Ecora Resources
ECOR · Main Market · Basic Resources · mcap £402m · 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.
Positive 2 Sep 2026
Net debt cut from $124.6m to $74.9m in a year, with further reduction guidedDeleveraging gives flexibility for new royalty acquisitions; leverage 1.35x versus 3.5x upper threshold. 2 Sep 2026 29 Jul 2026
Positive 2 Sep 2026
Interim dividend raised to 1.90c from 0.60c, about 25% of free cash flowPayout rises with free cash flow as cobalt and copper contributions grow. 2 Sep 2026
Positive 2 Sep 2026
Portfolio mix shifted to critical minerals; base metals contribution up 159% in H1 2026Cash generation moved from Kestrel coal to multi-decade copper and cobalt assets. 2 Sep 2026 26 Mar 2026
Positive 28 May 2026
CEO and CFO bought shares in Nov 2025 and May 2026; Chair bought May 2026Repeated open-market purchases by executives and the chair across several months, including at higher share prices. 28 May 2026 19 May 2026 6 Nov 2025
- 2025-09-11 disposal · $16.5m – Sold 2% Dugbe gold royalty; $16.5m upfront, up to $3.5m contingent 2 Sep 2025
- 2025-03-04 acquisition · $50.0m – Completed copper stream over Moxico's Mimbula copper mine 27 Feb 2025
- 2024-07-01 acquisition · $8.5m – 0.85% gross revenue royalty over Phalaborwa rare earths plus $1.5m Rainbow equity subscription 1 Jul 2024
- 2024-03-27 buyback programme · $10.0m – Share buyback completed, 9.49m shares at 83.77p average, funded mainly by LIORC share sales 27 Mar 2024
- 2024-01-31 debt refinancing · $150m – Revolving credit facility extended to January 2027 with $75m accordion 31 Jan 2024
From the company's own announcements · not investment advice
Company filings. Not investment advice.