{"id":29095,"date":"2024-04-25T20:29:17","date_gmt":"2024-04-26T00:29:17","guid":{"rendered":"https:\/\/capital10x.com\/old\/?p=29095"},"modified":"2024-04-25T20:29:17","modified_gmt":"2024-04-26T00:29:17","slug":"ecora-resources-reports-117-qoq-royalty-growth-in-q1","status":"publish","type":"post","link":"https:\/\/capital10x.com\/old\/ecora-resources-reports-117-qoq-royalty-growth-in-q1\/","title":{"rendered":"Ecora Resources Reports 117% QoQ Royalty Growth in Q1"},"content":{"rendered":"<p><strong><span dir=\"ltr\" role=\"presentation\">Ecora Resources<\/span> <span dir=\"ltr\" role=\"presentation\">PLC<\/span> <span dir=\"ltr\" role=\"presentation\">(LSE<\/span><span dir=\"ltr\" role=\"presentation\">\/TSX<\/span><span dir=\"ltr\" role=\"presentation\">: <\/span><span dir=\"ltr\" role=\"presentation\">ECOR<\/span><span dir=\"ltr\" role=\"presentation\">) <\/span><\/strong><span dir=\"ltr\" role=\"presentation\">issued a trading update for the 1st quarter of 2024 that saw royalty income up 117% and expectations of very strong earnings for the half year 2024. Volume growth is expected for the full year and continuing through the rest of the decade.<\/span><\/p>\n<div class=\"youtube-embed\" data-video_id=\"wb8IUbW0Jic\"><iframe loading=\"lazy\" title=\"Ecora Resources Reports 117% Royalty Growth in Q1 2024\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/wb8IUbW0Jic?feature=oembed&#038;enablejsapi=1&#038;enablejsapi=1&#038;origin=https:\/\/capital10x.com\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<h3><strong>Highlights:<\/strong><\/h3>\n<ul>\n<li>Coal royalties still on track for 15%-25% volume growth in 2024.<\/li>\n<li>Expecting ramping cobalt volumes from Voisey&#8217;s Bay. 3-4 cobalt deliveries in Q2 and 12-16 for the full year, vs only 2 in Q1.<\/li>\n<li>Santo Domingo, the largest contributor to medium term copper royalty growth is releasing an updated feasability study in 1H 2024.<\/li>\n<li>Bought back 4.9M shares less than 30 days after announcing a US$10 million buyback and is on pace to complete the buyback by the end of May at the current pace.<\/li>\n<\/ul>\n<p><strong>Bottom Line:<\/strong><\/p>\n<p>2024 will likely mark the royalty income trough for Ecora. Ecora is going through a rapid transformation from a coal royalty company to a battery metals royalty company. Coal will decline from 75% of income in 2023 to only 10% in three years, driving a likely rerating of the multiple.<\/p>\n<p>Royalty volumes are expected to increase in 2024 before ramping rapidly in 2025 and beyond. Earnings growth of up to 140% is expected over the next five years, driven by exposure to future facing commodities such as nickel, copper, cobalt and uranium.<\/p>\n<h4>Medium Term Royalty Outlook<\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-28912\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/03\/Revenue-Growth-Outlook-chart.jpg\" alt=\"\" width=\"993\" height=\"590\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/03\/Revenue-Growth-Outlook-chart.jpg 993w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/03\/Revenue-Growth-Outlook-chart-300x178.jpg 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/03\/Revenue-Growth-Outlook-chart-768x456.jpg 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/03\/Revenue-Growth-Outlook-chart-696x414.jpg 696w\" sizes=\"auto, (max-width: 993px) 100vw, 993px\" \/><\/p>\n<p>Ecora trades at a significant discount to royalty peers offering both upside from rising cashflow as well as from a rerating of the stock multiple as coal royalties fall away and the company is rated in line with future facing commodity peers.<\/p>\n<h4>Ecora at &gt;50% multiple discount, but leading FCF Generation<\/h4>\n<figure id=\"attachment_29120\" aria-describedby=\"caption-attachment-29120\" style=\"width: 1888px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-29120 size-full\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1.png\" alt=\"\" width=\"1888\" height=\"543\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1.png 1888w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-300x86.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-1024x295.png 1024w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-768x221.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-1536x442.png 1536w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-696x200.png 696w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Discount-to-Peers-March-2024-1-1392x400.png 1392w\" sizes=\"auto, (max-width: 1888px) 100vw, 1888px\" \/><figcaption id=\"caption-attachment-29120\" class=\"wp-caption-text\">Sources: Broker research, company disclosure, and S&amp;P Capital IQ. 1.Market data used for peers (per S&amp;P Capital IQ) as of 22 March 2024.<\/figcaption><\/figure>\n<h3 class=\"dy\"><strong><span class=\"dr\">First Quarter 2024 Portfolio Commentary<\/span><\/strong><\/h3>\n<div class=\"su-quote su-quote-style-default\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">The portfolio performed in line with expectation, production at Kestrel returned to our private royalty area driving a 117% increase in portfolio contribution compared to Q4 23 ($19.5m vs $9m)(1). Mining at Kestrel is expected to remain within the bounds of our royalty area throughout the quarter which should underpin a strong H1.<\/div><\/div><br role=\"presentation\" \/><br role=\"presentation\" \/><div class=\"su-quote su-quote-style-default su-quote-has-cite\"><div class=\"su-quote-inner su-u-clearfix su-u-trim\">We are keeping a close eye on the progress of the ramp up at Voisey\u2019s Bay, the publication of the Santo Domingo Feasibility Study and the development plan for the West Musgrave nickel-copper project.\u00a0 <span class=\"su-quote-cite\">Marc Bishop Lafleche, CEO, Ecora Resources PLC<\/span><\/div><\/div>\n<h3><strong><span dir=\"ltr\" role=\"presentation\">Asset Review:<\/span><\/strong><\/h3>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">P<\/span><span dir=\"ltr\" role=\"presentation\">ortfolio contribution of <\/span><span dir=\"ltr\" role=\"presentation\">$<\/span><span dir=\"ltr\" role=\"presentation\">19.<\/span><span dir=\"ltr\" role=\"presentation\">5<\/span> <span dir=\"ltr\" role=\"presentation\">million<\/span><span dir=\"ltr\" role=\"presentation\">,<\/span> <span dir=\"ltr\" role=\"presentation\">up <\/span><span dir=\"ltr\" role=\"presentation\">117<\/span><span dir=\"ltr\" role=\"presentation\">%<\/span> <span dir=\"ltr\" role=\"presentation\">on <\/span><span dir=\"ltr\" role=\"presentation\">Q4 2<\/span><span dir=\"ltr\" role=\"presentation\">3<\/span><span dir=\"ltr\" role=\"presentation\">(1)<\/span> <span dir=\"ltr\" role=\"presentation\">primarily due to <\/span><span dir=\"ltr\" role=\"presentation\">operations at Kestrel <\/span><span dir=\"ltr\" role=\"presentation\">moving back within the Group\u2019s pr<\/span><span dir=\"ltr\" role=\"presentation\">ivate royalty area<\/span><span dir=\"ltr\" role=\"presentation\">, with the rest of the portfolio producing <\/span><span dir=\"ltr\" role=\"presentation\">volumes in line with expectations<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">Saleable production volumes within the Group\u2019s private royalty lands at Kestrel totalled <\/span><span dir=\"ltr\" role=\"presentation\">66<\/span><span dir=\"ltr\" role=\"presentation\">0<\/span><span dir=\"ltr\" role=\"presentation\">kt<\/span><span dir=\"ltr\" role=\"presentation\">. FY <\/span><span dir=\"ltr\" role=\"presentation\">2024 guidance remains unchanged at a 15<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">25% increase on FY 2023 (1.6Mt), with the majority of <\/span><span dir=\"ltr\" role=\"presentation\">royalty receipts<\/span> <span dir=\"ltr\" role=\"presentation\">expected to be in H1.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">Two cobalt deliveries from <\/span> <span dir=\"ltr\" role=\"presentation\">Voisey\u2019s Bay during the period at an average realised sales price of <\/span><span dir=\"ltr\" role=\"presentation\">$16<\/span><span dir=\"ltr\" role=\"presentation\">.0<\/span><span dir=\"ltr\" role=\"presentation\">\/lb<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span> <span dir=\"ltr\" role=\"presentation\">FY guidance remains unchanged at 12<\/span><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><span dir=\"ltr\" role=\"presentation\">16 <\/span><span dir=\"ltr\" role=\"presentation\">deliveries of cobalt<\/span> <span dir=\"ltr\" role=\"presentation\">subject to scheduled ramp <\/span><span dir=\"ltr\" role=\"presentation\">of underground activity in H2<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">O<\/span><span dir=\"ltr\" role=\"presentation\">n 18 April<\/span><span dir=\"ltr\" role=\"presentation\">, <\/span><span dir=\"ltr\" role=\"presentation\">BHP <\/span><span dir=\"ltr\" role=\"presentation\">stat<\/span><span dir=\"ltr\" role=\"presentation\">ed<\/span> <span dir=\"ltr\" role=\"presentation\">that <\/span><span dir=\"ltr\" role=\"presentation\">the<\/span> <span dir=\"ltr\" role=\"presentation\">results of <\/span><span dir=\"ltr\" role=\"presentation\">a <\/span><span dir=\"ltr\" role=\"presentation\">review into the <\/span><span dir=\"ltr\" role=\"presentation\">potential <\/span><span dir=\"ltr\" role=\"presentation\">phasing and capital spend <\/span><span dir=\"ltr\" role=\"presentation\">for the West Musgrave <\/span><span dir=\"ltr\" role=\"presentation\">development <\/span><span dir=\"ltr\" role=\"presentation\">project<\/span> <span dir=\"ltr\" role=\"presentation\">will be announced in August 2024.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">Capstone Copper is scheduled to release the <\/span><span dir=\"ltr\" role=\"presentation\">updated <\/span><span dir=\"ltr\" role=\"presentation\">Santo Domingo Feasibility Study <\/span><span dir=\"ltr\" role=\"presentation\">during the <\/span><span dir=\"ltr\" role=\"presentation\">first half of 2024.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">Continue to expect <\/span> <span dir=\"ltr\" role=\"presentation\">year on year production volume growth at operations underlying produc<\/span><span dir=\"ltr\" role=\"presentation\">ing <\/span><span dir=\"ltr\" role=\"presentation\">royalty portfolio in 2024 and 2025<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span><\/p>\n<p><span dir=\"ltr\" role=\"presentation\">\u2022<\/span> <span dir=\"ltr\" role=\"presentation\">Net debt at <\/span> <span dir=\"ltr\" role=\"presentation\">31 March <\/span> <span dir=\"ltr\" role=\"presentation\">was <\/span> <span dir=\"ltr\" role=\"presentation\">$<\/span><span dir=\"ltr\" role=\"presentation\">87<\/span> <span dir=\"ltr\" role=\"presentation\">million<\/span><span dir=\"ltr\" role=\"presentation\">,<\/span> <span dir=\"ltr\" role=\"presentation\">providing<\/span> <span dir=\"ltr\" role=\"presentation\">the balance sheet flexibility to pursue further <\/span><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">growth<\/span><span dir=\"ltr\" role=\"presentation\">.<\/span><\/p>\n<h4>Q1 2024 Financial Table<br role=\"presentation\" \/><span style=\"font-size: 8pt;\"><span dir=\"ltr\" role=\"presentation\">(1)<\/span> <span dir=\"ltr\" role=\"presentation\">Excludes $5.4m of accrued income released to the income statement following the favourable Four Mile judgment announced on 4 <\/span><span dir=\"ltr\" role=\"presentation\">December 20<\/span><span dir=\"ltr\" role=\"presentation\">2<\/span><span dir=\"ltr\" role=\"presentation\">3.<\/span><\/span><\/h4>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-29096\" src=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Ecora-PR-Table-April-24-2024.png\" alt=\"\" width=\"945\" height=\"775\" srcset=\"https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Ecora-PR-Table-April-24-2024.png 945w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Ecora-PR-Table-April-24-2024-300x246.png 300w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Ecora-PR-Table-April-24-2024-768x630.png 768w, https:\/\/capital10x.com\/old\/wp-content\/uploads\/2024\/04\/Ecora-PR-Table-April-24-2024-696x571.png 696w\" sizes=\"auto, (max-width: 945px) 100vw, 945px\" \/><\/p>\n<h3><strong>About Ecora Resources\u00a0<\/strong><\/h3>\n<p>Ecora Resources is a leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future.<\/p>\n<p>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.<\/p>\n<p>The mining sector has an essential role to play in the energy transition, with commodities such as copper, nickel and cobalt &#8211; 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.<\/p>\n<p>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 acoal 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.<\/p>\n<p>Ecora&#8217;s shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX Best Market (OTCQX: ECRAF).<\/p>\n<p>Ecora is a Marketing Awareness Client of Capital 10X<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ecora Resources PLC (LSE\/TSX: ECOR) Grew income 117% QoQ driven by a bounceback in coal making steel royalties. Future growth over 2024 &#038; Beyond.<\/p>\n","protected":false},"author":30,"featured_media":28274,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2430,56],"tags":[1807,2396,2397,2437,2424,2423,2403,2435,2402],"class_list":["post-29095","post","type-post","status-publish","format-standard","has-post-thumbnail","category-energy-transition-metals","category-featured","tag-battery-metals","tag-ecora-resources","tag-ecora-resources-plc","tag-energy-transition-metals","tag-investing-in-royalties","tag-investing-in-royalty-companies","tag-lseecor","tag-royalty-and-streaming-companies","tag-tsxecor"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ecora Resources Reports 117% QoQ Royalty Growth in Q1 | Capital 10X<\/title>\n<meta name=\"description\" content=\"Ecora Resources PLC (LSE\/TSX: ECOR) Grew income 117% QoQ driven by a bounceback in coal making steel royalties. 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