Ecora Resources PLC Announces Half Year Results
Ecora Resources (OTCQX:ECRAF) reported mixed H1 2025 results, with total portfolio contribution declining to $17.9 million (H1 2024: $51.3m). The company's base metals segment showed strong growth with an 81% increase to $8.7 million, driven by Voisey's Bay's performance and the Mimbula copper mine acquisition.
Key financial metrics include a loss before tax of $10.9 million (vs. H1 2024 profit of $17.9m) and net debt of $124.6 million. The company declared an interim dividend of 0.60 cents per share. Post-period, Ecora announced the sale of its Dugbe gold royalty for up to $20 million, with $16.5 million receivable at closing, which will help reduce leverage.
The company's strategic pivot towards critical minerals continues, with notable operational progress at Voisey's Bay (cobalt), Mantos Blancos (copper), and positive developments in various development projects including Santo Domingo and Phalaborwa.
Ecora Resources (OTCQX:ECRAF) ha riportato risultati contrastanti per il primo semestre 2025: il contributo totale del portafoglio 猫 sceso a $17,9 milioni (1S 2024: $51,3m). Il segmento dei metalli di base ha mostrato una forte crescita, registrando un aumento dell'81% a $8,7 milioni, grazie alle performance di Voisey's Bay e all'acquisizione della miniera di rame Mimbula.
I principali indicatori finanziari includono una perdita ante imposte di $10,9 milioni (vs. utile di $17,9m nel 1S 2024) e un indebitamento netto di $124,6 milioni. La societ脿 ha dichiarato un dividendo interim di 0,60 centesimi per azione. Dopo la chiusura del periodo, Ecora ha annunciato la cessione della royalty sull'oro di Dugbe per un massimo di $20 milioni, con $16,5 milioni incassabili al closing, operazione che contribuir脿 a ridurre la leva finanziaria.
La strategia dell'azienda continua a orientarsi verso i minerali critici, con progressi operativi significativi a Voisey's Bay (cobalto), Mantos Blancos (rame) e sviluppi positivi in vari progetti in fase di sviluppo, tra cui Santo Domingo e Phalaborwa.
Ecora Resources (OTCQX:ECRAF) present贸 resultados mixtos en el 1S 2025, con la contribuci贸n total de la cartera reduci茅ndose a $17,9 millones (1S 2024: $51,3m). El segmento de metales b谩sicos mostr贸 un fuerte crecimiento, con un aumento del 81% hasta $8,7 millones, impulsado por el rendimiento de Voisey's Bay y la adquisici贸n de la mina de cobre Mimbula.
Las m茅tricas financieras clave incluyen una p茅rdida antes de impuestos de $10,9 millones (vs. beneficio de $17,9m en 1S 2024) y una deuda neta de $124,6 millones. La compa帽铆a declar贸 un dividendo interino de 0,60 centavos por acci贸n. Tras el periodo, Ecora anunci贸 la venta de su regal铆a de oro Dugbe por hasta $20 millones, con $16,5 millones pagaderos al cierre, lo que ayudar谩 a reducir el apalancamiento.
El giro estrat茅gico de la empresa hacia los minerales cr铆ticos contin煤a, con avances operativos notables en Voisey's Bay (cobalto), Mantos Blancos (cobre) y desarrollos positivos en varios proyectos en fase de desarrollo, incluidos Santo Domingo y Phalaborwa.
Ecora Resources (OTCQX:ECRAF)電� 2025雲� 靸侂皹旮办棎 順检“霅� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 韽姼韽措Μ鞓� 齑� 旮办棳霃勲姅 $17.9氚彪鞙茧 臧愳唽頄堨姷雼堧嫟(2024雲� 靸侂皹旮�: $51.3m). 旮办磮 旮堨啀 攵�氍胳潃 氤挫澊鞁滌姢氩犾澊(Voisey's Bay)鞚� 靹标臣鞕� 氙茧秷霛�(Mimbula) 甑Μ甏戩偘 鞚胳垬鞐� 頌橃瀰鞏� 81% 歃濌皜$8.7氚彪鞚� 旮半頃橂┌ 臧曧暅 靹膘灔靹鸽ゼ 氤挫榾鞀惦媹雼�.
欤检殧 鞛 歆�響滊電� 氩曥澑靹� 彀皭 鞝� 靻愳嫟 $10.9氚彪(2024雲� 靸侂皹旮� 鞚挫澋 $17.9m 雽�牍�)瓿� 靾滊秬毂� $124.6氚彪鞚� 鞛堨姷雼堧嫟. 須岇偓電� 欤茧嫻 0.60靹柬姼鞚� 欷戧皠氚半嫻鞚� 靹犾柛頄堨姷雼堧嫟. 旮半 鞚错泟 Ecora電� Dugbe 旮� 搿滌棿韹半ゼ 斓滊寑 $20氚彪鞐� 毵り皝頃滊嫟瓿� 氚滍憸頄堨溂氅�, 膦呺 鞁滌爯鞐� $16.5氚彪鞚� 靾橂牴頃橁矊 霅橃柎 霠堧矂毽 鞕勴檾鞐� 旮办棳頃� 瓴冹瀰雼堧嫟.
須岇偓電� 頃奠嫭 甏戨(critical minerals)搿滌潣 鞝勲灥鞝� 鞝勴櫂鞚� 瓿勳啀 於旍頃橁碃 鞛堨溂氅�, 氤挫澊鞁滌姢氩犾澊(旖旊皽韸�), 毵岉啝鞀� 敫旊瀾旖旍姢(Mantos Blancos, 甑Μ)鞐愳劀鞚� 鞖挫榿 歆勳爠瓿� 靷绊啝霃勲皪瓿�(Santo Domingo), 韺旊澕氤措ゴ鞕�(Phalaborwa) 霌� 臧滊皽 頂勲鞝濏姼鞐愳劀鞚� 旮嶌爼鞝� 歆勳爠鞚� 欤茧霅╇媹雼�.
Ecora Resources (OTCQX:ECRAF) a publi茅 des r茅sultats mitig茅s pour le 1er semestre 2025 : la contribution totale du portefeuille a chut茅 脿 17,9 M$ (1S 2024 : 51,3 M$). Le segment des m茅taux de base a connu une forte croissance, en hausse de 81% 脿 8,7 M$, port茅e par la performance de Voisey's Bay et l'acquisition de la mine de cuivre Mimbula.
Parmi les principaux indicateurs financiers figurent une perte avant imp么ts de 10,9 M$ (vs. un b茅n茅fice de 17,9 M$ au 1S 2024) et une dette nette de 124,6 M$. La soci茅t茅 a d茅clar茅 un dividende int茅rimaire de 0,60 centime par action. Apr猫s la p茅riode, Ecora a annonc茅 la cession de sa redevance aurif猫re Dugbe pour un montant pouvant atteindre 20 M$, dont 16,5 M$ re莽us 脿 la cl么ture, ce qui contribuera 脿 r茅duire l'effet de levier.
L'orientation strat茅gique vers les minerais critiques se poursuit, avec des progr猫s op茅rationnels notables 脿 Voisey's Bay (cobalt), Mantos Blancos (cuivre) et des 茅volutions positives sur divers projets de d茅veloppement, notamment Santo Domingo et Phalaborwa.
Ecora Resources (OTCQX:ECRAF) meldete gemischte Ergebnisse f眉r H1 2025: Der Gesamtbeitragswert des Portfolios sank auf $17,9 Millionen (H1 2024: $51,3m). Das Basismetall-Segment verzeichnete ein starkes Wachstum von 81% auf $8,7 Millionen, getrieben durch die Leistung von Voisey's Bay und die 脺bernahme der Kupfermine Mimbula.
Wesentliche Finanzkennzahlen sind ein Verlust vor Steuern von $10,9 Millionen (vs. Gewinn von $17,9m in H1 2024) und eine Nettoverschuldung von $124,6 Millionen. Das Unternehmen erkl盲rte eine Zwischen-dividende von 0,60 Cent je Aktie. Nach Periodenende k眉ndigte Ecora den Verkauf seiner Dugbe-Goldroyalty f眉r bis zu $20 Millionen an, wobei $16,5 Millionen bei Abschluss zahlbar sind; dies wird zur Verringerung der Verschuldung beitragen.
Die strategische Ausrichtung auf kritische Mineralien wird fortgef眉hrt, mit nennenswerten operativen Fortschritten in Voisey's Bay (Kobalt), Mantos Blancos (Kupfer) und positiven Entwicklungen bei verschiedenen Entwicklungsprojekten, darunter Santo Domingo und Phalaborwa.
- Base metals portfolio contribution increased 81% to $8.7 million
- Voisey's Bay cobalt production up 150% to 140 tonnes in H1 2025
- Record performance at Mantos Blancos with $3.8m contribution
- Strategic sale of Dugbe gold royalty for up to $20m to reduce leverage
- Narrowed upward FY2025 Voisey's Bay guidance to 365-390 tonnes
- Total portfolio contribution decreased 65% to $17.9m (H1 2024: $51.3m)
- Loss before tax of $10.9m compared to profit of $17.9m in H1 2024
- Net debt increased to $124.6m from $82.3m at end of 2024
- Leverage ratio increased to 2.5x from 1.5x at end of 2024
- Specialty metals & uranium contribution declined 22% to $3.9m
LONDON, UK / / September 3, 2025 / Ecora Resources PLC (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) announces half year results for the six months ended 30 June 2025 which are available on the Group's website at and on SEDAR at .
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"The continued growth from our critical minerals portfolio is the highlight of these results, with our base metals portfolio delivering an
"We were delighted, post period end, to unlock significant value through the sale of the non-core, development stage Dugbe gold royalty, with total consideration of up to
"2025 is proving to be a significant year for Ecora as we continue to pivot towards a revenue profile underpinned by a growing critical minerals portfolio, with copper at its core."
Financial highlights:
Total portfolio contribution in H1 2025 of
$17.9m (H1 2024:$51.3m ) with royalty and metal stream related revenue in H1 2025 of$15.8 million (H1 2024:$49.5 million ), the decrease period-on-period reflects timing difference in the Group's mining area at Kestrel (FY 2025: weighted to H2, FY 2024 weighted to H1)81% increase in our base metals portfolio contribution of$8.7m (H1 2024:$4.8m )Adjusted earnings"/articles/eps-explained-simple-example" title="Read: EPS Explained with a Simple Example: The Most Important Stock Metric" class="article-link" rel="noopener">earnings per share in H1 2025 of 1.27c (H1 2024: 10.38c)
Loss before tax in H1 2025 of
$10.9m (H1 2024: profit$17.9m ) reflects the timing of Kestrel volumes as outlined aboveNet debt increased at 30 June 2025 to
$124.6m (31 December 2024:$82.3m ), following the Mimbula acquisition, resulting in a leverage ratio of 2.5x (31 December 2024: 1.5x)Proforma net debt as at 30 June 2025 adjusted for the proceeds to be received from the sale of the Dugbe royalty of
$16.5m , is$108.1m ; cash flow expected to be generated in H2 2025 should drive further deleveragingInterim dividend of 0.60 cents per share, equating to ~
25% of free cash flow
Portfolio contribution: | H1 2025 | H1 2024 | YoY | FY2024 |
$m | $m | $m | ||
Base metals | ||||
Voisey's Bay (cobalt) | 5.1 | 2.0 | 6.2 | |
Mantos Blancos (copper) | 3.8 | 2.8 | 5.8 | |
Mimbula (copper) | 0.7 | n/a | n/a | |
Carlota (copper) | 0.3 | 0.4 | 0.6 | |
Metal stream cost of sales(1) | (1.2) | (0.4) | (1.2) | |
Sub-total | 8.7 | 4.8 | 11.4 | |
Specialty metals & uranium | ||||
McClean Lake(2) (uranium) | 2.2 | 2.5 | 4.5 | |
Marac谩s Menchen (vanadium) | 0.8 | 1.1 | 2.2 | |
Four Mile (uranium) | 0.9 | 1.4 | 1.4 | |
Sub-total | 3.9 | 5.0 | ( | 8.1 |
Bulks & other | ||||
Kestrel (steelmaking coal) | 3.5 | 40.8 | 41.4 | |
EVBC(3) (gold) | 1.6 | 0.5 | 1.8 | |
Other | 0.2 | 0.2 | 0.5 | |
Sub-total | 5.3 | 41.5 | ( | 43.7 |
Total portfolio contribution | 17.9 | 51.3 | ( | 63.2 |
1Includes ongoing metal purchase costs under stream agreements, for H1 these were: Voisey's Bay (
2In H1 2025, principal repayment totalled
3Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than recorded as royalty income
Portfolio Highlights:
Base metals
Voisey's Bay (cobalt):
140 tonnes of cobalt received in H1 2025, up
150% (H1 2024: 56 tonnes) as the ramp up of the underground mine continues to perform stronglyAverage sales price realisation in H1 2025 of
$16.5 /lb (H1 2024:$16.0 /lb)Alloy grade prices have increased from
$14.0 /lb at the start of the period to$19.1 /lb at the end of June 2025 as a result of the Government of the Democratic Republic of Congo imposing export restrictions, which have been extended to September 2025 when an announcement on a longer-term price support mechanism is expected140 tonnes of attributable cobalt has been received in Q3 2025 to date, taking the current volume received YTD to 280 tonnes. The Group is narrowing its full year 2025 guidance from between 335 and 390 tonnes to between 365 and 390 tonnes
Planned maintenance period at Voisey's Bay mine scheduled for September 2025, with Long Harbour Processing Plant maintenance period to follow during Q4 2025
Mantos Blancos (copper):
A record six-month portfolio contribution of
$3.8m was generated in H1 2025 (H1 2024:$2.8m ) following the successful completion of a debottlenecking project in H2 2024, payable copper volumes increased to 26.3kt (H1 2024: 20.3kt; H2 2024: 22.9k)Since achieving designed sulphide mill throughput capacity in November 2024, the plant has met or exceeded the design capacity in seven of the eight months up to the end of July 2025
2025 production is trending towards the upper end of Capstone Copper's production guidance (49-59kt)
Mimbula (copper):
A stream over the Mimbula copper mine was acquired in February 2025 for
$50m The Group receives its copper entitlement under the stream in the quarter following production, as a result FY 25 will have portfolio contribution for three quarters
Phase II expansion continues to advance, with the crusher installation now complete and in commissioning; exploration drilling ongoing at the site
Development projects
Santo Domingo (copper)
Capstone, the project owner and operator, has been advancing discussions with potential minority partners at the project level, recently announcing that it expects to announce a partner in Q3 2025
A potential project sanctioning decision is not expected prior to mid-2026
West Musgrave (nickel and copper)
路BHP reiterated that it intends to review the decision to temporarily suspend its Western Australian Nickel (WAN) unit by February 2027; in July 2025 it stated for the first time that as part of the review it will assess the potential divestment of the WAN assets
Nifty (copper)
Cyprium Metals, operator of the project, has made significant progress towards first production of the Cathode Project and is targeting Phase 1 project sanction and final investment decision in Q3 2025
In August 2025, Cyprium announced a A
$80m capital raising, the funds raised will be used to execute the phase one Cathode Project, strengthen the balance sheet, and complete the feasibility study for the Concentrate ProjectRoyalty payments to Ecora are not triggered until cumulative 800kt of copper has been produced from the mine, taking into account historical copper production this threshold is not expected to be reached until at least 5 years from production restarting
Ca艌ariaco (copper)
Alta Copper, owner of project, announced a CA
$1.5m private placing with Nascent Exploration Pty. LTD, a wholly-owned subsidiary of Fortescue Ltd., which increased Fortescue's holding in Alta Copper Corp to35.9% Alta Copper is now focusing on preparations for a drilling programme over the Ca艌ariaco Sur and Quebrada Verde areas
Specialty metals & uranium
Marac谩s Menchen (vanadium)
Sales volumes at Marac谩s Menchen were 6.5Mlbs (H1 2024: 10.1Mlbs). Production volumes in Q2 2025 of 5.0Mlbs were up
74% on Q1 2025 as a result of the operational turnaround plan undertaken by the operator, Largo Inc., the results of which have been improved production volumes, higher recoveries and enhanced mine access to support future productionThe average realised sales price for royalty payments was
$7.47 /lb in H1 2025 (H1 2024:$6.59 /lb)
McClean Lake (uranium)
Production from the Cigar Lake mine, which feeds the McClean Lake Mill, totalled 10Mlbs in H12025, Cameco has a period of maintenance scheduled in H2 2025 and is on track to hit full year guidance of 18Mlbs
Four Mile (uranium)
Generated
$0.9m of portfolio contribution in H1 2025 (H1 2024:$1.4m ) as normal sales operations resumed following a period in H2 2024 of stockpiling inventory
Development and early stage
Phalaborwa (rare earths)
Rare earths have increased in strategic significance as part of the ongoing realignment of the longstanding global trade order and the establishment of an independent supply chain is a focal point for the US, the EU and aligned countries
In August, Rainbow Rare Earths Ltd, owner of the project, announced that tests have delivered an exceptionally pure mixed rare earth product that delivers a mixed rare earth carbonate average >
55% total rare earth oxides (TREO), considerably exceeding the rare earth industry's typical refinery specification of >42% TREOA Definitive Feasibility Study is progressing well, and Rainbow is aiming to release the DFS before the end of 2025
Patterson Corridor East (uranium)
NexGen Energy continues to report exciting results from the drilling programme Patterson Corridor East
Assays returned from the discovery show intercepts ranking amongst the world's highest grade for basement hosted uranium vein projects
Further drilling is planned throughout the rest of 2025
In July 2025, NexGen acquired Rio Tinto's
10% production carried interest over 39 NexGen owned mineral claims (which mirror the mineral claims covered by Ecora's royalty interests) including those hosting the Patterson Corridor East discovery giving NexGen100% ownership of its entire portfolio
Bulks and other
Kestrel (steelmaking coal)
Mining activity at Kestel remained outside of the Group's private royalty area for the majority of H1 2025, with only 400kt of saleable volumes registered
Operations returned to the Group's private royalty area at the end of Q2 2025 and are expected to remain in the Group's royalty area throughout Q3 2025 and into Q4 2025 with FY guidance for Ecora's attributable volumes remaining unchanged at 2.2mt - 2.3mt
Outlook
The growth in volumes from the critical minerals portfolio is set to continue through the second half of the year with Voisey's Bay performing strongly and the Mimbula mine continuing to ramp up
The lower end of the Voisey's Bay FY 2025 guidance increased from 335-390t of attributable cobalt to 365-390t of attributable cobalt
Acceleration of the US government's critical minerals strategy including sizeable equity investments, debt financing and growing stockpile of strategic minerals
US Department of Defense to tender for purchase of up to
$500m of alloy grade cobalt stockpile over five years which could drive higher price levels; only four qualifying producers including Vale's Voisey's Bay mineThe tier one Phalaborwa rare earths project, with an existing indirect US government ownership, is well positioned to benefit from the US Department of Defense's active approach to securing rare earths supply
With mining at Kestrel returning to the Group's private royalty area, H2 2025 will also see a much stronger total portfolio contribution relative to H1 2025
Mantos Blancos Phase II study evaluating a brownfield expansion to increase mill throughput (targeting additional ~10ktpa of Cu over first 10 years) and a tailings reprocessing opportunity (potential to increase cathode production by ~25ktpa over 15 years) is due in 2026
The Santo Domingo project is expected to take a material step forward during H2 2025 with Capstone expected to announce a strategic partner for the development ahead of potential project sanctioning in 2026
Rainbow Rare Earths anticipate releasing the Definitive Feasibility Study for the Phalaborwa rare earths project, with the target for first production by end of 2027
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
Analyst presentation
A live webcast of the presentation including Q&A will be held today at 2:00 pm BST for investors and analysts and will be available via our website at www.ecora-resources.com or on https://brrmedia.news/ECOR_HY_25.
This will be available for playback after the event.
Please join the event 5-10 minutes prior to the scheduled start time.
Event | Ecora Resources - 2025 Half Year Results |
Time Zone | Dublin, Edinburgh, Lisbon, London |
Start Time/Date | 2.00pm (BST) |
Webcast Link | |
Dial in details: | UK: +44 (0) 33 0551 0200 USA Local: +1 786 697 3501 Canada Toll Free: 1 866 378 356 Password: Ecora HY |
For further information
Ecora Resources PLC | +44 (0) 20 3435 7400 |
Geoff Callow - Head of Investor Relations | |
FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis | +44 (0) 20 3727 1000 |
Click on, or paste the following link into your web browser, to view the full announcement.
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SOURCE: Ecora Resources PLC
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FAQ
What were Ecora Resources (ECRAF) key financial results for H1 2025?
How did Ecora's base metals portfolio perform in H1 2025?
What is the status of Ecora's Dugbe gold royalty sale?
What is Ecora's dividend policy for H1 2025?
What is the outlook for Voisey's Bay cobalt production in 2025?
