Ecora Royalties PLC Announces Q3 2026 Trading Update

Contribution excluding Kestrel rose 66% over nine months, while Ecora expects further debt reduction absent acquisitions.

Rhea-AI Summary

Ecora Royalties (ECRAF) reported third-quarter 2026 portfolio contribution of $24.8m, broadly flat against the same period a year earlier. Nine-month contribution rose 32% to $56.2m. Excluding Kestrel, contribution increased 17% to $14.6m for the quarter and 66% to $44.7m for nine months.

Net debt was $71.6m at 30 September, versus $74.9m at 30 June, excluding royalty receivables due in October. Ecora expects approximately $57m at October-end, including those receivables, and further debt reduction during 2026 absent royalty or stream acquisitions.

Voisey's Bay net contribution increased to $7.2m despite lower cobalt receipts, while Kestrel contribution fell to $10.2m from $12.5m. Mimbula's third-quarter copper entitlement will generate $2.5m of fourth-quarter net contribution. Development milestones include a targeted late-2026 Mantos Blancos expansion study and planned Phalaborwa feasibility studies.

17 points · 0 major

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointNine-month portfolio contribution rose 32% to $56.2m, versus $42.6m in 2025.
• Moderate pointEx-Kestrel contribution rose 17% to $14.6m quarterly and 66% to $44.7m over nine months.
• Minor pointNet debt fell to $71.6m at 30 September from $74.9m at 30 June, excluding October royalty receivables.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ecora expects October-end net debt of approximately $57m, including third-quarter royalty receivables due in October.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ecora expects further debt reduction during 2026, absent royalty or stream acquisitions.

12 minor points

• Minor pointVoisey's Bay quarterly net contribution increased to $7.2m from $6.0m a year earlier.
• Minor pointVoisey's Bay average realised cobalt price rose to $26.20/lb from $18.13/lb a year earlier.
• Minor pointMimbula quarterly net contribution increased to $1.7m from $1.1m a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Mimbula's third-quarter entitlement of 250 tonnes will generate $2.5m of fourth-quarter net contribution.
• Minor pointEVBC quarterly contribution rose 100% to $1.4m from $0.7m a year earlier.
• Minor pointMantos Blancos nine-month contribution increased to $7.5m from $6.4m a year earlier.
• Minor pointMaracás Menchen nine-month contribution increased to $1.7m from $1.3m a year earlier.
• Minor pointFour Mile nine-month contribution increased to $2.6m from $1.5m a year earlier.
• Minor pointCarlota nine-month contribution increased to $0.6m from $0.5m a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Mantos Blancos expansion pre-feasibility study is progressing, with Capstone targeting release towards end-2026.
• Minor pointPhalaborwa has 75% of its flowsheet in the definitive feasibility study's engineering phase.
• Minor point. Forward-looking: it has not happened yet and may not happen.Rainbow intends an updated Phalaborwa pre-feasibility study in Q4 2026; its definitive study is planned for H1 2027.

Negative

• Moderate pointKestrel quarterly contribution fell to $10.2m from $12.5m; nine-month contribution fell to $11.5m from $15.7m.
• Moderate pointMetal stream cost of sales increased to $2.4m quarterly and $6.8m over nine months, versus $1.8m and $3.0m.
• Moderate pointPhalaborwa's separation-circuit technical support agreement with Neo Performance Materials is a Memorandum of Understanding.
• Minor pointVoisey's Bay attributable cobalt receipts fell to 154 tonnes from 182 tonnes in Q3 2025.
• Minor pointMcClean Lake contribution fell to $0.6m quarterly and $1.9m over nine months, versus $0.8m and $3.1m.

2 minor points

• Minor pointFour Mile quarterly contribution declined to $0.5m from $0.6m a year earlier.
• Minor pointCarlota quarterly contribution declined to $0.1m from $0.2m a year earlier.

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LONDON, UK / ACCESS Newswire / October 28, 2026 / Ecora (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) issues the following trading update for the period 1 July to 30 September 2026. All currencies referred to within are in US dollars unless otherwise specified.

Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:

"Q3 continued to demonstrate the cash generation potential and value of our producing critical minerals portfolio. Net debt at the end of October is expected to reduce to ~$57m (inclusive of Q3 royalty receivables due in October) down ~35% year to date. Looking ahead, we are entering a pivotal phase. The next twelve months should feature a number of key milestones across our development portfolio of copper and wider critical minerals royalties, that are expected to derisk the next wave of Ecora's organic growth."

Financial Highlights:

• Total portfolio contribution of $24.8m in Q3 2026, broadly flat v Q3 2025 ($25.0m)
  • 9M YTD portfolio contribution up 32% to $56.2m (2025 9M YTD: $42.6m)
• $14.6m portfolio contribution ex-Kestrel for Q3 2026, up 17% v Q3 2025 ($12.5m)
  • 9M YTD portfolio contribution ex-Kestrel up 66% to $44.7m (2025 9M YTD: $26.9m)
• Net debt on 30 September 2026 of $71.6m¹ (30 June 2026: $74.9m) with further deleveraging expected throughout the rest of 2026 absent royalty or stream acquisitions

¹excluding royalty receivables due in October 2026

Base Metals

• Base metals portfolio contribution of $11.6m, up 17% v Q3 2025 ($9.9m)
• Voisey's Bay (cobalt)
  • o 154 tonnes of attributable cobalt received in Q3 2026 (Q3 2025: 182 tonnes) generating a net portfolio contribution of $7.2m (Q3 2025: $6.0m) at an average realised price of $26.20/lb (Q3 2025: $18.13/lb)
• Mantos Blancos (copper)
  • Q3 2026 portfolio contribution of $2.6m (Q3 2025: $2.6m)
  • Capstone Copper Corp. currently progressing a Mantos Blancos Phase II expansion Pre-Feasibility Study outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, with the aim of releasing towards the end of 2026
• Mimbula (copper)
  • Net portfolio contribution of $1.7m (Q3 2025: $1.1m)
  • Copper entitlement for Q3 2026 of 250 tonnes, generating Q4 2026 net portfolio contribution of $2.5m

Specialty metals and uranium

• Specialty metals and uranium portfolio generated $1.6m of portfolio contribution, down 16% v Q3 2025 ($1.9m)
• Maracás Menchen (vanadium)
  • Q3 portfolio contribution of $0.5m, in line with Q3 2025 ($0.5m)
  • During Q3, Largo Resources USA Inc. received a $60.1m firm fixed price delivery order from the U.S. Defense Logistics Agency Strategic Materials (DLA) for the supply of high-purity vanadium pentoxide produced at the Maracás Menchen operation for the U.S. National Defense Stockpile
  • The agreement highlights the strategic importance of the Maracás Menchen mine as a supplier of premium-quality vanadium products outside of China and Russia
• McClean Lake Mill (uranium)
  • Q3 portfolio contribution of $0.6m (Q3 2025: $0.8m)
  • On 14 July Cameco announced the restart of production at the Cigar Lake Mine following a two-week stoppage due to an expansion joint failure at the sulfuric acid plant at the McClean Lake Mill where Cigar Lake ore is processed. Cameco's Cigar Lake FY 2026 production guidance is unchanged at 17.5-18.0 mlbs
• Phalaborwa (rare earths)
  • Rainbow Rare Earths Limited (Rainbow) announced on 1 July that its test work and pilot plant operations have optimised and simplified the flowsheet at the Phalaborwa Rare Earths project, 75% of the flowsheet is now in the engineering phase of the Definitive Feasibility Study with final optimisation of the solvent extraction underway
  • On 24 September, Rainbow announced it has signed a Memorandum of Understanding with Neo Performance Materials for technical support and design input for Rainbow's final solvent extraction separation circuit
  • Rainbow has stated that it intends to publish an updated Pre-Feasibility Study in Q4 2026 ahead of a Definitive Feasibility Study that is planned for H1 2027

Bulks & other

• EVBC (gold)
  • Q3 portfolio contribution of $1.4m, up 100% v Q3 2025 ($0.7m)
• Kestrel (steelmaking coal)
  • Mining operations at Kestrel were in the Group's private royalty area throughout Q3 2026 with 0.9 mt of saleable production generating $10.2m of portfolio contribution
  • With 1.0 mt of saleable production achieved YTD, FY guidance remains for 1.0-1.2 mt of saleable production from the Group's private royalty area

Portfolio contribution:	Q3 2026	Q3 2025			Q2 2026	9M 2026	9M 2025
	$m	$m		Q/Q	$m	$m	$m
Base metals
Voisey's Bay (cobalt)	8.9	7.4			12.3	25.5	12.4
Mantos Blancos (copper)	2.6	2.6			2.4	7.5	6.4
Mimbula (copper)	2.4	1.5			2.1	7.3	2.2
Carlota (copper)	0.1	0.2			0.2	0.6	0.5
Metal stream cost of sales(1)	(2.4)	(1.8)			(2.9)	(6.8)	(3.0)
Sub-total	11.6	9.9		17%	14.1	34.1	18.5
Speciality metals & uranium
McClean Lake(2) (uranium)	0.6	0.8			0.6	1.9	3.1
Maracás Menchen (vanadium)	0.5	0.5			0.8	1.7	1.3
Four Mile (uranium)	0.5	0.6			1.0	2.6	1.5
Sub-total	1.6	1.9		(16%)	2.4	6.2	5.9
Bulks & other
Kestrel (steelmaking coal)	10.2	12.5			1.3	11.5	15.7
EVBC(3) (gold)	1.4	0.7			1.2	4.4	2.3
Other	n/a	n/a			n/a	n/a	0.2
Sub-total	11.6	13.2		(12%)	2.5	15.9	18.2
Total portfolio contribution	24.8	25.0		(1%)	19.0	56.2	42.6

¹ Includes ongoing metal purchase costs under stream agreements, for Q3 2026 these were: Voisey's Bay ($1.7m); Mimbula ($0.7m)

² In Q3 2026, principal repayment totalled $0.4m and interest received totalled $0.2m

³ Under 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 Royalties PLC	+44 (0) 20 3435 7400
Geoff Callow - Head of Investor Relations
Website:	www.ecoraroyalties.com
FTI Consulting Ben Brewerton / Katherine Kilgallen	+44 (0) 20 3727 1000 ecoraroyalties@fticonsulting.com

About Ecora

Ecora is a leading critical minerals focused royalty and streaming company.

Copper is at the core of our portfolio which also includes other commodities linked to the trend of electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy security.

Our cash generative portfolio includes producing royalties and streams and has a strong organic growth profile that is expected to generate substantial additional cash flow in the medium term.

We take a disciplined approach to investments and acquisitions, focusing on high quality opportunities, in established mining jurisdictions and with experienced management teams. These investments have the potential to deliver enhanced returns through life of mine extension and commodity price outperformance.

Our management team has a long and proven track record of originating, completing due diligence, innovatively structuring and completing accretive royalty and stream transactions in the critical minerals space.

We allocate capital prudently, with a focus on growth, maintaining a strong balance sheet and returns to shareholders.

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', '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, streams and investments from a global pandemic; 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 '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 section herein entitled 'Risk' is 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.

The Group's management relies upon this forward-looking information in its estimates, projections, plans and analysis. Although the forward-looking statements contained in this announcement are based upon what the Group believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. The forward-looking statements made in this announcement relate only to events or information as of the date on which the statements are made and, except as specifically required by applicable laws, listing rules and other regulations, the Group undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Ecora Royalties PLC

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much portfolio contribution did Ecora report for Q3 2026?

Ecora reported $24.8m of third-quarter portfolio contribution, broadly flat against $25.0m in Q3 2025. Contribution for the first nine months increased 32% to $56.2m from $42.6m.

What is Ecora's Kestrel production guidance for 2026?

Kestrel's full-year guidance remains 1.0–1.2 mt of saleable production from Ecora's private royalty area. Production from that area reached 1.0 mt over nine months, including 0.9 mt in the third quarter.

What happened to production feeding Ecora's McClean Lake royalty?

Cameco announced the restart of Cigar Lake production on 14 July after a two-week stoppage caused by an expansion joint failure at McClean Lake's sulfuric acid plant. McClean Lake processes Cigar Lake ore. Cameco's Cigar Lake full-year 2026 production guidance remained 17.5–18.0 mlbs.