3,500 3,000 2,500 2,000 1,500 1,000 USD/oz 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 year gold price chart Source: www.gold.co.uk Finally, a word on macro conditions. Timing is an important part of any investment story. And in ECR’s case, the market backdrop looks particularly favourable right now. Ongoing geopolitical instability is leading gold to trade near all-time highs, currently around US$3,300. With conflict in the Middle East continuing to escalate as global growth slows, investor appetite for gold remains strong. Analysts including Goldman Sachs now forecast that the precious metal could reach US$3,700/oz by the end of the year and even US$4,000/oz in mid-2026. Such elevated prices increase the potential margins at Blue Mountain, enhancing its economics and strategic value. They also raise the stakes for any new discoveries across ECR’s broader portfolio. This makes success at Lolworth or Bailieston more valuable to potential partners or acquirers. Antimony, meanwhile, has seen an even more dramatic rise. Prices have soared more than 400% between January 2024 and March 2025, fuelled by tight global supply and growing demand from solar, battery, and defence sectors. ECR’s work at Bailieston gives it exposure to this trend, and any further success there could attract external interest. Add to this a supportive funding position, significant tax assets, and multiple near-term news catalysts, and ECR’s value proposition becomes increasingly attractive. 11
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