Ecora Resources PLC Stock Price, News & Analysis

Ecora Resources PLC (ECRAF) has released its full-year 2024 results, reporting a 9% increase in portfolio contribution to $63.2m. The company's royalty and metal stream-related revenue reached $59.6m, with profit before tax of $5.9m. Key operational highlights include:

- Completion of Voisey's Bay underground mine expansion
- Mantos Blancos copper mine achieving record production rates
- Portfolio now comprising 80% base metals exposure

The company recorded a $15.1m impairment charge on the Voisey's Bay cobalt stream and implemented a $10m share buyback. The total dividend for 2024 was 2.81c per share. Post-period, Ecora acquired a $50m copper stream on Mimbula copper mine.

2025 Outlook projects significant volume growth:

• 60-90% increase in cobalt production at Voisey's Bay
• Up to 20% increase in Mantos Blancos copper production
• 5-10% growth in Kestrel steelmaking coal production
• 15-20kt expected copper production from new Mimbula stream

Ecora Resources, a critical minerals focused royalty company, has completed the acquisition of a copper stream related to production at the Mimbula copper mine, owned by Moxico Resources PLC. The transaction, announced on February 27, 2025, was executed for a total cash consideration of US$50 million. The company confirmed that no material changes have occurred affecting the transaction since the initial announcement.

Ecora Resources (ECRAF) has acquired a copper stream at the Mimbula copper mine in Zambia for US$50 million. The stream covers an 11-year Life Of Mine with potential extensions. Mimbula produced 14,000 tonnes of copper in 2024 and is undergoing a Phase II expansion to increase production capacity to 56,000 tonnes per annum by mid-2026.

The transaction will be funded through cash and debt facilities, with Ecora triggering US$30m of its Revolving Credit Facility's accordion feature. The stream is structured with frontloaded entitlements in the initial 7-8 years, with quarterly deliveries based on production levels. After receiving 9.15kt of copper, Ecora's entitlement reduces to 1.0% for the remaining mine life.

The deal increases Ecora's copper and base metal exposure to approximately 45% and 75% of NAV respectively. Mimbula operates in the lowest half of global copper mines' cost curve and produces Grade A LME cathodes.

Ecora Resources PLC reported a 9% year-over-year increase in portfolio contribution to US$63.2m for FY 2024, with Q4 2024 contribution at US$6.7m, up 29% from Q3 2024. The growth was primarily driven by increased production at Voisey's Bay and Mantos Blancos.

Key highlights include record underground production at Voisey's Bay, with 15 cobalt deliveries in FY 2024, and a record quarterly contribution from Mantos Blancos of US$1.7m in Q4. The company reduced its net debt to US$82.4m by December 31, 2024.

Looking ahead to 2025, Ecora expects production volume growth, particularly from Voisey's Bay (335-390 tonnes of cobalt), Kestrel (5-10% higher volumes), and Mantos Blancos (49,000-59,000 tonnes of copper). The company maintains its focus on expanding its near-term income-producing royalty portfolio.

Ecora Resources PLC has announced details of its 2024 interim dividend payment. The company will distribute 1.70 cents per ordinary share, which converts to 1.3704 pence in Sterling and 2.4507 Canadian cents per share. The conversion rates were determined based on exchange rates of US$1=£0.8061 and US$1=C$1.4416 as of the record date, January 3, 2025. The dividend is scheduled for payment on January 31, 2025.

Ecora Resources PLC announced several key portfolio updates. The company will be included in the FTSE UK SmallCap Index and FTSE UK All-Share Index effective December 23, 2024. Vale completed the Voisey's Bay Mine Expansion Project, where Ecora holds a 22.82% cobalt stream. The company expects to receive 280-392 tonnes of cobalt in 2025.

At Mantos Blancos, where Ecora holds a 1.525% NSR royalty, operations achieved 18,062 tpd throughput with plans for potential expansion to 27,000 tpd. The company also reported updates on development royalties, including Brazilian Nickel's potential US$550 million loan facility for the Piauí Project, and Cyprium's PFS for Nifty Copper Mine Complex projecting 6kt annual copper production over 4 years.

Ecora Resources announces the completion of Vale Base Metals' Voisey's Bay Mine Expansion Project, transitioning from open pit to underground mining. The expansion includes two underground mines - Reid Brook and Eastern Deeps - which will supply concentrate to the Long Harbour Processing Plant.

The project is expected to produce 2.6 Ktpa of cobalt on average over the mine's life, with full ramp-up anticipated by second half of 2026. Ecora holds a stream agreement entitling it to 22.82% of all cobalt production from Voisey's Bay until 7,600 tonnes of finished cobalt are delivered, after which the entitlement reduces to 11.41%.

Ecora Resources has announced that Graeme Dacomb, an independent Non-Executive Director, will be appointed as an independent Non-Executive Director of Capital , a London Stock Exchange-listed company, effective December 1, 2024. This announcement fulfills the company's obligations under UK Listing Rule 6.4.9(2).

Ecora Resources announces FCA approval to transfer its listing from the Equity Shares (Transition) Category to the Equity Shares (Commercial Companies) Category of the Official List. The transfer is effective October 30, 2024, at 8:00 a.m. The company's existing listings on the Toronto Stock Exchange (ECOR) and OTCQX Best Market (ECRAF) remain unaffected by this change. Ecora is a royalty company focused on commodities essential for sustainable future, with plans to be materially coal-free by 2026 and have over 90% exposure to sustainability-supporting commodities.