Ecora Royalties PLC (ECOR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody. Thank you very much for joining the eCorra Resources half year 2025 results presentation. I'm joined today by Mark Bishop-Lafleche, our chief executive, Kevin Flynn, chief financial officer. I'm Geoff Callow, the head of investor relations. Mark and Kevin will take you through a presentation detailing our half year results. At the start of that, you'll find a disclaimer, which relates to forward-looking statements, which we won't dwell on, but please be aware of that. And finally, there'll be an opportunity for anybody at the end of the presentation to ask any questions you may have. With that, I'll hand over to Mark. Thank you for joining us today. We are excited to present our first half 2025 results. During the period, we saw very strong volume and revenue growth in our critical minerals portfolio, in particular from base metals. A very strong continued ramp up at Voisey's Bay mine and is currently carrying forward into the third quarter. We saw record production and revenue from the Mantos Blancos copper royalty. And the period saw the first income from the Mambula stream, which we acquired in late Q1. As a post-period event, we entered into an agreement to sell the non-core development stage Dugby Gold Royalty, and this accelerates the group's deleveraging following the Mimbula Stream acquisition earlier in the year and provides Acora with greater flexibility to reallocate the capital in the future should an opportunity present itself. As I mentioned just now, it was very pleasing to see our producing critical minerals royalties increasingly demonstrate their underlying cash generation potential during the first half of 2025. Over the calendar year 25, we expect it to be the first year in ECORA's history when more than 50% of our reven...