Ecora Resources PLC announced that it has entered into an agreement to acquire a 0.85% Gross Revenue Royalty ("GRR") over the Phalaborwa Rare Earths Project ("Phalaborwa" or the "Project") located in South Africa for a total cash consideration of USD 8.5 million. The investment represents Ecora's first rare earth exposure, and is in-line with the Group's stated strategy of further diversifying and growing its portfolio of future facing commodity royalties over high quality operations and projects. Payment of the USD 8.5 million royalty consideration is conditional upon: receipt of exchange control authorization from the South African Reserve Bank Financial Surveillance Department (customary for transactions of this nature), expected within 6 to 8 weeks of submitting the application; and execution and delivery of certain security documents to Ecora.