper.com/news/capstone-announces-updated-santo-domingo-feasibility-study-building-a-world-class-district-in-chile/

A virtual tour of Santo Domingo and the Mantoverde-Santo Domingo district can be found here: https://youtu.be/n-FyVJ9t2JE

Capstone has stated that a National Instrument 43-101 (“NI 43-101”) Technical Report will be prepared to summarize the results of the 2024 Feasibility Study by the Qualified Persons and will be filed on SEDAR+ at www.SEDAR.com, within 45 days of the news release issued yesterday.

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