REG - Ecora Resources PLC - Q3 2025 Trading Update

Ecora ResourcesAnnouncement

29/10/2025 07:02

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RNS Number : 1905F  Ecora Resources PLC  29 October 2025

 

 

 

29 October 2025

 

Ecora Resources PLC

("Ecora" or the "Group")

 

Q3 2025 Trading Update

 

Ecora (LSE/TSX: ECOR, OTCQX: ECRAF) issues the following trading update for
the period 1 July to 30 September 2025.

 

Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:

 

"Q3 was a record quarter in many respects. Our base metals portfolio
maintained its strong momentum delivering its highest ever contribution of
$9.9 million, up 150% YTD compared to the same period in 2024, with record
quarterly contributions from the Mantos Blancos copper royalty and Voisey's
Bay cobalt stream. Following strong operational performance, we are upgrading
our FY 2025 volume guidance for Voisey's Bay.

 

"This strong performance, combined with the sale of the Dugbe royalty and
mining returning to our private royalty area at Kestrel, enabled us to
accelerate our deleveraging. Period end net debt, including Q3 royalty
receivables due in October, was $87 million, down ~30% since the $50 million
Mimbula copper stream acquisition in Q1, and similar to year-end 2024 levels.

 

"We were pleased to see the recent announcement by Capstone Copper of a JV
partner for their Santo Domingo project, a crucial step towards a final
investment decision. Looking ahead to the next 12 months, we anticipate
further key development milestones across our portfolio that will derisk
Ecora's next wave of growth."

 

Financial Highlights:

 

·      $25.0 million total portfolio contribution for Q3 2025, up 112%
on Q2 2025 ($11.8 million) driven by continued growth of the base metals
portfolio contribution and mining returning to the Group's private royalty
area at Kestrel throughout the period

 

·      Sale of the development stage, non-core Dugbe gold royalty for up
to $20.0 million (including an upfront payment of $16.5 million) with proceeds
accelerating a reduction in the Group's debt

 

·      Net debt as at 30 September of $104 million(1) (30 June 2025:
$124.6 million)

(1)excluding royalty receivables due in October 2025

 

 

Base Metals

·      $9.9 million portfolio contribution up 87% on Q2 2025 ($5.3
million) and 296% on Q3 2024 ($2.5 million)

 

·      Voisey's Bay:

o  Portfolio contribution increased 122% to $6.0 million (Q2 2025: $2.7
million), with an average realised price of $18.13/lb (Q2 2025: $18.61/lb)

o  182 tonnes of cobalt received, a 117% increase on Q2 2025 (84 tonnes)

o  Democratic Republic of Congo government announced that the cobalt export
ban would expire on 15 October 2025, when it was replaced with a quota system
limiting exports to around 40% of 2024 production (as estimated by the Cobalt
Institute)

o  FY 2025 guidance increased to 434-448t of attributable cobalt (previously
365-390t)

o  FY 2026 guidance is for 500-560t of attributable cobalt with the mine
expected to reach steady state production

 

·      Mimbula:

o  Portfolio contribution up 120% to $1.1 million (Q2 2025: $0.5 million)
driven by the 150 tonnes of attributable production in Q2 2025

o  Copper entitlement for Q3 2025 of 175 tonnes generating Q4 2025 portfolio
contribution of $1.3 million

 

·      Mantos Blancos:

o  Quarterly record portfolio contribution of $2.6 million (Q2 2025: $2.0
million)

 

·      Santo Domingo:

o  Post period end, Capstone Copper announced that it had entered into a
binding agreement with entities managed by Orion Resource Partners LP to sell
25% interest in the Santo Domingo project, which clears the path to a Final
Investment Decision to proceed with construction of the Santo Domingo project
in H2 2026

 

Specialty metals and uranium

·      Specialty metals and uranium portfolio generated $1.9 million of
portfolio contribution in Q3 2025 (Q2 2025: $2.2 million)

 

·      Rainbow Rare Earths has continued to make strong progress on the
Phalaborwa project and announced test results that:

o  Confirm an exceptionally pure mixed rare earth product

o  Achieve successful incorporation of a cerium depletion step, which
simplifies the process and is expected to reduce capital and operating costs

Bulks and other

·      Bulks and other portfolio generated $13.2 million (Q2 2025: $4.3
million):

·      Kestrel:

o  Mining was in the Group's private royalty area throughout the quarter and
generated a portfolio contribution of $12.5 million

o  1.6mt of saleable production from the Group's private royalty area in Q3
2025 (Q2 2025: 0.4mt)

o  FY volume guidance remains unchanged at between 2.2mt and 2.3mt of
saleable production in the Group's private royalty area

 

 Portfolio contribution:          Q3 2025  Q2 2025  Q/Q    Q3 2024  9M 2025  9M 2024
                                  $m       $m              $m       $m       $m
 Base metals
 Mantos Blancos (copper)          2.6      2.0             1.3      6.4      4.1
 Voisey's Bay (cobalt)            7.4      3.4             1.4      12.4     3.4
 Mimbula (copper)                 1.5      0.7             n/a      2.2      n/a
 Carlota (copper)                 0.2      0.1             0.1      0.5      0.5
 Metal stream cost of sales((1))  (1.8)    (0.9)           (0.3)    (3.0)    (0.6)
 Sub-total                        9.9      5.3      87%    2.5      18.5     7.4

 Specialty metals & uranium
 McClean Lake((2)) (uranium)      0.8      1.0             1.2      3.1      3.7
 Maracás Menchen (vanadium)       0.5      0.4             0.4      1.3      1.5
 Four Mile (uranium)              0.6      0.8             -        1.5      1.4
 Sub-total                        1.9      2.2      (14%)  1.6      5.9      6.6

 Bulks & other
 Kestrel (steelmaking coal)       12.5     3.4             0.3      15.7     41.3
 EVBC((3)) (gold)                 0.7      0.8             0.7      2.3      1.2
 Other                            -        0.1             0.1      0.2      0.3
 Sub-total                        13.2     4.3      207%   1.1      18.2     42.8

 Total portfolio contribution     25.0     11.8     112%   5.2      42.6     56.8

( )

(1) Includes ongoing metal purchase costs under stream agreements, for Q3
these were: Voisey's Bay ($1.4m); Mimbula ($0.4m)

(2) In Q3 2025, principal repayment totalled $0.5m and interest received
totalled $0.3m

(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

 

For further information

 

 Ecora Resources PLC                         +44 (0) 20 3435 7400
 Geoff Callow - Head of Investor Relations

 Website:                                    www.ecora-resources.com

 FTI Consulting                              +44 (0) 20 3727 1000

 Sara Powell / Ben Brewerton / Nick Hennis   ecoraresources@fticonsulting.com (mailto:ecoraresources@fticonsulting.com)

 

 

About Ecora Resources

 

Ecora is a leading critical minerals focused royalty company.

 

Our vision is to be globally recognised as the royalty company of choice
synonymous with commodities that support trends of electrification by
continuing to grow and diversify our royalty portfolio in line with our
strategy. We will achieve this through building a diversified portfolio of
scale over high quality assets that drives low volatility earnings growth and
shareholder returns.

 

The mining sector has an essential role to play in the energy transition, with
commodities such as copper, nickel and cobalt - key materials for
manufacturing batteries and electric vehicles. Copper also plays a critical
role in our electricity grids. All these commodities are mined and there are
not enough mines in operation today to supply the volume required to achieve
the energy transition.

 

Our strategy is to acquire royalties and streams over low-cost operations and
projects with strong management teams, in well-established mining
jurisdictions. Our portfolio has been reweighted to provide material exposure
to this commodity basket and we have successfully transitioned from a coal
orientated royalty business in 2014 to one that by 2026 will be materially
coal free and comprised of over 90% exposure to commodities that support a
sustainable future. The fundamental demand outlook for these commodities over
the next decade is very strong, which should significantly increase the value
of our royalty portfolio.

 

Ecora's shares are listed on the London and Toronto Stock Exchanges (ECOR) and
trade on the OTCQX Best Market (OTCQX: ECRAF).

 

 

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 phrase '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,
performance, prospects, opportunities, priorities, targets, 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', 'aims', '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 believed 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; the
accuracy of public statements and disclosures (including 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 information provided to the Group by the owners and operators of such
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 limited 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 title.

 

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. Past 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 of the Group, its businesses
and investments, and could cause actual results to differ materially from
those suggested by any forward-looking information. Such risks and
uncertainties include, but are not limited to current global financial
conditions, royalty, stream and investment portfolio and associated risk,
adverse development risk, financial viability and operational effectiveness 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 contractual terms not being honoured,
together with those risks identified in the ''Emerging Risks' and '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, financial condition or
results of operations. Readers are cautioned that the list of factors noted in
the sections of our most recent Annual Report entitled 'Emerging Risks' and
'Principal Risks and Uncertainties' are 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, which speak only
of the date hereof.

 

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, except as
specifically required by applicable laws, listing rules and other regulations,
the Group undertakes no obligation to update or revise publicly any
forward-looking 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 Kestrel 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.

 

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