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.

Target	Promise	Said	Status
2023
FY 2023	10-11 Voisey's Bay cobalt deliveries for FY 2023.	25 Oct 2023	✓ Kept
	“Three deliveries are scheduled for Q4 which would result in 10-11 deliveries for FY 2023, in line with guidance” Result Later results cite 11 deliveries in FY 2023. “Seven deliveries in Q4 2024 (Q3 2024: 4 deliveries) led to a total of 15 deliveries in FY 2024; at the high end of FY guidance of 11-16 deliveries (FY 2023: 11 deliveries)”29 Jan 2025 · Q4 2024 Trading Update
2024
2 May 2024	Andrew Webb succeeds Patrick Meier as Chair after the 2 May 2024 AGM.	15 Jan 2024	✓ Kept
	“It is anticipated that Andrew will take over as Chair following the 2024 Annual General Meeting on 2 May 2024.” Result Andrew Webb is referred to as Chairman in March 2025. “Andrew Webb, Non-Executive Chairman”31 Mar 2025 · Director Share Dealings in Company
27 Sep 2024	Complete $10m buyback by 27 September 2024.	27 Mar 2024	✓ Kept
	“our US$10 million programme will be highly accretive to our per share metrics” Result Completed by 31 May 2024, buying 9.49m shares at 83.77p. 31 May 2024 · Completion of U$10 million Buyback Programme
H1 2024	Kestrel production moves back inside royalty area, driving material volume increase in H1 2024.	25 Oct 2023	✓ Kept
	“Production is expected to move back inside the Group's royalty area towards the end of Q4 driving a material increase in volume in H1 2024” Result Q1 2024 contribution rose 117% and Q2 Kestrel royalty income of $26.6m beat expectations. “production at Kestrel returned to our private royalty area driving a 117% increase in portfolio contribution compared to Q4 23”24 Apr 2024 · Q1 2024 Trading Update “saleable volumes within its private royalty area during Q2 2024 were materially ahead of expectations at 1.3Mt, driving Kestrel royalty income of US$26.6m”11 Jul 2024 · Kestrel Q2 income ahead of expectations
2024	Kestrel saleable volumes within the royalty area 15-25% above 2023's 1.6Mt in 2024.	31 Jan 2024	✓ Kept
	“Kestrel saleable volumes from Ecora royalty area in 2024 expected to be 15-25% ahead of the 2023 volumes” Also stated 27 Mar 2024 Result H1 2024 volumes were 2.0Mt against 1.6Mt for all of 2023, with Q2 at the top of guidance. “Kestrel saleable volumes from Ecora royalty area in 2024 expected to be 15-25% ahead of the 2023 volumes. Majority of 2024 Kestrel royalty receipts expected in H1”27 Mar 2024 · FY Results & Updated Capital Allocation Framework “Saleable production volumes within the Group's private royalty area in H1 were, therefore, already at the top end of guidance for the FY 2024, which had anticipated a 15-25% increase on FY 2023 volumes of 1.6Mt.”11 Jul 2024 · Kestrel Q2 income ahead of expectations
mid-2024	Capstone releases Santo Domingo feasibility study by mid-2024.	31 Jan 2024	✓ Kept
	“Capstone Copper is expecting to release a Feasibility Study for the Santo Domino project by mid-2024” Result Capstone published the updated study on 1 August 2024, a few weeks late. 1 Aug 2024 · Santo Domingo Update
2024	Portfolio contribution growth in 2024.	31 Jan 2024	✓ Kept
	“Current commodity price levels would imply year-on-year portfolio contribution growth in the year ahead.” Result 2024 contribution was $63.2m against $58.2m restated for 2023. 29 Jan 2025 · Q4 2024 Trading Update
FY 2024	Total FY 2024 dividend of about 4.0c per share.	27 Mar 2024	✗ Missed
	“the mid-point of the new dividend payout ratio would see total FY 2024 dividend of approximately 4.0c per share” Result FY2024 dividends were 1.70c interim and 1.11c final, about 2.8c in total. “Further to the announcement on 4 September 2024 of the 2024 interim dividend of 1.70c per ordinary share”6 Jan 2025 · 2024 Interim Dividend: Amounts per ordinary share “Further to the approval by shareholders at the Company's Annual General Meeting on 5 June 2025 of the final dividend for 2024 of 1.11c per ordinary share”2 Jul 2025 · 2024 Final Dividend: Amounts per ordinary share
FY 2024	12-16 Voisey's Bay cobalt deliveries in FY 2024.	4 Sep 2024	✓ Kept
	“FY 2024 guidance of 12-16 deliveries remains unchanged” Also stated 23 Oct 2024 Result 15 deliveries in FY 2024, at the high end of guidance. “Seven deliveries in Q4 2024 (Q3 2024: 4 deliveries) led to a total of 15 deliveries in FY 2024; at the high end of FY guidance of 11-16 deliveries”29 Jan 2025 · Q4 2024 Trading Update
2025
2025	335-390 tonnes of attributable cobalt from Voisey's Bay in 2025.	4 Sep 2024	✗ Missed · target changed
	“the Group is expecting between 335 tonnes and 390 tonnes (24-28 deliveries) of attributable cobalt metal in 2025” Also stated 29 Jan 2025 Result Guidance was narrowed to 365-390t, then raised to 434-448t; 448t was received, above the original range. “FY 2025 guidance increased to 434-448t of attributable cobalt (previously 365-390t)”29 Oct 2025 · Q3 2025 Trading Update “The 448t of attributable cobalt received from Voisey's Bay in FY 2025 was at the top end of upgraded guidance (FY 2024: 210t)”28 Jan 2026 · Q4 2025 Trading Update
2025	Mantos Blancos copper production of 49,000-59,000t in 2025.	29 Jan 2025	… In progress
	“the Group is expecting between 335 tonnes and 390 tonnes (24-28 deliveries) of attributable cobalt metal in 2025” Status so far Not yet due.
2025	Kestrel saleable volumes 5-10% above 2024, guided at 2.2-2.3mt for 2025.	29 Jan 2025	… In progress
	“saleable volumes produced within the Group's private royalty area are expected to be 5-10% higher than those achieved in 2024” Also stated 23 Jul 2025 · 29 Oct 2025 Status so far Not yet due.
Q2 2025	Stronger volume growth in Q2 2025 as Kestrel mining returns to the royalty area.	23 Apr 2025	✓ Kept
	“Looking ahead to Q2 we expect volume growth to come through more strongly with mining at Kestrel returning to the Group's private royalty area” Result Q2 2025 contribution rose 97% to $11.8m on Kestrel resumption and base metals growth. “$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.”23 Jul 2025 · Q2 2025 Trading Update “$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.”23 Jul 2025 · Q2 2025 Trading Update
31 Dec 2025	Net debt to fall by end of 2025.	23 Jul 2025	✓ Kept
	“The anticipated growth in volumes across the Group's portfolio of producing assets in H2 2025 should, at current commodity prices, enable the Group to further reduce net debt by year end” Also stated 3 Sep 2025 Result Net debt fell to $85.5m at 31 December 2025 from $124.6m at 30 June. “Net debt at 31 December 2025 of $85.5m (30 September 2025: $104.0m)”28 Jan 2026 · Q4 2025 Trading Update
Today · 10 Oct 2026
2026
2026	Phalaborwa DFS completed, originally H1 2025, now expected 2026.	1 Jul 2024	✗ Missed · target changed
	“deliver the completion of the DFS on the Phalaborwa project in H1 2025” Also stated 1 Jul 2024 · 25 Sep 2024 · 2 Sep 2026 Result The DFS slipped from H1 2025 to 2026 and was still 75% in engineering at July 2026. “75% of flowsheet now in engineering phase of DFS, final optimisation of the solvent extraction (SX) circuit underway.”1 Jul 2026 · Update on the Phalaborwa Rare Earths Project DFS “On 1 July, Rainbow announced that its Phalaborwa test work and pilot plant operations have optimised and simplified the flowsheet, with 75% now in the engineering phase of the definitive feasibility study with final optimisation of the solvent extraction underway”2 Sep 2026 · Half-year Results
early 2026	Net debt to reduce meaningfully within 18 months of mid-2024.	24 Jul 2024	✗ Missed · target changed
	“Net debt as at 30 June of US$86 million; expected to reduce meaningfully in the next 18 months” Also stated 4 Sep 2024 · 23 Oct 2024 Result The Mimbula acquisition raised net debt to $126m in 2025; it was $85.5m at end-2025 against $86m in mid-2024. “The Group ended the period 30 June 2024 with net debt of $86 million. This is expected to reduce meaningfully in the next 18 months (absent acquisitions, assuming current commodity prices and operator volume guidance)”4 Sep 2024 · Half-year Results “We have delivered strong deleveraging post the $50m Mimbula copper stream acquisition in Q1 2025, with closing net debt of $85.5m (YE 2024: $82.3m).”28 Jan 2026 · Q4 2025 Trading Update
H2 2026	Voisey's Bay cobalt at steady state of about 560t a year (c. 40 deliveries) from H2 2026.	24 Jul 2024	… In progress
	“Voisey's Bay cobalt volumes attributable to Ecora ramping up to steady state of 560t per annum from second half of 2026” Also stated 23 Oct 2024 · 27 Mar 2025 Status so far Not yet due.
2026	Voisey's Bay underground reaches steady state production in 2026.	24 Jul 2024	… In progress
	“underground operations have started the ramp-up towards steady state production levels which should be achieved in 2026” Status so far Not yet due.
end of 2026	Capstone completes Mantos Blancos Phase II study, first by end-2025, now PFS by end-2026.	29 Jan 2025	✗ Missed · target changed
	“Capstone is targeting the publication of the Mantos Blancos Phase II expansion Pre-Feasibility Study (PFS)...toward the end of 2026” Also stated 2 Sep 2026 Result The study slipped from end-2025 to 2026, and it is now a pre-feasibility study. “Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026.”26 Mar 2026 · Final Results “Capstone Copper (Capstone) is targeting the publication of the Mantos Blancos Phase II expansion Pre-Feasibility Study (PFS), outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, toward the end of 2026”2 Sep 2026 · Half-year Results
mid-2026	Mimbula Phase II expansion lifts copper cathode capacity to 56,000t a year by mid-2026.	27 Feb 2025	◐ Partly on track
	“increase total copper cathode production capacity to achieve 56,000 tonnes per annum in mid-2026” Status so far Expansion plant commissioning began in June 2026, but FY2026 output guidance is 30-35ktpa. “Commissioning of the additional 46ktpa expansion plant capacity commenced in June 2026”29 Jul 2026 · Q2 2026 Trading Update
Q4 2026	Santo Domingo FID, first FID-ready from Q1 2026, now expected Q4 2026.	27 Mar 2025	… In progress
	“Capstone continues to advance the remaining workstreams towards a final investment decision (FID) on Santo Domingo, expected in Q4 2026” Also stated 14 Oct 2025 · 2 Sep 2026 Status so far Not yet due.
FY 2026	500-560t of attributable Voisey's Bay cobalt in FY 2026.	29 Oct 2025	… In progress
	“FY 2026 attributable cobalt guidance is unchanged at 500-560 tonnes” Also stated 28 Jan 2026 · 29 Apr 2026 Status so far Not yet due.
H2 2026	Nifty copper cathode production restart, mid-2026 then H2 2026.	20 Nov 2025	✗ Missed · target changed
	“Cyprium advanced the project towards the commencement of copper cathode production (Phase 1 Restart) of ~6,000 tpa, targeted for H2 2026” Result First cathode was expected mid-2026 in November 2025; by September 2026 it was targeted for H2 2026. “The Board of Cyprium Metals Limited (”28 Jan 2026 · Q4 2025 Trading Update
FY 2026	FY 2026 guidance: Mimbula copper of 30-35ktpa and Kestrel saleable production of 1.0-1.2mt.	28 Jan 2026	… In progress
	“guidance for FY 2026 is for copper production of between 30 and 35ktpa” Status so far Not yet due.
31 Dec 2026	Further net debt reduction through the rest of 2026.	29 Jul 2026	… In progress
	“we expect further debt reduction throughout the rest of the year providing balance sheet flexibility to fund further royalty acquisitions that meet our investment criteria” Status so far Not yet due.
2027
Mar 2027	Meaningful balance sheet deleveraging over the 12-24 months after Feb 2025.	27 Feb 2025	… In progress
	“will continue to focus on further diversifying Ecora's short and medium-term revenue profile, supported by the expected meaningful balance sheet deleveraging over the next 12-24 months.” Also stated 27 Mar 2025 Status so far Not yet due.
2027	Rainbow targets first Phalaborwa production in 2027.	1 Jul 2024	… In progress
	“Rainbow Rare Earths progressing the Phalaborwa rare earths project, targeting first producing in 2027” Also stated 27 Mar 2025 Status so far Not yet due.