Ecora Royalties PLC Announces Phalaborwa Rare Earths Project Update

Rhea-AI Summary

Ecora Royalties (OTCQX:ECRAF) notes Rainbow Rare Earths' update that the Phalaborwa pilot plant in Johannesburg is operating the optimised primary flowsheet and has produced ~2 kg of a high-grade mixed rare earth hydroxide at ~55% TREO.

Ecora holds a 0.85% gross revenue royalty on Phalaborwa; offsite solvent extraction tests for NdPr and SEG+ feed are planned.

Positive

• Pilot plant operating the optimised Phalaborwa flowsheet as expected
• Produced ~2 kg of commercial mixed rare earth hydroxide
• Product grade ~55% TREO, above typical Chinese mixed carbonate specs
• Ecora holds a 0.85% gross revenue royalty on Phalaborwa

Negative

• Production quantity limited to ~2 kg at pilot scale
• Commercial-scale performance and offsite solvent extraction yet unproven

LONDON, UK / ACCESS Newswire / February 9, 2026 / 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 its large-scale pilot plant recently commissioned in Johannesburg is operating the optimised Phalaborwa primary flowsheet in line with expectations and has successfully produced ca.2 kg of a high-grade mixed rare earth hydroxide.

This is a commercial product with a grade of ca. 55% TREO (versus the Chinese specifications for a mixed rare earth carbonate at ca. 42 to 44% TREO) and has been confirmed to be an ideal feed for the production of NdPr oxide and SEG+ product through a solvent extraction separation circuit, to be tested offsite.

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

The full announcement from Rainbow can be viewed here: https://irtools.co.uk/112/story/851be44b-45c8-4f4a-b17f-9a94e97ec3aa

For further information:

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

About Ecora

Ecora is a leading critical minerals focused royalty and streaming company.

Copper is at the core of our portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security.

Our cash generative portfolio includes producing royalties and streams and has a strong organic growth profile driven by royalties and streams already acquired and expected to generate substantial additional cash flow within the next five years.

We take a disciplined approach to investments and acquisitions, focusing on high quality opportunities, in established mining jurisdictions and with experienced management teams. These investments have the potential to deliver enhanced returns through life of mine extension and commodity price outperformance.

Our management team has a long and proven track record of originating, completing due diligence, innovatively structuring and completing accretive royalty and stream transactions in the critical minerals space.

We allocate capital prudently, with a focus on growth, maintaining a strong balance sheet and returns to shareholders.

Ecora's shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX Best Market (OTCQX:ECRAF).

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 Royalties PLC

View the original press release on ACCESS Newswire

FAQ

What did Ecora (ECRAF) report about the Phalaborwa pilot plant on February 9, 2026?

Ecora reported the Phalaborwa pilot plant is operating the optimised flowsheet and produced ~2 kg of product. According to Ecora, the mixed rare earth hydroxide grades ~55% TREO and will be tested offsite for NdPr and SEG+ separation.

How significant is the ~55% TREO grade reported for Phalaborwa by ECRAF?

The ~55% TREO grade is materially higher than common Chinese mixed carbonate specs (~42–44% TREO). According to Ecora, this higher-grade feed is suitable for solvent extraction to produce NdPr oxide and SEG+ products.

What does Ecora's 0.85% gross revenue royalty on Phalaborwa mean for ECRAF shareholders?

Ecora's 0.85% gross revenue royalty provides potential ongoing revenue if Phalaborwa reaches production. According to Ecora, the royalty ties company cash flow to project revenues subject to project scale and commercialisation outcomes.

What are the next technical steps for the Phalaborwa product as described by ECRAF?

The next step is offsite solvent extraction testing for NdPr oxide and SEG+ product conversion. According to Ecora, these tests will evaluate the mixed rare earth hydroxide's suitability as a commercial feedstock for separation circuits.