Ecora Resources Announces Kestrel Q2 Income Ahead of Expectations


Ecora Resources PLC (LSE:ECOR)(TSX:ECOR) issues the following update on the Kestrel Q2 portfolio contribution ahead of its Q2 Trading Update to be published on 24 July 2024.

Ecora has been notified that the saleable volumes within its private royalty area during Q2 2024 were materially ahead of expectations at 1.3Mt, driving Kestrel royalty income of US$26.6m. Consequently, the H1 volumes and portfolio contribution from Kestrel were also ahead of expectations at 2.0Mt and US$40.8m respectively.

Saleable production volumes within the Group’s private royalty area in H1 were, therefore, already at the top end of guidance for the FY 2024, which had anticipated a 15-25% increase on FY 2023 volumes of 1.6Mt. While Ecora is working to understand the potential implications for volumes in H2, Ecora is not expecting to update FY volume guidance and, as per previous guidance, the company expects minimal volumes in H2.

About Ecora Resources

Ecora Resources is a leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future.

Our vision is to be globally recognised as the royalty company of choice synonymous with commodities that support a sustainable future by continuing to grow and diversify our royalty portfolio in line with our strategy. We will achieve this through building a diversified portfolio of scale over high quality assets that drives low volatility earnings growth and shareholder returns.

The mining sector has an essential role to play in the energy transition, with commodities such as copper, nickel and cobalt – key materials for manufacturing batteries and electric vehicles. Copper also plays a critical role in our electricity grids. All these commodities are mined and there are not enough mines in operation today to supply the volume required to achieve the energy transition.

Our strategy is to acquire royalties and streams over low-cost operations and projects with strong management teams, in well-established mining jurisdictions. Our portfolio has been reweighted to provide material exposure to this commodity basket and we have successfully transitioned from a coal orientated royalty business in 2014 to one that by 2026 will be materially coal free and comprised of over 90% exposure to commodities that support a sustainable future. The fundamental demand outlook for these commodities over the next decade is very strong, which should significantly increase the value of our royalty portfolio.

Ecora’s shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX Best Market (OTCQX: ECRAF).

ng to update FY volume guidance and, as per previous guidance, we expect minimal volumes in H2.


Duane Hope is a Partner at Capital 10X, he brings over 15 years of communications and research experience to the firm. His research and writing have appeared in publications for North American, European and Asian audiences.


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