Ecora Resources

ECOR · Main Market · Basic Resources · mcap £414m · 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	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
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