Q3 2025 Trading Update
Ecora Resources PLC reported a record Q3 2025, with a total portfolio contribution of $25.0 million, a 112% increase from Q2 2025's $11.8 million. The base metals portfolio reached a record $9.9 million, up 87% from Q2 2025 and 296% from Q3 2024. Voisey's Bay contributed $6.0 million, a 122% increase from the previous quarter, with 182 tonnes of cobalt received. The company sold the Dugbe gold royalty for up to $20.0 million, including an upfront payment of $16.5 million. Net debt stood at $104 million at the end of September, but $87 million including royalty receivables due in October. FY 2025 volume guidance for Voisey's Bay increased to 434-448 tonnes of attributable cobalt.
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Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) issues the following trading update for the period 1 July to 30 September 2025.
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"Q3 was a record quarter in many respects. Our base metals portfolio maintained its strong momentum delivering its highest ever contribution of $9.9 million, up 150% YTD compared to the same period in 2024, with record quarterly contributions from the Mantos Blancos copper royalty and Voisey's Bay cobalt stream. Following strong operational performance, we are upgrading our FY 2025 volume guidance for Voisey's Bay.
"This strong performance, combined with the sale of the Dugbe royalty and mining returning to our private royalty area at Kestrel, enabled us to accelerate our deleveraging. Period end net debt, including Q3 royalty receivables due in October, was $87 million, down ~30% since the $50 million Mimbula copper stream acquisition in Q1, and similar to year-end 2024 levels.
"We were pleased to see the recent announcement by Capstone Copper of a JV partner for their Santo Domingo project, a crucial step towards a final investment decision. Looking ahead to the next 12 months, we anticipate further key development milestones across our portfolio that will derisk Ecora's next wave of growth."
Financial Highlights:
- $25.0 million total portfolio contribution for Q3 2025, up 112% on Q2 2025 ($11.8 million) driven by continued growth of the base metals portfolio contribution and mining returning to the Group's private royalty area at Kestrel throughout the period
- Sale of the development stage, non-core Dugbe gold royalty for up to $20.0 million (including an upfront payment of $16.5 million) with proceeds accelerating a reduction in the Group's debt
- Net debt as at 30 September of $104 million1 (30 June 2025: $124.6 million)
1excluding royalty receivables due in October 2025
Base Metals
- $9.9 million portfolio contribution up 87% on Q2 2025 ($5.3 million) and 296% on Q3 2024 ($2.5 million)
- Voisey's Bay:
o Portfolio contribution increased 122% to $6.0 million (Q2 2025: $2.7 million), with an average realised price of $18.13/lb (Q2 2025: $18.61/lb)
o 182 tonnes of cobalt received, a 117% increase on Q2 2025 (84 tonnes)
o Democratic Republic of Congo government announced that the cobalt export ban would expire on 15 October 2025, when it was replaced with a quota system limiting exports to around 40% of 2024 production (as estimated by the Cobalt Institute)
o FY 2025 guidance increased to 434-448t of attributable cobalt (previously 365-390t)
o FY 2026 guidance is for 500-560t of attributable cobalt with the mine expected to reach steady state production
Mimbula:
o Portfolio contribution up 120% to $1.1 million (Q2 2025: $0.5 million) driven by the 150 tonnes of attributable production in Q2 2025
o Copper entitlement for Q3 2025 of 175 tonnes generating Q4 2025 portfolio contribution of $1.3 million
Mantos Blancos:
o Quarterly record portfolio contribution of $2.6 million (Q2 2025: $2.0 million)
Santo Domingo:
o Post period end, Capstone Copper announced that it had entered into a binding agreement with entities managed by Orion Resource Partners LP to sell 25% interest in the Santo Domingo project, which clears the path to a Final Investment Decision to proceed with construction of the Santo Domingo project in H2 2026
Specialty metals and uranium
- Specialty metals and uranium portfolio generated $1.9 million of portfolio contribution in Q3 2025 (Q2 2025: $2.2 million)
- Rainbow Rare Earths has continued to make strong progress on the Phalaborwa project and announced test results that:
o Confirm an exceptionally pure mixed rare earth product
o Achieve successful incorporation of a cerium depletion step, which simplifies the process and is expected to reduce capital and operating costs
Bulks and other
- Bulks and other portfolio generated $13.2 million (Q2 2025: $4.3 million):
- Kestrel:
o Mining was in the Group's private royalty area throughout the quarter and generated a portfolio contribution of $12.5 million
o 1.6mt of saleable production from the Group's private royalty area in Q3 2025 (Q2 2025: 0.4mt)
o FY volume guidance remains unchanged at between 2.2mt and 2.3mt of saleable production in the Group's private royalty area
| Portfolio contribution: | Q3 2025 | Q2 2025 | Q/Q | Q3 2024 | 9M 2025 | 9M 2024 |
|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | ||
| Base metals | ||||||
| Mantos Blancos (copper) | 2.6 | 2.0 | 1.3 | 6.4 | 4.1 | |
| Voisey's Bay (cobalt) | 7.4 | 3.4 | 1.4 | 12.4 | 3.4 | |
| Mimbula (copper) | 1.5 | 0.7 | n/a | 2.2 | n/a | |
| Carlota (copper) | 0.2 | 0.1 | 0.1 | 0.5 | 0.5 | |
| Metal stream cost of sales (1) | (1.8) | (0.9) | (0.3) | (3.0) | (0.6) | |
| Sub-total | 9.9 | 5.3 | 87% | 2.5 | 18.5 | 7.4 |
| Specialty metals & uranium | ||||||
| McClean Lake (2) (uranium) | 0.8 | 1.0 | 1.2 | 3.1 | 3.7 | |
| Maracás Menchen (vanadium) | 0.5 | 0.4 | 0.4 | 1.3 | 1.5 | |
| Four Mile (uranium) | 0.6 | 0.8 | - | 1.5 | 1.4 | |
| Sub-total | 1.9 | 2.2 | (14%) | 1.6 | 5.9 | 6.6 |
| Bulks & other | ||||||
| Kestrel (steelmaking coal) | 12.5 | 3.4 | 0.3 | 15.7 | 41.3 | |
| EVBC (3) (gold) | 0.7 | 0.8 | 0.7 | 2.3 | 1.2 | |
| Other | - | 0.1 | 0.1 | 0.2 | 0.3 | |
| Sub-total | 13.2 | 4.3 | 207% | 1.1 | 18.2 | 42.8 |
| Total portfolio contribution | 25.0 | 11.8 | 112% | 5.2 | 42.6 | 56.8 |
1 Includes ongoing metal purchase costs under stream agreements, for Q3 these were: Voisey's Bay ($1.4m); Mimbula ($0.4m)
2 In Q3 2025, principal repayment totalled $0.5m and interest received totalled $0.3m
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