Business
Q4 2025 Trading Update
Ecora Royalties PLC reported a total portfolio contribution of $57.0 million for the full year 2025, a decrease from $63.2 million in 2024, primarily due to a weaker steelmaking coal price environment impacting Kestrel. However, the base metals portfolio saw significant growth, contributing $28.5 million in 2025, a 150% increase from $11.4 million in 2024, driven by ramp-up at Voisey's Bay, a new contribution from Mimbula, and record production at Mantos Blancos. Critical minerals now comprise 63% of the total portfolio contribution. Net debt stood at $85.5 million at the end of 2025, down from $104.0 million at the end of Q3 2025, positioning the company for further deleveraging and growth. Disclaimer*
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n\n28 January 2026\n \nEcora Royalties PLC\n(\"Ecora\" or the \"Group\")\n \nQ4 2025 Trading Update\n \nEcora Royalties PLC (LSE/TSX: ECOR) issues the following trading update for the period 1 October to 31 December 2025.\n \nFourth Quarter and Full Year 2025 Portfolio Contribution\n \nFY 2025 base metals portfolio contribution up 150% at $28.5m (FY 2024: $11.4m). The base metals portfolio benefited from the ramp up of cobalt deliveries from Voisey's Bay, a maiden contribution from the Mimbula copper stream and record production levels from the Mantos Blancos copper mine. The 448t of attributable cobalt received from Voisey's Bay in FY 2025 was at the top end of upgraded guidance (FY 2024: 210t).\n \nIn Q4 2025, the base metals portfolio contribution of $9.9m was broadly flat on the prior quarter (Q3 2025: $9.9m; Q4 2024: $4.2m). A period of planned maintenance at the Voisey's Bay mine and the nearby Long Harbor Processing Plant resulted, as expected, in a lower volume of delivered cobalt in the quarter which was offset by increased copper contribution from Mimbula and Mantos Blancos. \n \nTotal portfolio contribution of $57.0m (2024: $63.2m) reflected an increased contribution from critical minerals which comprised 63% of the total, offset by a weaker year-on-year steelmaking coal price environment impacting Kestrel.\n \n \nMarc Bishop Lafleche, Chief Executive Officer of Ecora, commented:\n \n\"2025 represents an inflection point for Ecora with portfolio contribution from our critical minerals portfolio exceeding that from steelmaking coal for the first time. This has been achieved through a stellar performance within our base metals portfolio, with a combination of record operational performance, the acquisition of the Mimbula copper stream and strong pricing environment driving 150% year-on-year growth.\n \n\"We have delivered strong deleveraging post the $50m Mimbula copper stream acquisition in Q1 2025, with closing net debt of $85.5m (YE 2024: $82.3m). We are well positioned to continue to deleverage and also fund further growth via royalty and stream acquisitions.\n \n\"2026 has the potential to be another significant year, with further volume growth expected from Voisey's Bay and Mimbula, and wider benefits from current commodity price tailwinds. In the ...