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
2025
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.
Today · 11 Oct 2026
2026
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.
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.
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.