Ecora Royalties PLC (ECOR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody, and welcome to the Cora Royalties 2025 Full Year Results Conference Call. My name is Geoff Callow, the Head of Investor Relations. I'm joined today by Mark Bishop-LeFleche, our Chief Executive Officer, and Kevin Flynn, our CFO. We'll run through a short presentation, after which there'll be opportunity to ask questions. Before I hand over to Mark, can I draw your attention to page two of the presentation? We have some forward-looking statements, and there's a disclaimer on there relating to these. And with that, I'll hand over to Mark. Thank you, Jeff, and thank you all for joining us today. 2025 marked a year of delivery on a number of fronts. First, this represents an inflection point for ECORA's critical minerals portfolio, which achieved a record level of portfolio contribution. This was driven primarily by ECORA's base metals exposures, which grew 150% year on year. and we are truly delighted to see our critical minerals royalties demonstrate only a small portion of their true underlying cash flow generation potential. During the year, we acquired the producing Mimbula Copper Stream. That was for an upfront consideration of US$50 million, and that acquisition contributed to the year-on-year base metals growth, which saw ECOR partner with Moxico's exceptional management team while also cementing copper at the core of the core's commodity exposures. The portfolio also delivered rapid deleveraging following the MIMBULA acquisition. This was driven by the portfolio's cash generation, as well as active management, which we took to unlock value from non-core holdings. Net debt declined very quickly from just under $125 million after transaction closed to ending the year around $85 million, which is roughly similar to the levels at the beginn...