Ecora Resources PLC Announces Phalaborwa Rare Earths Project Update

Rhea-AI Summary

Ecora Resources (OTCQX:ECRAF) noted Rainbow Rare Earths updated the Phalaborwa Mineral Resource Estimate to include yttrium, a heavy rare earth element subject to Chinese export controls since April 2025. Rainbow currently values neodymium, praseodymium, dysprosium and terbium in its economic models and intends to update the Definitive Feasibility Study to add ancillary metals including yttrium to reflect growing market demand for the full REE basket. Ecora holds a 0.85% gross revenue royalty on Phalaborwa.

The update highlights potential changes to the project value chain and modelling assumptions as Rainbow revises its DFS to include additional REE components.

Positive

• Phalaborwa MRE updated to include yttrium
• Ecora holds a 0.85% gross revenue royalty on Phalaborwa
• Rainbow plans to update the Phalaborwa Definitive Feasibility Study to include ancillary REE

Negative

• Rainbow currently values only Nd, Pr, Dy, Tb in economic models
• Chinese export controls on yttrium since April 2025 affect supply dynamics

News Market Reaction

+4.76%

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+4.76% News Effect

On the day this news was published, ECRAF gained 4.76%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LONDON, UK / ACCESS Newswire / November 10, 2025 / Ecora (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) a critical minerals focused royalty company, notes the press release issued today by Rainbow Rare Earths Limited ("Rainbow") announcing that the Mineral Resource Estimate at Phalaborwa has been updated to include yttrium, one of the heavy rare earth elements ("REE") that has been subject to Chinese export controls since April 2025.

Rainbow currently only includes value for neodymium, praseodymium, dysprosium and terbium in its economic models, but will look to update this to include the ancillary metals for Phalaborwa's Definitive Feasibility Study to reflect the strong and growing market demand for the full range of economic REE in the project's basket.

Ecora holds a 0.85% Gross Revenue Royalty on the Phalaborwa project.

The full announcement from Rainbow can be viewed here: Phalaborwa Resource Update to include Yttrium

For further information

Ecora Resources PLC	+44 (0) 20 3435 7400
Geoff Callow - Head of Investor Relations
Website:	www.ecora-resources.com
FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis	+44(0) 20 3727 1000 ecoraresources@fticonsulting.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Ecora Resources PLC

View the original press release on ACCESS Newswire

FAQ

What did Ecora announce about Phalaborwa on November 10, 2025 (ECRAF)?

Ecora said Rainbow updated the Phalaborwa MRE to include yttrium and Ecora holds a 0.85% gross revenue royalty.

How does the Phalaborwa MRE change affect Ecora shareholders (ECRAF)?

The MRE now includes yttrium; Rainbow will update its DFS to reflect the broader REE basket, which may affect project valuation models.

Which rare earths does Rainbow currently include in Phalaborwa economic models?

Rainbow currently includes neodymium, praseodymium, dysprosium, and terbium in its economic models.

When did China introduce export controls affecting yttrium mentioned in the update?

April 2025 is cited as the start of Chinese export controls on yttrium.

What royalty interest does Ecora hold on the Phalaborwa project (ECRAF)?

Ecora holds a 0.85% gross revenue royalty on Phalaborwa.

Will Rainbow change its Definitive Feasibility Study for Phalaborwa and why?

Yes; Rainbow intends to update the Phalaborwa DFS to include ancillary metals such as yttrium to reflect growing market demand.