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
2024
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
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
Today · 11 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
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
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