(“Ecora” the “Company” or the “Group”) Full Year Results Ecora Royalties PLC (LSE/TSX: ECOR) announces full year results for the year ended 31 December 2025. The Company will publish its audited 2025 Annual Report and Accounts later today, which
26 March 2026
Ecora Royalties PLC
(“Ecora” the “Company” or the “Group”)
Full Year Results
Ecora Royalties PLC (LSE/TSX: ECOR) announces full year results for the year ended 31 December
2025. The Company will publish its audited 2025 Annual Report and Accounts later today, which
will be available on the Group's website at www.ecora royalties.com and on SEDAR at
www.SEDAR.com.
Ecora is a leading critical minerals focused royalty and streaming company. Copper is at the core
of the portfolio which also includes other commodities linked to the trend of electrification, energy
transition, infrastructure renewal and urbanisation, digital infrastructure, robotics and energy
security.
Marc Bishop Lafleche, Chief Executive Officer, commented:
”2025 was a landmark year for Ecora. Our critical minerals royalties and streams deliver ed record
portfolio contribution representing the first time in the Group’s history where the majority of the Group’s
portfolio contribution was derived from critical minerals.
“Project’s underlying Ecora’s development stage portfolio saw a number of meaningful advances during
2025, with our operator partners targeting further derisking events in the upcoming twelve months
which will move these projects closer to production , underpinning a key part of Ecora’s organic growth
profile during the remainder of the decade and beyond.
“Ecora has delivered strong deleveraging post the acquisition of the Mimbula copper stream, which is
expected to continue in 2026 . Ecora retains the financial flexibility to continue to further diversify its
portfolio, with a primary focus on acquiring producing or advanced stage near-production royalties or
streams, to complement Ecora’s existing growth portfolio.”
2
1 Includes ongoing metal purchase costs under stream agreements, for 2025 these were: Voisey’s Bay ($3.6m); Mimbula ($1.1m)
2 In 2025, principal repayment totalled $2.6m and interest received totalled $1.1m
3 Under IFRS 9, the royalties received from EVBC are reflected in the fair value movement of the underlying royalty rather than
recorded as royalty income
Financial Highlights:
• $57.0m portfolio contribution for the year ended 31 December 2025 (2024: $63.2m) with
significant increase in contribution from base metals royalties largely offsetting reduction
in Kestrel steelmaking coal contribution
• Royalty and metal stream-related revenue of $55.9m (2024: $59.6m)
• Profit after tax of $22.2m (2024: loss of $9.8m)
• The latest Voisey’s Bay mine plan extends production by four years to 2044 and accelerates
near-term volumes, as a result , the Group has recognised an impairment reversal of
$14.1m and a related deferred tax credit of $9.8m relating to carry forward losses which
are now expected to be utilised
• Adjusted earnings of $ 22.1m (2024: $ 28.9m) and adjusted earnings per share of 8.86c
(2024: 11.43c)
• Free cash flow of $27.4m (2024: $22.1m), a 21% increase
Portfolio contribution: FY 2025 FY 2024
US$m US$m Y/Y
Base metals
Voisey's Bay (cobalt) 18.9 6.2
Mantos Blancos (copper) 9.5 5.8
Mimbula (copper) 4.0 n/a
Carlota (copper) 0.8 0.6
Metal stream cost of sales(1) (4.7) (1.2)
Sub-total 28.5 11.4 150%
Specialty metals & uranium
McClean Lake(2) (uranium) 3.7 4.5
Maracás Menchen (vanadium) 1.7 2.2
Four Mile (uranium) 2.2 1.4
Sub-total 7.6 8.1 (6%)
Bulks & other
Kestrel (steelmaking coal) 17.5 41.4
EVBC(3) (gold) 3.2 1.8
Other 0.2 0.5
Sub-total 20.9 43.7 (52%)
Total portfolio contribution 57.0 63.2
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• Strong deleveraging post the $ 50.0m Mimbula stream acquisition with net debt as at 31
December 2025 of $85.5m (31 Dec 2024: $82.3m), significantly below the peak of $124.6m
during Q2 2025
• Final dividend of 1.4c per share in line with policy, bringing the total dividend for the year
to 2.0c per share (2024: 2.81c per share)
Base Metals
• Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing
50% of Group portfolio contribution, driven by:
o Strong production ramp -up at Voisey’s Bay , which generated a net portfolio
contribution of $15.3m (2024: $5.0m) from 448t of attributable cobalt (2024: 210t)
at an average realised price of $19.11/lb (2024: $13.34/lb)
o Record year portfolio contribution from Mantos Blancos of $9.5m (2024: $5.8m)
o Acquisition of a copper stream over the Mimbula mine in March 2025, which
generated portfolio contribution net of metal pu rchase costs of $2.9m in 2025
(2024: n/a)
Specialty metals & uranium
• Specialty metals portfolio contribution of $7.6m (2024: $8.1m) representing 13% of the
Group’s portfolio contribution:
o Toll milling rate at McClean Lake Mill stepped down in 2025 following the
processing of an agreed volume of uranium , leading to a portfolio contribution of
$3.7m (2024: $4.5m)
Bulks & other
• Bulks and other portfolio contribution of $20.9m (2024: $43.7m) represented 37% of the
Group’s portfolio contribution:
o Kestrel steelmaking coal royalty generated $17.5m from 2.2m t of sales from the
Group’s private royalty area, down v s. 2024 due to a lower average realised sale
price of $143/t (2024: $223/t)
• Sold a non -core royalty over the development stage Dugbe Gold Project in Liberia for a
$16.5m upfront cash payment and contingent consideration of up to $3.5m
Outlook
• Ecora’s key commodity exposures performed strongly in early 2026. The conflict in Iran
has resulted in market and commodity price volatility, however the long -term commodity
price outlook, in particular copper, continues to be underpinned by strong supply/demand
fundamentals
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• Volume growth in base metals royalties and streams expected to continue to offset a
reduction in volumes from Kestrel associated with mining increasingly moving outside the
Group’s private royalty area
• Series of value catalysts during the next twelve months with operator partners targeting a
number of key project development milestones, including:
o Santo Domingo: Final investment decision
o Mantos Blancos: Phase II study mid-2026
o Phalaborwa: Publication of DFS
o Nifty: Restart of cathode operations, DFS on restart of mining operation
Analyst and investor presentation and call
A live webcast of the presentation including Q&A will be held today at 2:00 pm GMT for investors
and analysts and will be available via our website at www.ecoraroyalties.com.
Please join the event 5-10 minutes prior to the scheduled start time.
This will be available for playback after the event.
Event Title Ecora Royalties – 2025 Results Presentation
Time Zone Dublin, Edinburgh, Lisbon, London
Start Time/Date 2pm (GMT)
Duration
Webcast Link
Dial in details:
60 minutes
https://brrmedia.news/ECOR_FY25
UK-Wide: +44 (0) 33 0551 0200UK
Toll Free: 0808 109 0700
USA Local: +1 786 697 3501
USA Toll Free: 866 580 3963
For further information:
Ecora Royalties PLC +44 (0) 20 3435 7400
Geoff Callow – Head of Investor Relations
Website: www.ecoraroyalties.com
FTI Consulting
Sara Powell / Ben Brewerton / Nick Hennis
+44 (0) 20 3727 1000
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About Ecora
Ecora is a leading critical minerals focused royalty and streaming company.
Copper is at the core of our portfolio which also includes other commodities linked to the trend of
electrification, energy transition, infrastructure renewal and urbanisation, digital infrastructure,
robotics and energy security.
Our cash generative portfolio includes producing royalties and streams , and has a strong organic
growth profile that is expected to generate substantial additional cash flow in the medium term.
We take a disciplined approach to investments and acquisitions, focusing on high quality
opportunities, in established mining jurisdictions and with experienced management teams.
These investments have the potential to deliver enhanced returns through life of mine extension
and commodity price outperformance.
Our management team has a long and proven track record of originating, completing due
diligence, innovatively structuring and completing accretive royalty and stream transactions in the
critical minerals space.
We allocate capital prudently, with a focus on growth, maintaining a strong balance sheet and
returns to shareholders.
Ecora’s shares are listed on the London and Toronto Stock Exchanges (ECOR) and trade on the
OTCQX Best Market (OTCQX: ECRAF).
Notes to Editors:
The consolidated financial information, presented in condensed form, has been abridged from the audited Ecora Royalties 2025 Annual Report
and Accounts for which an unqualified audit report was given. This summary financial information does not constitute statutory accounts as
defined in Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2024 have been delivered to the Registrar
of Companies and those for 2025 will be delivered following the Company’s Annual General Mee ting convened for 4 June 2026.
The financial information set out in this Results Announcement does not constitute the Company’s annual report and accounts f or the years
ended 31 December 202 4 or 202 5 but is derived from those accounts. The auditors have reported on those accounts; their reports were
unqualified and did not draw attention to any matters by way of emphasis without qualifying their report.
Alternative performance measures
Throughout this report a number of financial measures are used to assess the Group’s performance. The measures are defined be low and
are non-IFRS measures because they exclude amounts that are included in, or include amounts that are excluded from, the mos t directly
comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in
accordance with IFRS. The non -IFRS measures may not be comparable to other similarly titled measures used by other companies and have
limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of the Group’s operating results as reported
under IFRS. The Group does not regard these non -IFRS measures as a substitute for, or superior to, the equivalent measures calculated and
presented in accordance with IFRS or those calculated using financial measures that are calculated in accordance with IFRS.
Portfolio contribution
Portfolio contribution reflects the underlying performance of the Group’s assets both in terms of those already in production and the timing of
the Group’s development royalties coming into production. Portfolio contribution is royalty and stream-related revenue plus royalties received or
receivable from royalty financial instruments carried at fair value through profit or loss (FVTPL) and principal repayment re ceived under the
Denison financing agreement less metal stream cost of sales.
Operating profit
Operating profit represents the Group’s underlying operating performance from its royalty and stream interests. Operating pro fit is royalty and
metal stream related revenue, less metal stream cost of sales, amortisation and depletion of royalties and strea ms, operating expenses, and
excludes impairments and revaluations. Operating profit reconciles to ‘operating profit before impairments and revaluations’ in the income
statement.
Adjusted EBITDA
Adjusted EBITDA is a defined term in the Group’s revolving credit facility and used to determine the Group’s leverage ratio a nd interest cover
ratio. Adjusted EBITDA is portfolio contribution, less operating expenses excluding share based payments.
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Adjusted earnings
Adjusted earnings is the profit/(loss) attributable to equity holders plus royalties received from financial instruments carr ied at fair value through
profit or loss, less all valuation movements, impairments and impairment reversals, amortisation and depl etion charges, unrealised foreign
exchange gains and losses, and any associated deferred tax, together with any profit or loss on non-core asset disposals as such disposal are not
expected to be ongoing.
Free cash flow per share
Free cash flow is net cash generated from operating activities, plus principal repayments received under commodity related financing agreements,
proceeds from the disposal of mining and exploration interests and finance income, less finance costs and lease payments, divided by the
weighted average number of shares in issue.
Net debt
Net debt is calculated as total borrowings less cash and cash equivalents.
Cautionary statement on forward-looking statements and related information
Certain statements in this announcement, other than statements of historical fact, are forward-looking statements based on certain assumptions
and reflect the Group's expectations and views of future events. Forward -looking statements (which include the ph rase 'forward -looking
information' within the meaning of Canadian securities legislation) are provided for the purposes of assisting readers in understanding the Group's
financial position and results of operations as at and for the periods ended on certain dates, and of presenting information about management's
current expectations and plans relating to the future. Readers are cautioned that such forward-looking statements may not be appropriate other
than for purposes outlined in this announcement. These statements may include, without limitation, statements regarding the operations,
business, financial condition, expected financial results, cash flow, requirement for and terms of additional financing, perf ormance, prospects,
opportunities, priorities, tar gets, goals, objectives, strategies, growth and outlook of the Group including the outlook for the markets and
economies in which the Group operates, costs and timing of acquiring new royalties and making new investments, mineral reserve and resources
estimates, estimates of future production, production costs and revenue, future demand for and prices of precious and base metals and other
commodities, for the current fiscal year and subsequent periods.
Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include
words such as 'expects', 'anticipates', 'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets', 'projects', 'forecasts', or negative versions thereof and
other similar expressions, or future or conditional verbs such as 'may', 'will', 'should', 'would' and 'could'. Forward -looking statements are based
upon certain material factors that were applied in drawing a conclusion or making a forecast or projection, including assumptions and analyses
made by the Group in light of its experience and perception of historical trends, current conditions and expected future developments, as well as
other factors that are bel ieved to be appropriate in the circumstances. The material factors and assumptions upon which such forward -looking
statements are based include: the stability of the global economy; the stability of local governments and legislative background; the relative stability
of interest rates; the equity and debt markets continuing to provide access to capital; the continuing of ongoing operations of the properties
underlying the Group's portfolio of royalties, streams and investments by the owners or operators of such properties in a manner consistent with
past practice; no material adverse impact on the underlying operations of the Group's portfolio of royalties, streams and inv estments from a
global pandemic; the accuracy of public statements and disclosures (inc luding feasibility studies, estimates of reserve, resource, production,
grades, mine life and cash cost) made by the owners or operators of such underlying properties; the accuracy of the informati on provided to the
Group by the owners and operators of suc h underlying properties; no material adverse change in the price of the commodities produced from
the properties underlying the Group's portfolio of royalties, streams and investments; no material adverse change in foreign exchange exposure;
no adverse development in respect of any significant property in which the Group holds a royalty or other interest, including but not limit ed to
unusual or unexpected geological formations and natural disasters; successful completion of new development projects; planned expansions or
additional projects being within the timelines anticipated and at anticipated production levels; and maintenance of mining ti tle.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions, which could cause actual
results to differ materially from those anticipated, estimated or intended in the forward -looking statements. Pas t performance is no guide to
future performance and persons needing advice should consult an independent financial adviser. No statement in this communication is intended
to be, nor should it be construed as, a profit forecast or a profit estimate.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility
that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate; that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved.
A variety of material factors, many of which are beyond the Group's control, affect the operations, performance and results o f the Group, its
businesses and investments, and could cause actual results to differ materially from those suggested by any forwar d-looking information. Such
risks and uncertainties include, but are not limited to current global financial conditions, royalty, stream and investment p ortfolio and associated
risk, adverse development risk, financial viability and operational effectivene ss of owners and operators of the relevant properties underlying the
Group's portfolio of royalties, streams and investments; royalties, streams and investments subject to other rights, and cont ractual terms not
being honoured, together with those risks id entified in the 'Principal Risks and Uncertainties' section of our most recent Annual Report, which is
available on our website. If any such risks actually occur, they could materially adversely affect the Group's business, fina ncial condition or results
of operations. Readers are cautioned that the list of factors noted in the section herein entitled 'Risk' is not exhaustive of the factors that may
affect the Group's forward-looking statements. Readers are also cautioned to consider these and other factors, uncertainties and potential events
carefully and not to put undue reliance on forward -looking statements.
The Group's management relies upon this forward -looking information in its estimates, projections, plans and analysis. Although the forward -
looking statements contained in this announcement are based upon what the Group believes are reasonable assumptions, there can be no
assurance that actual results will be consistent with these forward -looking statements. The forward -looking statements made in this
announcement relate only to events or information as of the date on which the statements are made and, exce pt as specifically required by
applicable laws, listing rules and other regulations, the Group undertakes no obligation to update or revise publicly any for ward-looking
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statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the
occurrence of unanticipated events.
This announcement also contains forward -looking information contained and derived from publicly available information regarding properties
and mining operations owned by third parties. This announcement contains information and statements relating to the K estrel mine that are
based on certain estimates and forecasts that have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"), the accuracy of which KCPL does
not warrant and on which readers may not rely.
Technical and Third-Party Information
As a royalty and streaming company, the Group often has limited, if any, access to non-public scientific and technical information in respect of the
properties underlying its portfolio of royalties, or such information is subject to confidentiality provisions. As such, in preparing this announcement,
the Group has largely relied upon the public disclosures of the owners and operators of the properties underlying its portfol io of royalties
investments, as available at the date of this announcement. According ly, no representation or warranty, express or implied, is made and no
reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data, and such data in volves risks and
uncertainties and is subject to change based on various factors.
8
Chief Executive’s Review
2025 marked an inflection point for Ecora, with cash generation transitioning from short-dated to
multi-decade sources, and to critical minerals from steelmaking coal. During the year, Ecora
continued to build momentum across its diversified critical miner als royalty and streaming
portfolio. The base metals royalties delivered impressive year -over-year growth, reflecting both
underlying asset progression and the increasing contribution from recently acquired royalties.
During 2025, we delivered a number of important milestones that support Ecora’s growth
trajectory including: advancing our exposure to critical minerals via the acquisition of the $50.0m
producing Mimbula copper stream; unlocking the value of the non-core development stage Dugbe
gold royalty via a disposal; and strong deleveraging post the Mimbula stream acquisition – ending
the year with net debt levels roughly similar to those at the end of the prior year.
The transition away from Kestrel, historically the portfolio’s cornerstone revenue source which is
now nearing the end of its royalty life, had in the past created periods of volatility . However, the
performance during 2025 reflects a stronger and more diversified platform, with copper at the
core of its wider critical minerals commodity exposure.
Mimbula copper stream acquisition
The $50.0m Mimbula stream acquisition is undoubtedly amongst the key highlights of the year. In
February, we announced a new partnership with Moxico Resources in relation to the Mimbula
copper mine, which cemented copper at the core of our commodity exposure. Mimbula has
everything we look for in an investment; it is a high-quality ore body, with low operating costs, and
with an exceptional management team which has developed the project from concept to a high
margin operation currently undergoing a brownfield expansion to increase production capacity.
Base metals growing in importance
The producing royalty portfolio generated a contribution of $57.0m, with base metals contributing
50%, up 150% year on year. For the first time ever, the steelmaking coal contribution of $17.5m
(2024: $41.4m) represented less than 35% of Ecora’s royalty po rtfolio contribution mix, and it is
expected to reduce further in the coming years before coming to an end in 2030. Copper prices
during the year were strong, averaging $4.51/lb. Alloy -grade cobalt prices rebounded strongly
during the period, from approxi mately $14/lb at the beginning of the year, estimated to be a 50 -
year low in real terms, to $27/lb at the end of December. The Group’s net debt reduced sharply
following the $ 50.0m Mimbula copper stream acquisition in March, peaking at $ 124.6m shortly
after the acquisition and ending the year at $85.5m, driven by the portfolio’s strong cash
generation as well as the sale of the non-core, development stage Dugbe gold royalty.