ECOR: Voisey's Bay site visit: Key asset delivering

Research evidence excerpt

ECOR: Voisey's Bay site visit: Key asset delivering

Ecora Royalties Plc

Key sustainability questions

This section is intended to highlight key sustainability discussion points relevant to this company, as well as our views on the outlook. Both the

questions we highlight and our responses will evolve over time as the dialogue between management, analysts and investors continues to

advance. We welcome any feedback on the topics.

Our view

What are the most material ECOR is a royalty company focused on the mining sector. As such, it is exposed

sustainability issues facing this to the same material sustainability issues as other mining peers including health

company? and safety, environmental impacts, community relations and waste management

of the operations it finances. However, unlike mining peers, ECOR has less direct

control over sustainability issues. Instead, it relies on the operators to perform in

line with its sustainability policies with its power to exert influence limited by the

terms of the financing agreements. At the company level, the biggest sustainability

issue is on talent acquisition and retention. With only 11 employees, the company's

dependency on its human resources is critical as high turnover could affect the

successful execution of the strategy.

Does the company integrate ECOR aims to finance investment in natural resources to enable a sustainable future.

sustainability considerations into its Sustainability plays a key role in its strategy and is materialised through the Group's

strategy? investment approach. ECOR performs rigorous sustainability due diligence when

assessing new deals focusing on the sustainability credentials of the commodities:

The Group has committed to not undertake further investments in thermal coal