A new chapter for ECR: From explorer to producer and antimony (which it is targeting at the Bailieston property) surging. Supported by the potential to unlock value from substantial accumulated tax losses and a steadfast commitment to cost discipline, ECR enters the second half of 2025 on a robust financial footing. Starting from a modest valuation, with key catalysts on the horizon, the company could see a significant re-rating if it successfully executes its strategic goals. In this report, we’ll look at ECR as a whole, the company’s projects, and what to look out for over the coming months… 1,755km2 of tenements across six projects in Queensland and Victoria ECR Minerals (LSE: ECR) is at a pivotal moment, poised to redefine its future with the Blue Mountain gold project in Queensland, Australia, where it is on the cusp of near-term gold production. The milestone positions the company to achieve its first-ever revenues. Bolstered by a fully funded program of work across a dynamic portfolio of additional exploration assets in two of Australia’s premier mining regions – Queensland and Victoria – ECR is advancing with unparalleled momentum. Under Chairman Nick Tulloch and Managing Director Mike Whitlow, who initiated a strategic overhaul in 2023, the company’s pathways to value creation have never been more diverse or promising. Yet at writing, ECR’s shares are trading at 0.2p, giving the business a capitalisation of under £5 million. That’s less than the potential value that could be unlocked at Blue Mountain alone. Based on initial modelling, the project could generate annualised revenues of A$5.6 million (c.£2.7 million). However, this figure could increase significantly through the application of today’s gold price along with further project optimisation and resource expansion. Moreover, ECR’s five, earlier-stage exploration projects also stand to add longer-term upside through future sales, partnerships, or joint ventures in the face of success on the ground. Especially with the price of both gold (ECR’s primary focus) 2
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