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Ecora Royalties (LSE:ECOR) reported portfolio contributions of $57 million for full-year 2025, compared with $63.2 million the previous year, as strong performance from base metals helped offset a steep drop in coal-related income. The company returned to profitability with net profit after tax of $22.2 million, reversing a loss recorded a year earlier, while free cash flow increased 21% to $27.4 million.

The composition of the portfolio shifted notably, with base metals contributing around half of total income. This was supported by robust cobalt production and pricing at Voisey’s Bay, record copper royalty income from Mantos Blancos, and the addition of the Mimbula copper stream. In contrast, royalties from the Kestrel steelmaking coal operation fell by half. During the year, Ecora also divested its non-core Dugbe gold royalty for proceeds of up to $20 million as part of efforts to reduce debt and concentrate the portfolio more firmly on critical minerals.

Management highlighted progress across its development-stage assets, where operator partners are advancing key milestones at projects including Santo Domingo, Mantos Blancos Phase II, Phalaborwa and Nifty. These developments are expected to support organic growth later in the decade. Following the $50 million acquisition of the Mimbula stream, the company reduced leverage and ended 2025 with net debt of $85.5 million, below the levels recorded earlier in the year. Ecora also confirmed a total dividend of 2.0 cents per share and said increasing volumes from base metals streams should help offset the anticipated decline in Kestrel royalties as mining activity moves beyond the area covered by its private royalty, supported by favourable long-term demand for copper and other energy transition metals.

The outlook is somewhat constrained by weaker financial performance overall, reflecting declining revenue and recent losses despite stable cash generation and a solid balance sheet. Technical indicators remain positive but appear stretched, suggesting limited near-term upside. Valuation metrics are also mixed, with a negative price-to-earnings ratio and a modest dividend yield. However, commentary from the company’s most recent earnings call was seen as a positive, highlighting accelerating momentum in base metals and continued progress in reducing leverage.

More about Ecora Royalties PLC

Ecora Royalties PLC is a royalty and streaming company listed in London and Toronto that focuses on commodities linked to the global energy transition, with copper forming the core of its portfolio. The group also holds exposure to metals and materials associated with electrification, infrastructure renewal, urbanisation, digital infrastructure, robotics and energy security. Ecora seeks to build long-term shareholder value through disciplined acquisitions of high-quality, cash-generating royalties and streams in established mining jurisdictions.

Orosur Mining Inc. (LSE:OMI) has submitted a National Instrument 43-101 compliant technical report for its wholly owned Anza Project in Colombia, formally documenting the maiden Mineral Resource Estimate for the Pepas deposit. The report, which is effective from January 16, 2026 and was issued on March 25, 2026, supports disclosures the company released in early February and has now been made available through both the company’s website and its SEDAR+ filing profile.

The publication of the report strengthens the transparency and regulatory credibility of Orosur’s Colombian asset portfolio. By formally presenting the resource data within the recognised NI 43-101 framework, the company provides additional assurance to regulators, investors and potential partners regarding the quality and reliability of the geological information. The company also confirmed that the data had been treated as inside information prior to the announcement, highlighting the significance of the Anza resource estimate for the market.

More about Orosur Mining

Orosur Mining Inc. is a minerals exploration and development company listed on the TSX Venture Exchange and AIM under the ticker OMI. The company’s current strategy centres on advancing gold and mineral exploration projects in Colombia and Argentina, with a focus on identifying and developing early-stage assets with potential for future resource growth.

Strategic Minerals (LSE:SML) has published an updated economic sensitivity analysis for its Redmoor project in Cornwall, pointing to significantly improved potential economics compared with a 2020 assessment. The study outlines a base case after-tax net present value of approximately US$1.54 billion, an internal rate of return of 40%, and estimated pre-production capital expenditure of around US$109.7 million.

The analysis remains preliminary and is based entirely on Inferred mineral resources. However, it demonstrates robust value across multiple commodity price scenarios, incorporating higher assumed tungsten prices and reflecting an expanded mineral resource expected in 2026. The findings highlight Redmoor’s potential to rank among the most promising undeveloped tungsten assets globally, with an indicative mine life of roughly 29 years. Further project de-risking is expected through a planned prefeasibility study.

The company’s near-term outlook is supported by stronger financial performance reported in 2024 and favourable technical indicators that point to a sustained upward trend in the share price. However, this positive outlook is tempered by valuation concerns, including a relatively high price-to-earnings ratio and the absence of dividend yield data. Technical indicators also suggest the stock may be in overbought territory, which could increase the risk of short-term volatility.

More about Strategic Minerals

Strategic Minerals plc is an international exploration and production company focused on critical metals development. Through its wholly owned subsidiary, Cornwall Resources Limited, the company is advancing the Redmoor tungsten–tin–copper–silver project in southeast Cornwall. The project is positioned to contribute to the strategic supply of tungsten while supporting the development of a long-life underground mining operation in the region.

Triple Point Social Housing REIT PLC (LSE:SOHO) released its first full-year results since Atrato Partners assumed management, reporting a 20.9% increase in adjusted earnings per share to 6.53p. The improvement was driven by stronger rent collection, inflation-linked rental uplifts and reduced operating costs. The company’s portfolio comprises 492 specialised supported housing properties, all leased on inflation-linked agreements, while rent collection improved to 91.5%, supporting its income profile that is closely aligned with inflation.

Dividend cover strengthened to 1.17x as the company raised declared dividends in line with a higher annual payout target. Significant cost efficiencies helped lower the EPRA cost ratio to 18.7%. The REIT continues to benefit from a stable debt profile, with £263.5 million of long-term fixed-rate borrowings at an average cost of 2.74%, alongside a confirmed Fitch A- credit rating. This financial position supports disciplined expansion, ongoing portfolio optimisation and the potential to sustain stable, inflation-linked shareholder returns despite a modest decline in the portfolio’s valuation.

However, the outlook is partly constrained by the reversal to a net loss in 2024 and softer free cash flow, even though operating margins remain solid and leverage levels manageable. Market indicators are broadly constructive, with the share price trading above key moving averages and a positive MACD signal. From a valuation perspective, the stock presents a mixed picture: the dividend yield appears attractive, but the negative price-to-earnings ratio reflects the recent loss, while recent dividend and governance developments add a modest positive element to sentiment.

More about Triple Point Social Housing REIT PLC

Triple Point Social Housing REIT plc is a UK-listed real estate investment trust specialising in supported housing for vulnerable adults, including individuals with learning disabilities, mental health conditions and physical impairments. The company invests in adapted residential properties across the UK and leases them to regulated housing associations and local authorities on inflation-linked contracts, aiming to deliver long-term, predictable income while supporting social care infrastructure.

U.S. stock futures signaled a higher start on Wednesday, suggesting equities may rebound after the mild decline recorded in the previous trading session.

Oil prices have eased after a report by the New York Times indicated that Washington had delivered a 15-point proposal to Iran intended to bring the Middle East conflict to an end.

According to two officials familiar with the diplomatic discussions, the New York Times said the proposal was transmitted through Pakistan and addresses Iran’s ballistic missile and nuclear programs.

The newspaper noted that it remains uncertain whether Tehran will accept the proposal as a starting point for negotiations, but argued that sending the plan demonstrates the administration’s increasing efforts to bring the conflict to a close.

As diplomatic activity intensifies, Iran has informed the United Nations Security Council and the International Maritime Organization that “non-hostile vessels” may pass through the Strait of Hormuz with the approval of Iranian authorities.

Following Monday’s rebound rally, equities delivered a relatively subdued performance on Tuesday. Major indices moved unevenly during the session before ending the day modestly lower.

The Nasdaq dropped 184.87 points, or 0.8%, finishing at 21,761.89. The S&P 500 declined 24.63 points, or 0.4%, to close at 6,556.37, while the Dow slipped 84.41 points, or 0.2%, ending at 46,124.06.

The choppy trading on Wall Street coincided with a rebound in oil prices, as Brent crude futures climbed back above the $100-per-barrel mark.

Brent had previously plunged nearly 11% during Monday’s session after President Donald Trump claimed the United States and Iran had held productive discussions aimed at resolving the Middle East conflict.

However, oil prices later recovered as Israel and Iran continued exchanging strikes, with large explosions reported in Tehran and other cities. Iranian officials denied that any talks with Washington had taken place.

“Iranian people demand complete and remorseful punishment of the aggressors,” Iranian Parliament Speaker Mohammad Bagher Ghalibaf wrote in response to Trump’s comments.

He also said Trump’s recent rhetoric “is used to manipulate the financial and oil markets and escape the quagmire in which the U.S. and Israel are trapped.”

Iran’s foreign ministry added that Trump’s remarks were “part of efforts to reduce energy prices and buy time” for military planning.

With the conflict entering its 25th day and no clear signs of de-escalation, Saudi Arabia and the United Arab Emirates are reportedly moving closer to joining the confrontation with Iran, according to the Wall Street Journal.

Despite the broader market weakness, energy stocks recorded notable gains alongside the rebound in oil prices.

The NYSE Arca Oil Index jumped 2.6%, the NYSE Arca Natural Gas Index advanced 1.8%, and the Philadelphia Oil Service Index climbed 1.7%.

Networking stocks also extended their momentum after Monday’s rally, pushing the NYSE Arca Networking Index up 1.9%.

In contrast, software stocks moved sharply lower, dragging the Dow Jones U.S. Software Index down 3.5% to its lowest closing level in a month.

Gold prices moved higher in Asian trading on Wednesday, helped by a pullback in oil prices and a slightly weaker U.S. dollar. However, the upside remained limited as tensions in the Middle East continued to keep markets on edge.

Spot gold rose 1.8% to $4,553.55 an ounce by 03:19 ET (07:19 GMT). U.S. gold futures climbed 3.3% to $4,582.70.

Iran strikes continue even as U.S. claims negotiations occurred

Market sentiment shifted after reports emerged that the United States had delivered a 15-point proposal to Iran aimed at ending the ongoing conflict in the Middle East.

U.S. President Donald Trump said Washington was “in negotiations right now” with Iran, adding that Tehran was “talking sense” and appeared interested in reaching a peace agreement.

However, local media reports indicated that Israel launched strikes on Iran’s capital, Tehran, on Wednesday.

Earlier this week, Trump described talks with Iran as “productive,” although Iranian officials rejected those statements and said no negotiations were taking place.

Oil prices, which had surged in recent sessions amid fears of supply disruptions, declined on Wednesday but remained elevated.

The pullback in oil prices helped support gold by easing inflation expectations, which reduced pressure on central banks to maintain higher interest rates for an extended period.

Lower energy costs can also weigh on bond yields and weaken the dollar, both of which tend to support non-yielding assets such as gold.

The U.S. Dollar Index slipped 0.1% during Asian trading on Wednesday.

Inflation concerns had weighed on gold

Gold had faced significant pressure in recent sessions as rising oil prices and climbing bond yields fueled concerns about inflation and strengthened the U.S. dollar, triggering broad selling across precious metals.

Despite Wednesday’s recovery, analysts cautioned that volatility is likely to remain high, as markets continue to react strongly to headlines related to the Middle East conflict.

Among other precious metals, silver rose 3% to $73.41 per ounce, while platinum gained 2.2% to $1,977.60 per ounce.

Benchmark copper futures on the London Metal Exchange increased 1.2% to $12,264.33 per ton, while U.S. copper futures slipped 0.7% to $5.52 per pound.

Oil prices fell sharply on Wednesday after reports suggested the United States had put forward a 15-point proposal to Iran aimed at ending the Middle East conflict, increasing expectations that a ceasefire could help restore disrupted energy supplies in the region.

Brent crude futures dropped $4.17, or 4%, to $100.32 per barrel by 0708 GMT, after earlier touching a session low of $97.57. U.S. West Texas Intermediate crude futures declined $3.11, or 3.4%, to $89.24 per barrel, having previously fallen to $86.72.

Both benchmarks had gained nearly 5% on Tuesday before surrendering part of those advances during volatile trading after the official settlement.

“Expectations of a ceasefire have risen slightly and profit-taking is leading the market,” said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. “But the outlook remains uncertain as to whether negotiations will succeed, limiting selling.”

U.S. President Donald Trump said on Tuesday that Washington was making headway in negotiations aimed at ending the war with Iran, while a source confirmed that a 15-point settlement proposal had been sent to Tehran.

Israel’s Channel 2 reported that the United States is pushing for a month-long ceasefire to allow discussions on the plan, which reportedly calls for dismantling Iran’s nuclear programme, ending its support for proxy groups and reopening the Strait of Hormuz.

Some analysts, however, remained cautious about the likelihood of rapid progress, warning that oil markets could continue to experience significant volatility.

Oil flows through Hormuz largely disrupted

Priyanka Sachdeva, senior market analyst at Phillip Nova, said developments in the Middle East would remain the “dominant price driver” keeping oil prices moving within a wide range in the near term.

The conflict has effectively halted shipments of oil and liquefied natural gas through the Strait, which normally carries around one-fifth of global crude and gas supplies. The disruption has been described by the International Energy Agency as the largest oil supply shock on record.

“The market outlook remains tight notwithstanding the prospects of a war off-ramp,” said Saul Kavonic, head of energy research at MST Marquee.

He added that even if shipments through the Strait restart, “it’s not clear all shut-in production will resume until there is more clarity on the durability of a ceasefire.”

Iran has informed the United Nations Security Council and the International Maritime Organization that “non-hostile vessels” may pass through the Strait of Hormuz if they coordinate with Iranian authorities, according to a note reviewed by Reuters on Tuesday.

Despite diplomatic developments, military strikes involving the United States, Israel and Iran have continued, and sources say Washington is preparing to deploy additional forces to the region.

To offset the disruption in Hormuz, oil exports from Saudi Arabia’s Red Sea port of Yanbu climbed to nearly 4 million barrels per day last week, a sharp increase compared with levels before the conflict began, according to shipping data.

In the United States, inventories of crude oil, gasoline and distillates all increased last week, according to market sources citing figures from the American Petroleum Institute released on Tuesday.

Crude stocks rose by 2.35 million barrels in the week ending March 20, while gasoline inventories increased by 528,000 barrels and distillate stocks rose by 1.39 million barrels compared with the previous week, the sources said.