Ecora Resources

ECOR · Main Market · Basic Resources · mcap £414m · 166.0p

Ecora buys royalties and metal streams, which pay it a share of the revenue of mines run by others. Its focus is on copper, cobalt, nickel and other metals used in the energy transition, plus some coal.

Financials · LTM to 30 Jun 26

Source: results 02 Sep 26 ↗

Revenue: £54.0m
Operating profit: –
Net income: £37.8m
Free cash flow: £34.3m
Net debt: £56.5m
Market cap: £414m
EV / EBIT: –
FCF yield: +8.3%
Price / book: 1.1×

Latest half-year · H1 26 vs H1 25 results 02 Sep 26 ↗

Revenue: £23.8m
Net income: £14.0m
Cash from operations: £11.3m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures

Income statement Balance sheet Cash flow

Annual Half-yearly

Every line as the company printed it, newest first – each period in the latest version the company published (restated figures where a later report restated them), in its own currency and units. Italic = calculated (H2 = full year − first half). The column headings link to the announcements.

Latest report: H1 26 (six months to 30 Jun 26), published 02 Sep 26 · read the results ↗

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY 25$'000 source	FY 24$'000 source	FY 23$'000 source
Royalty and metal stream related revenue	55,900	59,608	61,900
Metal streams cost of sales	(4,702)	(1,214)	(1,338)
Amortisation and depletion of royalties and streams	(13,664)	(7,908)	(7,467)
Operating expenses	(12,227)	(11,010)	(10,889)
Operating profit before impairments and revaluations	25,307	39,476	42,206
Impairment of metal streams	–	–	-
Reversal of impairment/(impairment) of metal streams	14,087	(15,051)	–
Revaluation of royalty financial instruments	12,376	11,962	(3,088)
Revaluation of coal royalties (Kestrel)	(27,106)	(23,079)	(28,520)
Finance income	249	255	921
Finance costs	(10,439)	(8,853)	(8,270)
Net foreign exchange gains	–	–	70
Net foreign exchange (losses)/gains	(2,686)	1,279	–
Other income/(loss) - net	852	(56)	1,234
Profit before tax	12,640	5,933	4,553
Current income tax (charge)	(9,062)	(12,367)	(16,325)
Deferred income tax credit/(charge)	18,605	(3,393)	12,619
Profit/(loss) attributable to equity holders	22,183	(9,827)	847
Total and continuing earnings per share
Basic earnings/(loss) per share	8.91c	(3.89c)	0.33c
Diluted earnings/(loss) per share	8.88c	(3.89c)	0.33c

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H1 26$'000 source	H2 25$'000 calc.	H1 25$'000 source	H2 24$'000 calc.	H1 24$'000 source	H2 23$'000 calc.
Royalty and metal stream related revenue	32,009	40,062	15,838	10,150	49,458	–
Mineral streams cost of sales	–	–	–	–	(368)	–
Metal streams cost of sales	(4,414)	(3,503)	(1,199)	–	–	–
Amortisation and depletion of royalties and streams	(8,348)	(9,104)	(4,560)	(4,837)	(3,071)	–
Operating expenses	(6,321)	(5,873)	(6,354)	(5,246)	(5,764)	(10,822)
Operating profit before revaluations	12,926	–	3,725	–	40,255	–
Revaluation of royalty financial instruments	10,733	9,873	2,503	3,497	8,465	–
Revaluation of coal royalties (Kestrel)	4,160	(16,274)	(10,832)	779	(23,858)	–
Finance income	104	116	133	152	103	–
Finance costs	(3,767)	(5,560)	(4,879)	(3,937)	(4,916)	–
Net foreign exchange losses	(232)	–	(1,856)	–	(839)	–
Other gains/(losses)	–	–	–	–	(1,308)	–
Other gains	327	–	269	–	–	–
Profit/(loss) before tax	24,251	23,577	(10,937)	(11,969)	17,902	–
Current income tax charge	(1,509)	(8,129)	(933)	(4,278)	(8,089)	–
Deferred income tax credit	–	–	–	–	1,673	–
Deferred income tax (charge)/credit	(3,950)	15,773	2,832	–	–	–
Profit/(loss) attributable to equity holders	18,792	31,221	(9,038)	(21,313)	11,486	–
Total and continuing earnings/(loss) per share
Basic earnings/(loss) per share	7.53c	–	(3.63c)	–	4.48c	–
Diluted earnings/(loss) per share	7.51c	–	(3.63c)	–	4.47c	–

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26$'000 source	31 Dec 25$'000 source	31 Dec 24$'000 source	31 Dec 23$'000 source
Non-current assets
Property, plant and equipment	2,234	2,268	2,394	3,063
Coal royalties (Kestrel)	29,180	24,423	48,735	77,354
Metal streams	189,288	196,230	141,910	161,440
Royalty financial instruments	43,462	35,427	40,612	32,829
Royalty and exploration intangible assets	251,811	250,445	245,939	269,801
Mining and exploration interests	5,920	5,537	4,366	2,791
Deferred costs	1,635	2,008	2,275	341
Other receivables	16,098	16,804	17,820	33,708
Deferred tax asset	–	36,045	25,877	37,451
Deferred tax	33,276	–	–	–
Total non-current assets	572,904	569,187	529,928	618,778
Current assets
Trade and other receivables	9,774	6,554	16,168	9,649
Derivative financial instruments	-	8	-	–
Cash and cash equivalents	8,377	7,786	7,876	7,850
Total current assets	18,151	14,348	24,044	17,499
Total assets	591,055	583,535	553,972	636,277
Non-current liabilities
Borrowings	83,250	93,250	90,228	82,400
Other payables	2,756	3,035	3,079	14,461
Deferred tax liability	–	9,561	17,903	28,126
Deferred tax	11,457	–	–	–
Total non-current liabilities	97,463	105,846	111,210	124,987
Current liabilities
Income tax liabilities	2,051	6,442	4,167	15,927
Trade and other payables	8,232	5,549	3,957	13,344
Total current liabilities	10,283	11,991	8,124	29,271
Total liabilities	107,746	117,837	119,334	154,258
Net assets	483,309	465,698	434,638	482,019
Capital and reserves attributable to shareholders
Share capital	6,557	6,540	6,528	6,762
Share premium	169,212	169,212	169,212	169,212
Other reserves	101,106	98,986	84,268	103,293
Retained earnings	206,434	190,960	174,630	202,752
Total equity	483,309	465,698	434,638	482,019

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	30 Jun 26$'000 source	31 Dec 25$'000 source	30 Jun 25$'000 source	31 Dec 24$'000 source	30 Jun 24$'000 source	31 Dec 23$'000 source
Non-current assets
Property, plant and equipment	2,234	2,268	2,331	2,394	2,98 1	3,063
Coal royalties (Kestrel)	29,180	24,423	40,259	48,735	51,427	77,354
Metal streams	189,288	196,230	189,854	141,910	160,246	161,440
Royalty financial instruments	43,462	35,427	34,262	40,612	31,331	32,829
Royalty and exploration intangible assets	251,811	250,445	249,735	245,939	262,966	269,801
Mining and exploration interests	5,920	5,537	4,609	4,366	4,302	2,791
Deferred costs	1,635	2,008	2,427	2,275	1,897	341
Other receivables	16,098	16,804	17,343	17,820	27,592	33,708
Deferred tax asset	–	36,045	–	25,877	–	37,451
Deferred tax	33,276	–	25,291	–	36,128	–
Total non-current assets	572,904	569,187	566,111	529,928	578,870	618,778
Current assets
Trade and other receivables	9,774	6,554	7,703	16,168	23,477	9,649
Derivative financial instruments	-	8	–	-	–	–
Cash and cash equivalents	8,377	7,786	7,944	7,876	12,980	7,850
Total current assets	18,151	14,348	15,647	24,044	36,457	17,499
Asset held for sale	–	–	9,000	–	–	–
Total current assets	–	–	24,647	–	–	–
Total assets	591,055	583,535	590,758	553,972	615,327	636,277
Non-current liabilities
Borrowings	83,250	93,250	132,559	90,228	98,962	82,400
Other payables	2,756	3,035	3,171	3,079	11,978	14,461
Deferred tax liability	–	9,561	–	17,903	–	28,126
Deferred tax	11,457	–	15,221	–	24,237	–
Total non-current liabilities	97,463	105,846	150,951	111,210	135,177	124,987
Current liabilities
Income tax liabilities	2,051	6,442	2,140	4,167	5,523	15,927
Trade and other payables	8,232	5,549	7,755	3,957	6,470	13,344
Total current liabilities	10,283	11,991	9,895	8,124	11,993	29,271
Total liabilities	107,746	117,837	160,846	119,334	147,170	154,258
Net assets	483,309	465,698	429,912	434,638	468,157	482,019
Capital and reserves attributable to shareholders
Share capital	6,557	6,540	6,540	6,528	6,528	6,762
Share premium	169,212	169,212	169,212	169,212	169,212	169,212
Other reserves	101,106	98,986	94,183	84,268	96,721	103,293
Retained earnings	206,434	190,960	159,977	174,630	195,696	202,752
Total equity	483,309	465,698	429,912	434,638	468,157	482,019
Royalty and metal stream related revenue	–	–	–	–	49,458	–
Mineral streams cost of sales	–	–	–	–	(368)	–
Amortisation and depletion of royalties and streams	–	–	–	–	(3,071)	–
Operating expenses	–	–	–	–	(5,764)	–
Operating profit before revaluations	–	–	–	–	40,255	–
Revaluation of royalty financial instruments	–	–	–	–	8,465	–
Revaluation of coal royalties (Kestrel)	–	–	–	–	(23,858)	–
Finance income	–	–	–	–	103	–
Finance costs	–	–	–	–	(4,916)	–
Net foreign exchange (losses)/gains	–	–	–	–	(839)	–
Other losses	–	–	–	–	(1,308)	–
Profit/(loss) before tax	–	–	–	–	17,902	–
Current income tax charge	–	–	–	–	(8,089)	–
Deferred income tax credit	–	–	–	–	1,673	–
Profit/(loss) attributable to equity holders	–	–	–	–	11,486	–
Basic earnings/(loss) per share	–	–	–	–	4.48c	–
Diluted earnings/(loss) per share	–	–	–	–	4.47c	–
Total 30 June 30 June	–	–	–	–	2024	–
Profit/(Loss) attributable to equity holders	–	–	–	–	11,486	–
Revaluation of royalty financial instruments	–	–	–	–	(612)	–
Revaluation of mining and exploration interests	–	–	–	–	11	–
Deferred tax relating to items that will not be reclassified to profit or loss	–	–	–	–	69	–
Total items that will not be reclassified to profit or loss	–	–	–	–	(532)	–
Net exchange loss on translation of foreign operations	–	–	–	–	(4,685)	–
Total items that have been or may be subsequently reclassified to profit or loss	–	–	–	–	(4,685)	–
Other comprehensive loss for the period, net of tax	–	–	–	–	(5,217)	–
Total comprehensive profit/(loss) for the period	–	–	–	–	6,269	–
Total 30 June 31 December	–	–	–	–	2024	–

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	FY 25$'000 source	FY 24$'000 source	FY 23$'000 source
Cash flows from operating activities
Profit before taxation	12,640	5,933	4,553
Adjustments for
Finance income	(249)	(255)	(921)
Finance costs	10,439	8,853	8,270
Net foreign exchange (gains)/losses	–	–	(70)
Other losses/(income)	–	–	(1,234)
Impairment of metal streams	–	–	-
Net foreign exchange losses/(gains)	2,686	(1,279)	–
Other (income)/losses	(852)	56	–
(Reversal of impairment)/impairment of metal streams	(14,087)	15,051	–
Revaluation of royalty financial instruments	(12,376)	(11,962)	3,088
Royalties from royalty financial instruments	3,218	1,868	718
Deferred income recognised as royalty revenue	–	–	(4,453)
Revaluation of coal royalties (Kestrel)	27,106	23,079	28,520
Depreciation of property, plant and equipment	434	673	681
Amortisation and depletion of royalties and streams	13,664	7,908	7,467
Amortisation of deferred acquisition costs	17	17	17
Share-based payment charges	439	1,831	899
Total adjustments for	43,079	51,773	47,535
(Increase)/decrease in trade and other receivables	(2,018)	1,714	9,731
Increase/(decrease) in trade and other payables	1,558	(282)	(346)
Cash generated from/(used in) operations	–	–	56,920
Cash generated from operations	42,619	53,205	–
Income taxes paid	(7,514)	(23,610)	(23,380)
Net cash generated from/(used in) operating activities	–	–	33,540
Net cash generated from operating activities	35,105	29,595	–
Cash flows from investing activities
Proceeds on disposal of mining and exploration interests	–	–	79
Investment in convertible loan	–	–	(109)
Purchase of property, plant and equipment	(2)	(4)	(112)
Purchase of metal stream	(51,127)	-	–
Purchase of royalty and exploration intangibles	-	(9,167)	(57,003)
Purchase of royalty financial instruments	-	(8,852)	(7,564)
Proceeds on disposal of royalty intangibles	11,460	2,320	5,338
Proceeds on disposal of royalty financial instruments	-	8,145	13,690
Proceeds on disposal of subsidiary	16,162	-	–
Purchase of mining and exploration interests	-	(1,500)	-
Repayments under commodity-related financing agreements	2,536	2,984	2,307
Prepaid acquisition costs	(18)	(445)	50
Finance income received	249	255	151
Net cash (used in)/generated from investing activities	–	–	(43,173)
Net cash used in investing activities	(20,740)	(6,264)	–
Cash flows from financing activities
Drawdown of revolving credit facility	51,500	21,271	96,000
Repayment of revolving credit facility	(49,255)	(12,365)	(55,850)
Share buyback payments	-	(10,000)	-
Dividends paid	(6,944)	(10,836)	(22,062)
Lease payments	(606)	(461)	(357)
Finance costs paid	(9,867)	(10,306)	(6,010)
Net cash (used in)/generated from financing activities	–	–	11,721
Net cash used in financing activities	(15,172)	(22,697)	–
Net (decrease)/increase in cash and cash equivalents	(807)	634	2,088
Cash and cash equivalents at beginning of period	7,876	7,850	5,850
Effect of foreign exchange rates	717	(608)	(88)
Cash and cash equivalents at end of period	7,786	7,876	7,850

Reported in US$ as the company published it. The key figures convert to £ at the rate of each period.

	H1 26$'000 source	H2 25$'000 calc.	H1 25$'000 source	H2 24$'000 calc.	H1 24$'000 source
Cash flows from operating activities
Profit/(loss) before taxation	24,251	23,577	(10,937)	(11,969)	17,902
Adjustments for
Finance income	(104)	(116)	(133)	(152)	(103)
Finance costs	3,767	5,560	4,879	3,937	4,916
Net foreign exchange loss	232	–	1,856	–	839
Other (gains)/ losses	–	–	–	–	1,308
Other gains	(327)	–	(269)	–	–
Revaluation of royalty financial instruments	(10,733)	(9,873)	(2,503)	(3,497)	(8,465)
Royalties from royalty financial instruments	2,941	1,637	1,581	1,358	510
Revaluation of coal royalties (Kestrel)	(4,160)	16,274	10,832	(779)	23,858
Depreciation of property, plant and equipment	60	371	63	586	87
Amortisation and depletion of royalties and streams	8,348	9,104	4,560	4,837	3,071
Amortisation of deferred acquisition costs	9	8	9	8	9
Share based payment expense	275	–	749	–	681
Total adjustments for	24,559	32,392	10,687	7,160	44,613
Increase in trade and other receivables	(3,220)	–	(3,168)	–	(13,895)
(Decrease)/increase in trade and other payables	–	–	–	(1,075)	793
Decrease in trade and other payables	(493)	–	(401)	–	–
Cash generated from operations	20,846	35,501	7,118	21,694	31,511
Income taxes paid	(5,679)	(4,487)	(3,027)	(5,315)	(18,295)
Net cash generated from operating activities	15,167	31,014	4,091	16,379	13,216
Cash flows from investing activities
Purchase of property, plant and equipment	(28)	(2)	-	(2)	(2)
Purchase of royalty and exploration intangibles	–	–	–	-	(9,167)
Purchase of metal stream	-	(4)	(51,123)	-	-
Proceeds on disposal of royalty and exploration intangibles	-	–	11,460	–	2,201
Proceeds on disposal of royalty financial instruments	–	–	–	-	8,145
Repayments under commodity related financing agreements	782	889	1,647	1,270	1,714
Prepaid acquisition costs	-	-	(18)	(385)	(60)
Finance income received	104	116	133	152	103
Net cash (used in)/from investing activities	–	–	–	–	2,934
Net cash from/(used in) investing activities	858	–	(37,901)	–	–
Cash flows from financing activities
Drawdown of revolving credit facility	-	1,500	50,000	4,671	16,600
Repayment of revolving credit facility	(10,000)	(40,755)	(8,500)	(11,965)	(400)
Dividends paid	(1,530)	(2,712)	(4,232)	-	(10,836)
Share buyback payments	–	–	–	-	(10,000)
Finance costs paid	(3,955)	(5,948)	(3,919)	(5,682)	(4,624)
Net cash from/(used in) financing activities	–	–	–	–	(9,260)
Net cash (used in)/from financing activities	(15,485)	–	33,349	–	–
Net increase/(decrease) in cash and cash equivalents	540	(346)	(461)	(6,256)	6,890
Cash and cash equivalents at beginning of period	7,786	-	7,876	-	7,850
Effect of foreign exchange rates	51	188	529	1,152	(1,760)
Cash and cash equivalents at end of period	8,377	(158)	7,944	(5,104)	12,980

	LTM Jun 26	FY 25	FY 24	FY 23
Revenue to operating profit
Revenue	54.0	42.4	46.6	49.8
Depreciation (owned assets)	0.3	0.3	0.5	0.5
Share-based payments	(0.0)	0.3	1.4	0.7
Operating profit to net income
Finance costs	(7.0)	(7.9)	(6.9)	(6.7)
Profit before tax	36.1	9.6	4.6	3.7
Net income (owners)	37.8	16.8	(7.7)	0.7
Per share
EPS basic	14.9p	6.6p	(3.1p)	0.3p
EPS diluted	14.9p	6.6p	(3.1p)	0.3p
Dividend per share	–	–	2.2p	–

	H1 26	vs H1 25	H2 25	H1 25	H2 24	H1 24	H2 23
Revenue to operating profit
Revenue	23.8	+95%	30.2	12.2	7.6	39.1	15.1
Operating profit	–	–	–	–	–	31.8	–
Depreciation (owned assets)	0.0	n/m	0.3	0.0	0.5	0.1	0.5
Amortisation	–	–	–	(3.5)	–	(2.4)	–
Share-based payments	0.2	−65%	(0.2)	0.6	0.9	0.5	0.4
Operating profit to net income
Finance costs	(2.8)	−26%	(4.2)	(3.8)	(3.0)	(3.9)	(4.4)
Profit before tax	18.0	n/m	18.0	(8.4)	(9.5)	14.1	11.9
Net income (owners)	14.0	n/m	23.8	(7.0)	(16.8)	9.1	6.7
Per share
EPS basic	5.7p	–	9.3p	(2.6p)	(6.6p)	3.5p	2.6p
EPS diluted	5.7p	–	9.2p	(2.6p)	(6.6p)	3.5p	2.6p
Dividend per share	1.4p	–	–	0.4p	–	–	–

	LTM Jun 26	FY 25	FY 24	FY 23
Operating activities
Cash from operations	34.8	26.6	23.2	27.0
Interest paid	(7.4)	(7.5)	(8.1)	–
Tax paid	(7.6)	(5.7)	(18.5)	(18.8)
Investing activities
Capex (PP&E)	–	(0.0)	(0.0)	(0.1)
Financing activities
Lease principal paid	–	(0.5)	(0.4)	–
Dividends paid	(3.1)	(5.3)	(8.5)	(17.7)
Share buybacks	–	–	(7.8)	–

	H1 26	vs H1 25	H2 25	H1 25	H2 24	H1 24	H2 23
Operating activities
Cash from operations	11.3	+257%	23.5	3.2	12.7	10.4	12.1
Interest paid	(2.9)	−3%	(4.5)	(3.0)	(4.4)	(3.7)	–
Tax paid	(4.2)	+81%	(3.4)	(2.3)	(4.0)	(14.5)	–
Investing activities
Capex (PP&E)	(0.0)	–	–	–	(0.0)	(0.0)	–
Financing activities
Dividends paid	(1.1)	−65%	(2.0)	(3.3)	0.1	(8.6)	(8.8)
Share buybacks	–	–	–	–	0.1	(7.9)	–

	30 Jun 26	31 Dec 25	31 Dec 24	31 Dec 23
Non-current assets
Property, plant & equipment	1.7	1.7	1.9	2.4
Non-current assets	432.3	422.6	422.3	485.9
Current assets
Trade receivables	7.4	4.9	12.9	7.6
Cash	6.3	5.8	6.3	6.2
Current assets	13.7	10.7	19.2	13.7
Total assets	445.9	433.3	441.4	499.7
Current liabilities
Trade payables	6.2	4.1	3.2	10.5
Current liabilities	7.8	8.9	6.5	23.0
Non-current liabilities
Borrowings, non-current	62.8	69.2	71.9	64.7
Non-current liabilities	73.5	78.6	88.6	98.2
Total liabilities	81.3	87.5	95.1	121.1
Equity
Total equity	364.7	345.8	346.3	378.5
Net cash and other figures
Net cash / (debt) ex leases	–	–	(65.6)	(58.5)

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24	30 Jun 24	31 Dec 23
Non-current assets
Property, plant & equipment	1.7	1.7	1.7	1.9	–	2.4
Non-current assets	432.3	422.6	412.6	422.3	457.8	485.9
Current assets
Trade receivables	7.4	4.9	5.6	12.9	18.6	7.6
Cash	6.3	5.8	5.8	6.3	10.3	6.2
Current assets	13.7	10.7	18.0	19.2	28.8	13.7
Total assets	445.9	433.3	430.6	441.4	486.6	499.7
Current liabilities
Trade payables	6.2	4.1	5.7	3.2	5.1	10.5
Current liabilities	7.8	8.9	7.2	6.5	9.5	23.0
Non-current liabilities
Borrowings, non-current	62.8	69.2	96.6	71.9	78.3	64.7
Non-current liabilities	73.5	78.6	110.0	88.6	106.9	98.2
Total liabilities	81.3	87.5	117.2	95.1	116.4	121.1
Equity
Total equity	364.7	345.8	313.4	346.3	370.2	378.5
Net cash and other figures
Net cash / (debt) ex leases	–	–	–	(65.6)	(68.0)	(58.5)

Read automatically from each results announcement. Check the source before relying on a figure.

Company filings. Not investment advice.