Q2 2025 Trading Update
Q2 2025 portfolio contribution $11.8m, up 97% QoQ, driven by base metals growth and Kestrel mining resumption.
- Q2 2025 total portfolio contribution $11.8m (prior $6.0m (Q1 2025))
- Base metals portfolio contribution $5.3m (prior $3.3m (Q1 2025))
- Voisey's Bay cobalt received 84 tonnes (prior 56 tonnes (Q1 2025))
- Cobalt realised price $18.61/lb (prior $13.28/lb (Q1 2025))
- Net debt $124.1m (prior $125.9m (31 March 2025))
- Kestrel H1 2025 production 0.4mt saleable
Select text to share a quote on X · sign in to keep highlights & notes in your ECOR notes
Ecora (LSE/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 61% increase in portfolio contribution from our base metals portfolio. This was driven by the acceleration of the Voisey's Bay ramp up, a maiden contribution from the Mimbula copper stream and a third consecutive record quarterly performance from Mantos Blancos.
"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, up 42% 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, up 97% on Q1 2025 ($6.0 million), with base metals contributing 45% of the total.
- $17.8 million total portfolio contribution for H1 2025, down 65% 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, up 61% on Q1 2025 ($3.3 million):
o Voisey's Bay
§ Net portfolio contribution of $2.7 million, up 108% 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, a 40% 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 2025
§ Copper 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, up 29% on Q1 2025 ($1.7 million):
o Four Mile generated $0.8 million (Q1 2025: $0.1 million) as normal sales operations resumed following a period in H2 2024 of stockpiling inventory
- Bulks and other portfolio generated $4.3 million, up 330% 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 | 61% | 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 | 29% | 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 | 330% | 26.7 | 5.3 | 41.6 |
| Total portfolio contribution | 11.8 | 6.0 | 97% | 31.8 | 17.8 | 51.3 |
1 Includes ongoing metal purchase costs under stream agreements, for Q2 these were: Voisey's Bay ($0.7m); Mimbula ($0.2m)
2 In Q2 2025, principal repayment totalled $0.7m and interest received totalled $0.3m
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.