UK & European Research at a Glance - June 15, 2026

Research evidence excerpt

UK & European Research at a Glance - June 15, 2026

UK & EUROPEAN RESEARCH AT A GLANCE

Company Comments

Charles Weston, CFA (Analyst) 4basebio PLC (LSE: 4BB; 525.00)

+44 20 7429 8425; charles.weston@rbccm.com Published June 15 2026 00:45:00 EDT

Natalia Webster, CFA (Analyst)

+44 20 7653 4064; natalia.webster@rbccm.com Revenue growth expectations based on inflecting pipeline

Rating: Outperform

Price Target: 1,400 ↓ 1,600

Our view: New commercial KPIs presented at 4basebio's results allow us

to estimate >£60m of the company's current pipeline value across c.140

opportunities. Although soft market conditions in 2025 pushed back near-term

revenue expectations, this strong commercial momentum and largely fixed cost

base drives our continued Outperform rating.

Ben Davis (Analyst) Ecora Royalties Plc (LSE: ECOR; 136.00)

+44 20 7002 2065; ben.davis@rbccm.com Published June 15 2026 00:45:00 EDT

Laura Chan (Analyst)

+44 20 7029 7537; laura.chan@rbccm.com Voisey's Bay site visit: Key asset delivering

Marina Calero (Analyst) Rating: Outperform+44 20 7429 8785; marina.calero@rbccm.com Price Target: 185

Our view: We attended a site visit to Voisey's Bay and Long Harbour in

Newfoundland and Labrador (see here). We left with greater confidence in the

team's ability to deliver reliable and consistent operational performance, with the

visit highlighting a step-change in execution alongside attractive exploration upside

potential. Ecora's cobalt stream on Voisey's Bay now represents 45% of group

revenue and 30% of NAV. Medium-term growth plans of 3.8mtpa mill expansion

(PFS underway, FID in 2028) could add ~$10m incremental revenue and a 7% uplift

to our NAV. Valuation compelling on spot 0.63x P/NAV vs juniors 0.9-1.0x P/NAV.

Reiterate Outperform.

Marina Calero (Analyst) Vale S.A.