Ecora (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) issues the following trading update for the period 1 April to 30 June 2025.
This marks a pivotal point in our transition towards a revenue profile derived primarily from copper, as well as other critical minerals, with further volume growth from this commodity basket expected in the second half of 2025 and onwards.
Q2 Highlights:
- $8.4 million portfolio contribution (ex-Kestrel) for Q2 2025, up 42% on Q1 2025 ($5.9 million) driven by performance of base metals portfolio.
-
$3.4 million portfolio contribution from Kestrel (Q1 2025: $0.1 million) as mining returned to the Group's private royalty area towards the end of Q2 2025.
-
$11.8 million of total portfolio contribution for Q2 2025, up 97% on Q1 2025 ($6.0 million), with base metals contributing 45% of the total.
-
$17.8 million total portfolio contribution for H1 2025, down 65% on H1 2024 ($51.3 million) due to year-on-year timing differences of mining at Kestrel within the Group's private royalty area.
-
Base metals portfolio generated $5.3 million of net portfolio contribution in Q2 2025, up 61% on Q1 2025 ($3.3 million):
Voisey's Bay
-
Net portfolio contribution of $2.7 million, up 108% on Q1 2025 ($1.3 million)
-
84 tonnes of cobalt received, a 50% increase on Q1 2025 (56 tonnes) at an average realised price of $18.61/lb, a 40% increase on Q1 2025 ($13.28/lb),
-
Cobalt export ban in the Democratic Republic of Congo extended until September 2025
-
56 tonnes of cobalt received in Q3 2025 to date
Mimbula
-
Maiden net portfolio contribution of $0.5 million from the Mimbula copper stream in Q2 2025 driven by the 75 tonnes of attributable production in Q1 2025
-
Copper entitlement in Q2 2025 of 150 tonnes, which will be recognised in Q3 2025 when the streamed copper is delivered
Mantos Blancos
-
Registered a third consecutive record quarterly royalty contribution of $2.0 million (Q1 2025: $1.8 million)
-
Specialty metals and uranium portfolio generated $2.2 million of portfolio contribution in Q2 2025, up 29% on Q1 2025 ($1.7 million):
-
Four Mile generated $0.8 million (Q1 2025: $0.1 million) as normal sales operations resumed following a period in H2 2024 of stockpiling inventory
-
Bulks and other portfolio generated $4.3 million, up 330% on Q1 2025 ($1.0 million):
Kestrel:
-
Mining returned to the Group's private royalty area towards the end of Q2 2025; mining activity is expected to remain in the Group's private royalty area during Q3 2025 and into early Q4 2025
-
0.4mt of saleable production from Group's private royalty area in H1 2025
-
FY volume guidance remains unchanged at between 2.2mt and 2.3mt of saleable production in the Group's private royalty area
-
Net debt as at 30 June 2025 of $124.1 million (31 March 2025: $125.9 million) and expected to reduce meaningfully at year end (absent acquisitions, assuming current commodity prices and operator volume guidance).
Q2 Summary Table
About Ecora Resources
Ecora is a leading critical minerals focused royalty company. Our vision is to be globally recognised as the royalty company of choice synonymous with commodities that support trends of electrification 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).
Ecora Resources is a market awareness client of Capital 10X. For more information, including potential conflicts of interest please see our Content Disclaimer.
