ECR Minerals PLC (AIM: ECR), the AIM-quoted gold exploration and development company focused on Australia, has announced the issue of 42,912,786 new ordinary shares to its board of directors, consultants, and professional advisers as payment in lieu of cash remuneration. The shares are priced at 0.175 pence each — matching the issue price from the company's August 2026 fundraising — and are expected to be admitted to trading on AIM on or around 16 November 2026. The move reflects ECR's established policy of conserving cash by settling director and adviser fees predominantly through equity issuance, a structure investors in the company will recognise from prior periods.

Key Points

  • ECR Minerals PLC (AIM: ECR) — gold exploration and development company operating across multiple Australian states
  • 42,912,786 new ordinary shares issued at 0.175p each in lieu of director and adviser remuneration for the period 1 July 2026 to 30 September 2026
  • Total accrued remuneration and fees covered: £30,000 to Chairman Nick Tulloch; £13,750 to Andrew Scott; £10,250 to Mike Parker; £6,000 to Chris Gibbs; approximately £15,097 to consultants and advisers
  • Investors should monitor the Maddens and Blue Mountain projects, where production activity is reportedly under way or in preparation

Director Share Allocations and Options Granted at 0.175p for Q3 2026 Remuneration Period

Under the board's ongoing remuneration policy, Chairman Nick Tulloch receives 17,142,857 new ordinary shares covering £30,000 of accrued remuneration. Non-Executive Director Andrew Scott receives 7,857,142 shares for £13,750, Mike Parker receives 5,857,142 shares for £10,250, and Chris Gibbs receives 3,428,571 shares for £6,000. All shares are issued at 0.175 pence. Additionally, in line with ECR's Directors Remuneration Report in the annual accounts for the year ended 30 September 2025, Gibbs has also been granted options over 4,286,586 new ordinary shares at an exercise price of 0.175 pence, exercisable over five years from the date of grant, in lieu of £5,167 of accrued consultancy fees for managing ECR's Australian operations.

ECR's Issued Share Capital Rises to 4.15 Billion Ordinary Shares Following Admission

Upon Admission, expected on or around 16 November 2026, ECR's total issued ordinary share capital will stand at 4,150,831,752 ordinary shares. This enlarged figure will serve as the denominator for shareholders calculating whether they are required to notify interests under the FCA's Disclosure Guidance and Transparency Rules. The new shares rank pari passu with existing ordinary shares. Following Admission, Nick Tulloch will hold 129,355,943 shares representing 3.12% of the enlarged capital, Andrew Scott 49,512,131 shares at 1.19%, Mike Parker 26,815,504 shares at 0.65%, and Chris Gibbs 11,575,954 shares at 0.28%.

ECR's Australian Gold Portfolio Spans Victoria, Queensland, Western Australia, and South Australia

ECR Minerals operates through four wholly owned Australian subsidiaries, holding assets including the Bailieston, Creswick, and Tambo gold projects in Victoria, the Raglan and Blue Mountain alluvial gold projects in Queensland, and an 80% interest in the Tuckanarra exploration project in Western Australia. ECR Paleogold holds a 50% interest in the Maddens hard rock mining project in Northern Queensland, where production work is reportedly under way, and a 20% interest in the Salt Bush shallow open-cut project in South Australia, where production is expected to commence around mid-2027. ECR Australia also holds approximately A$77 million of unutilised tax losses from previous operations.

Cash Conservation Strategy Carries Ongoing Dilution Risk for ECR Shareholders

ECR's equity-based remuneration model enables the company to preserve cash resources for operational activities during its exploration and development phase, an approach common among junior AIM-listed miners. However, the policy results in continuous share capital dilution; this single issuance alone increases the total share count by 42,912,786 shares. With the company progressing multiple projects towards production — including Blue Mountain alluvial gold and Maddens — investors may be watching whether near-term revenue generation reduces reliance on equity-settled remuneration in future reporting periods. The low nominal issue price of 0.175 pence per share also highlights the company's current early-stage capital structure.