Q3 2026 Trading Update
Q3 2026 portfolio contribution flat at $24.8m; net debt to reduce to ~$57m by end October; development milestones expected next twelve months.
- Total portfolio contribution Q3 2026 $24.8m (prior $25.0m Q3 2025)
- 9M YTD portfolio contribution $56.2m (prior $42.6m 9M 2025)
- Net debt at 30 September 2026 $71.6m (prior $74.9m 30 June 2026)
- Portfolio contribution ex-Kestrel Q3 2026 $14.6m (prior $12.5m Q3 2025)
- Net debt expected end October 2026 ~$57m
- Voisey's Bay cobalt realised price Q3 2026 $26.20/lb (prior $18.13/lb Q3 2025)
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Ecora (LSE/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)
o 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)
o 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
1 excluding 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)
o Q3 2026 portfolio contribution of $2.6m (Q3 2025: $2.6m)
o 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)
o Net portfolio contribution of $1.7m (Q3 2025: $1.1m)
o 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)
o Q3 portfolio contribution of $0.5m, in line with Q3 2025 ($0.5m)
o 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
o 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)
o Q3 portfolio contribution of $0.6m (Q3 2025: $0.8m)
o 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)
o 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
o 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
o 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)
o Q3 portfolio contribution of $1.4m, up 100% v Q3 2025 ($0.7m)
Kestrel (steelmaking coal)
o 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
o 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
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