Business
Q2 2024 Trading Update
Q2 2024 Trading Update.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n\n \n24 July 2024\n \nEcora Resources PLC\n(\"Ecora\" or the \"Group\")\n \nQ2 2024 Trading Update\n \nEcora Resources PLC (LSE/TSX: ECOR) issues the following trading update for the period 1 April to 30 June 2024.\n \nEcora is the leading royalty company focused on supporting the supply of industrial commodities essential to creating a sustainable future. The Group has a portfolio which combines volume growth in 2024 and 2025 from its currently producing royalty portfolio with an extensive pipeline of high-quality development projects that are expected to drive material medium term revenue growth.\n \nMarc Bishop Lafleche, Chief Executive Officer of Ecora, commented:\n \n\"We are pleased to have substantially beaten market expectations in the first half of the year. Kestrel was the primary contributor; in the second half we expect to see an increase in the number of deliveries from Voisey's Bay as the underground operations have started the ramp-up towards steady state production levels which should be achieved in 2026. Although a weak nickel price environment has resulted in BHP pausing the construction of the West Musgrave nickel-copper project, we remain confident in the project's potential as a low-cost operation over a 25 year mine life with the possibility of further extension.\n \n\"Further to our recent Phalaborwa rare earths royalty acquisition, we continue to see opportunities to diversify and grow our royalty portfolio in line with our stated investment criteria and will balance growth with the maintenance of a strong balance sheet.\"\n \nHighlights:\n· US$31.8 million portfolio contribution for Q2 2024, up 63% on Q1 2024 due to higher than expected saleable production volumes in the Group's private royalty area at Kestrel, with the rest of the portfolio performing in line with expectations.\n· US$51.3 million portfolio contribution for H1 2024 (H1 2023: US$44.5 million) driven mainly by sales volumes at Kestrel of 2.0Mt, at the top end of guidance for FY 2024.\n· Q2 2024 saleable production volumes within the Group's private royalty area at Kestrel totalled 1.3Mt, generating royalty income of US$26.3 million.\n· Two cobalt deliveries from Voisey's Bay were received ...