Ecora Royalties PLC (ECOR) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody. Thank you for joining us today. My name is Geoff Callow, the Head of Investor Relations. I'm joined on this Ecorra Resources full year 2024 results call by our Chief Executive, Mark Bishop-Le Fleche, and Kevin Flynn, our Chief Financial Officer. We'll take you through a short presentation. I'll draw your attention to the forward-looking statements on the second slide. And then at the end of the presentation, there'll be an opportunity to ask questions, both over the phone line and the operator will give instructions for this at the end, and also through the webcast. With that, I'll hand over to Mark. Thanks, everyone, for joining us. And to those joining us from other parts of the world, good morning. Overall, 2024 was a very good year for the Quora in the context of what was a much broader, difficult market backdrop. We saw portfolio contribution grow year on year from our producing royalties, if you adjust 2024 for non-recurring items. And one year in from the introduction of our capital allocation framework, really prioritizing the diversifying our asset base and growing our sources of short and medium-term income. We feel the acquisition of the Palabora royalty and more recently the Mimbula copper stream represent tangible delivery on that front. From a portfolio perspective, we saw volume growth in 24 as expected from our key underlying producing royalties at Voizes. We saw the completion of the underground mine in the second half of the year and really strong cobalt volume growth thereafter. Mentos Blancos also performed very well. We saw a record level of royalty income in the fourth quarter, and Capstone has guided for further year-on-year copper production volume growth with the potential for that to grow in the future. Same at Kes...