Allenby Capital - ECR Minerals plc - Update

ECR Minerals has been highly successful in identifying alluvial gold projects in Australia. The most advanced at Raglan in southern Queensland was acquired in December 2026 on favourable terms for a permitted turnkey (ready to use) operation. Raglan is now close to start-up following the likely conclusion of an offtake agreement in the coming weeks. A second project, Blue Mountain, relatively close to Raglan is at an earlier stage but may offer greater output potential. Initial reconnaissance work on the Lolworth project in northern Queensland also points to the potential for alluvial gold. Based on our model using ECR’s data for key parameters, Raglan should be comfortably profitable at anything like current gold prices of >US$5,000/oz....