Ecora Royalties (LSE:ECOR) reported a sharp increase in earnings from its base metals portfolio in 2025, with contributions rising 150% year on year to $28.5 million. The improvement was driven by higher cobalt volumes and pricing at Voisey’s Bay, an initial contribution from the Mimbula copper stream, and record production at the Mantos Blancos copper mine. This strong performance came despite a 10% decline in total portfolio contribution to $57.0 million, reflecting weaker steelmaking coal prices and reduced volumes from Kestrel.
The year marked an important strategic turning point for the group, as critical minerals accounted for 63% of portfolio contribution and, for the first time, overtook steelmaking coal as the largest earnings source. Ecora also made progress on balance sheet strengthening, reducing net debt to $85.5 million following the $50 million acquisition of the Mimbula stream. Management highlighted a growing pipeline of copper and other critical minerals opportunities, reinforcing the company’s continued shift away from coal and supporting its ambitions for further deleveraging and acquisition-led growth.
From an investment perspective, Ecora’s outlook remains constrained by weaker headline financial performance, with lower overall revenue and reported losses offsetting the positive momentum in base metals. That said, the balance sheet remains relatively solid and cash generation continues to be supportive. Technical indicators are broadly favourable but appear somewhat stretched, while valuation metrics are limited by a negative P/E ratio and a modest dividend yield. The latest earnings update was viewed positively by the market, underlining the strength of the base metals portfolio and tangible progress in reducing leverage.
More about Ecora Resources
Ecora Royalties PLC is a royalty and streaming company listed in London and Toronto, focused on critical minerals with copper at the centre of its portfolio. The company offers exposure to commodities that underpin electrification, the energy transition, infrastructure renewal, urbanisation and energy security, through a diversified mix of producing royalties and streams complemented by a strong organic growth pipeline.
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