Ecora Resources PLC Announces Q2 2025 Trading Update
Ecora Resources (OTCQX:ECRAF) reported significant growth in Q2 2025, with total portfolio contribution reaching $11.8 million, up 97% from Q1 2025. The company's base metals portfolio showed strong performance with a 61% increase in contribution to $5.3 million, driven by Voisey's Bay ramp-up, Mimbula copper stream's maiden contribution, and Mantos Blancos's record performance.
Key Q2 2025 highlights include: $8.4 million portfolio contribution excluding Kestrel (up 42% QoQ), $3.4 million from Kestrel as mining returned to private royalty area, and base metals contributing 45% of total portfolio. The company's net debt stood at $124.1 million as of June 30, 2025, with expectations of meaningful reduction by year-end.
The results reflect Ecora's successful transition towards a revenue profile primarily derived from copper and critical minerals, with further volume growth expected in H2 2025.
Ecora Resources (OTCQX:ECRAF) ha registrato una crescita significativa nel secondo trimestre 2025, con un contributo totale del portafoglio che ha raggiunto 11,8 milioni di dollari, in aumento del 97% rispetto al primo trimestre 2025. Il portafoglio di metalli di base ha mostrato una performance solida con un incremento del 61% nel contributo, arrivando a 5,3 milioni di dollari, grazie all'aumento della produzione di Voisey's Bay, al primo contributo del flusso di rame di Mimbula e alla performance record di Mantos Blancos.
I principali punti salienti del secondo trimestre 2025 includono: un contributo del portafoglio di 8,4 milioni di dollari escludendo Kestrel (in crescita del 42% trimestre su trimestre), 3,4 milioni di dollari da Kestrel con la ripresa dell'attività mineraria nell'area privata delle royalty, e i metalli di base che rappresentano il 45% del portafoglio totale. Il debito netto dell'azienda al 30 giugno 2025 era di 124,1 milioni di dollari, con aspettative di una riduzione significativa entro fine anno.
I risultati riflettono la riuscita transizione di Ecora verso un profilo di ricavi principalmente derivante da rame e minerali critici, con ulteriori aumenti di volume previsti nella seconda metà del 2025.
Ecora Resources (OTCQX:ECRAF) reportó un crecimiento significativo en el segundo trimestre de 2025, con una contribución total del portafolio que alcanzó los 11,8 millones de dólares, un aumento del 97% respecto al primer trimestre de 2025. El portafolio de metales básicos mostró un desempeño sólido con un incremento del 61% en la contribución, llegando a 5,3 millones de dólares, impulsado por la expansión de Voisey's Bay, la primera contribución del flujo de cobre de Mimbula y el rendimiento récord de Mantos Blancos.
Los aspectos destacados clave del segundo trimestre de 2025 incluyen: una contribución del portafolio de 8,4 millones de dólares excluyendo Kestrel (un aumento del 42% trimestre a trimestre), 3,4 millones de dólares de Kestrel con el retorno de la minería a la zona privada de regalías, y los metales básicos que aportan el 45% del portafolio total. La deuda neta de la compañía al 30 de junio de 2025 fue de 124,1 millones de dólares, con expectativas de una reducción significativa para fin de año.
Los resultados reflejan la exitosa transición de Ecora hacia un perfil de ingresos principalmente derivado del cobre y minerales críticos, con un mayor crecimiento de volumen esperado en la segunda mitad de 2025.
Ecora Resources (OTCQX:ECRAF)는 2025년 2분기에 총 포트폴리오 기여도가 1,180만 달러로 2025년 1분기 대비 97% 증가하는 등 큰 성장을 보고했습니다. 회사의 기본 금속 포트폴리오는 Voisey's Bay 가동 확대, Mimbula 구리 스트림의 첫 기여, Mantos Blancos의 기록적인 성과에 힘입어 61% 증가한 530만 달러의 기여를 보였습니다.
2025년 2분기 주요 하이라이트는 다음과 같습니다: Kestrel을 제외한 포트폴리오 기여도 840만 달러 (전분기 대비 42% 증가), Kestrel에서 채굴이 민간 로열티 지역으로 복귀하며 340만 달러 기여, 기본 금속이 전체 포트폴리오의 45%를 차지했습니다. 2025년 6월 30일 기준 회사의 순부채는 1억 2,410만 달러였으며, 연말까지 의미 있는 감소가 예상됩니다.
이 결과는 Ecora가 구리 및 핵심 광물에서 주로 수익을 창출하는 프로필로 성공적으로 전환했음을 반영하며, 2025년 하반기에 추가적인 물량 증가가 기대됩니다.
Ecora Resources (OTCQX:ECRAF) a enregistré une croissance significative au deuxième trimestre 2025, avec une contribution totale du portefeuille atteignant 11,8 millions de dollars, en hausse de 97 % par rapport au premier trimestre 2025. Le portefeuille de métaux de base a affiché une solide performance avec une augmentation de 61 % de sa contribution, s'établissant à 5,3 millions de dollars, portée par la montée en puissance de Voisey's Bay, la première contribution du flux de cuivre de Mimbula et la performance record de Mantos Blancos.
Les points forts clés du deuxième trimestre 2025 incluent : une contribution du portefeuille de 8,4 millions de dollars hors Kestrel (en hausse de 42 % d'un trimestre à l'autre), 3,4 millions de dollars provenant de Kestrel avec la reprise de l'exploitation minière dans la zone privée de redevances, et les métaux de base représentant 45 % du portefeuille total. La dette nette de la société s'élevait à 124,1 millions de dollars au 30 juin 2025, avec des attentes de réduction significative d'ici la fin de l'année.
Ces résultats reflètent la transition réussie d'Ecora vers un profil de revenus principalement issu du cuivre et des minéraux critiques, avec une croissance supplémentaire des volumes attendue au second semestre 2025.
Ecora Resources (OTCQX:ECRAF) meldete für das zweite Quartal 2025 ein signifikantes Wachstum, wobei der Gesamtportfolio-Beitrag 11,8 Millionen US-Dollar erreichte, ein Anstieg von 97 % gegenüber dem ersten Quartal 2025. Das Basismetall-Portfolio zeigte eine starke Leistung mit einem 61 %igen Anstieg des Beitrags auf 5,3 Millionen US-Dollar, angetrieben durch die Hochlaufphase von Voisey's Bay, den erstmaligen Beitrag des Kupferstroms von Mimbula und die Rekordleistung von Mantos Blancos.
Wichtige Highlights des zweiten Quartals 2025 umfassen: einen Portfolio-Beitrag von 8,4 Millionen US-Dollar ohne Kestrel (ein Anstieg von 42 % gegenüber dem Vorquartal), 3,4 Millionen US-Dollar von Kestrel, da der Bergbau in das private Lizenzgebiet zurückkehrte, und Basismetalle, die 45 % des Gesamtportfolios ausmachen. Die Nettoverschuldung des Unternehmens lag zum 30. Juni 2025 bei 124,1 Millionen US-Dollar, mit Erwartungen einer bedeutenden Reduzierung bis Jahresende.
Die Ergebnisse spiegeln die erfolgreiche Umstellung von Ecora auf ein Umsatzprofil wider, das hauptsächlich aus Kupfer und kritischen Mineralien stammt, wobei für die zweite Jahreshälfte 2025 weiteres Volumenwachstum erwartet wird.
- Base metals portfolio contribution increased 61% QoQ to $5.3 million in Q2 2025
- Total portfolio contribution grew 97% QoQ to $11.8 million
- Voisey's Bay cobalt production increased 50% QoQ with 40% higher realized prices
- Mantos Blancos achieved third consecutive record quarterly royalty contribution of $2.0 million
- Successful maiden contribution of $0.5 million from Mimbula copper stream
- Total H1 2025 portfolio contribution declined 65% YoY to $17.8 million
- Net debt remains significant at $124.1 million as of June 30, 2025
- Kestrel's H1 2025 contribution dropped significantly to $3.5 million from $40.8 million in H1 2024
LONDON, GB / ACCESS Newswire / July 23, 2025 / Ecora (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) issues the following trading update for the period 1 April to 30 June 2025.
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"Our critical minerals portfolio is continuing to deliver on its growth potential, as demonstrated by a
"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."
Highlights:
$8.4 million portfolio contribution (ex-Kestrel) for Q2 2025, up42% 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, up97% on Q1 2025 ($6.0 million ), with base metals contributing45% of the total.$17.8 million total portfolio contribution for H1 2025, down65% 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, up61% on Q1 2025 ($3.3 million ):
o Voisey's Bay
Net portfolio contribution of
$2.7 million , up108% 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, a40% 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
o 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 2025Copper entitlement in Q2 2025 of 150 tonnes, which will be recognised in Q3 2025 when the streamed copper is delivered
o 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, up29% on Q1 2025 ($1.7 million ):
o Four Mile generated
Bulks and other portfolio generated
$4.3 million , up330% on Q1 2025 ($1.0 million ):
o 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).
Portfolio contribution: | Q2 2025 | Q1 2025 | Q/Q | Q2 2024 | H1 2025 | H1 2024 | |
$m | $m | $m | $m | $m | |||
Base metals | |||||||
Mantos Blancos (copper) | 2.0 | 1.8 | 1.5 | 3.8 | 2.8 | ||
Voisey's Bay (cobalt) | 3.4 | 1.6 | 1.0 | 5.0 | 2.0 | ||
Mimbula (copper) | 0.7 | n/a | n/a | 0.7 | n/a | ||
Carlota (copper) | 0.1 | 0.2 | 0.3 | 0.3 | 0.3 | ||
Metal stream cost of sales(1) | (0.9) | (0.3) | (0.2) | (1.2) | (0.4) | ||
Sub-total | 5.3 | 3.3 | 2.6 | 8.6 | 4.7 | ||
Specialty metals & uranium | |||||||
McClean Lake(2) (uranium) | 1.0 | 1.2 | 1.4 | 2.2 | 2.5 | ||
Maracás Menchen (vanadium) | 0.4 | 0.4 | 0.4 | 0.8 | 1.1 | ||
Four Mile (uranium) | 0.8 | 0.1 | 0.7 | 0.9 | 1.4 | ||
Sub-total | 2.2 | 1.7 | 2.5 | 3.9 | 5.0 | ||
Bulks & other | |||||||
Kestrel (steelmaking coal) | 3.4 | 0.1 | 26.3 | 3.5 | 40.8 | ||
EVBC(3) (gold) | 0.8 | 0.8 | 0.3 | 1.6 | 0.5 | ||
Other | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 | ||
Sub-total | 4.3 | 1.0 | 26.7 | 5.3 | 41.6 | ||
Total portfolio contribution | 11.8 | 6.0 | 31.8 | 17.8 | 51.3 | ||
1Includes ongoing metal purchase costs under stream agreements, for Q2 these were: Voisey's Bay (
2In Q2 2025, principal repayment totalled
3Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income
For further information
Ecora Resources PLC | +44 (0) 20 3435 7400 |
Geoff Callow - Head of Investor Relations | |
Website: |
FTI Consulting | +44 (0) 20 3727 1000 |
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
Ecora's shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the OTCQX Best Market (OTCQX:ECRAF).
Cautionary statement on forward-looking statements and related information
Certain statements in this announcement, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Group's expectations and views of future events. Forward-looking statements (which include the phrase 'forward-looking information' within the meaning of Canadian securities legislation) are provided for the purposes of assisting readers in understanding the Group's financial position and results of operations as at and for the periods ended on certain dates, and of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate other than for purposes outlined in this announcement. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, performance, prospects, opportunities, priorities, targets, goals, objectives, strategies, growth and outlook of the Group including the outlook for the markets and economies in which the Group operates, costs and timing of acquiring new royalties and making new investments, mineral reserve and resources estimates, estimates of future production, production costs and revenue, future demand for and prices of precious and base metals and other commodities, for the current fiscal year and subsequent periods.
Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets', 'projects', 'forecasts', or negative versions thereof and other similar expressions, or future or conditional verbs such as 'may', 'will', 'aims', 'should', 'would' and 'could'. Forward-looking statements are based upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that are believed to be appropriate in the circumstances. The material factors and assumptions upon which such forward-looking statements are based include: the stability of the global economy; the stability of local governments and legislative background; the relative stability of interest rates; the equity and debt markets continuing to provide access to capital; the continuing of ongoing operations of the properties underlying the Group's portfolio of royalties, streams and investments by the owners or operators of such properties in a manner consistent with past practice; no material adverse impact on the underlying operations of the Group's portfolio of royalties; the accuracy of public statements and disclosures (including feasibility studies, estimates of reserve, resource, production, grades, mine life and cash cost) made by the owners or operators of such underlying properties; the accuracy of the information provided to the Group by the owners and operators of such underlying properties; no material adverse change in the price of the commodities produced from the properties underlying the Group's portfolio of royalties, streams and investments; no material adverse change in foreign exchange exposure; no adverse development in respect of any significant property in which the Group holds a royalty or other interest, including but not limited to unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining title.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which could cause actual results to differ materially from those anticipated, estimated or intended in the forward-looking statements. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. No statement in this communication is intended to be, nor should it be construed as, a profit forecast or a profit estimate.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved.
A variety of material factors, many of which are beyond the Group's control, affect the operations, performance and results of the Group, its businesses and investments, and could cause actual results to differ materially from those suggested by any forward-looking information. Such risks and uncertainties include, but are not limited to current global financial conditions, royalty, stream and investment portfolio and associated risk, adverse development risk, financial viability and operational effectiveness of owners and operators of the relevant properties underlying the Group's portfolio of royalties, streams and investments; royalties, streams and investments subject to other rights, and contractual terms not being honoured, together with those risks identified in the ''Emerging Risks' and 'Principal Risks and Uncertainties' section of our most recent Annual Report, which is available on our website. If any such risks actually occur, they could materially adversely affect the Group's business, financial condition or results of operations. Readers are cautioned that the list of factors noted in the sections of our most recent Annual Report entitled 'Emerging Risks' and 'Principal Risks and Uncertainties' are not exhaustive of the factors that may affect the Group's forward-looking statements. Readers are also cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements, which speak only of the date hereof.
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This announcement also contains forward-looking information contained and derived from publicly available information regarding properties and mining operations owned by third parties. This announcement contains information and statements relating to the Kestrel mine that are based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"), the accuracy of which KCPL does not warrant and on which readers may not rely.
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SOURCE: Ecora Resources PLC
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FAQ
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