REG - Ecora Royalties PLC - Full Year Results
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RNS Number : 1781Y Ecora Royalties PLC 26 March 2026
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.ecoraroyalties.com and on SEDAR at www.SEDAR.com
(http://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 delivered 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."
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
(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
· 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 purchase 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 2.2mt of sales from
the Group's private royalty area, down vs. 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
· 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. (http://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 60 minutes
Webcast Link https://brrmedia.news/ECOR_FY25 (https://brrmedia.news/ECOR_FY25)
Dial in details: 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.e (http://www.ecoraroyalties.com) coraroyalties.c
(http://www.ecoraroyalties.com) om (http://www.ecoraroyalties.com)
FTI Consulting +44 (0) 20 3727 1000
Sara Powell / Ben Brewerton / Nick Hennis ecoraroyalties@fticonsulting.com (mailto:ecoraroyalties@fticonsulting.com)
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 Meeting convened for 4
June 2026.
The financial information set out in this Results Announcement does not
constitute the Company's annual report and accounts for the years ended 31
December 2024 or 2025 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 below and are non-IFRS measures
because they exclude amounts that are included in, or include amounts that are
excluded from, the most 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 received 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 profit is royalty and metal stream
related revenue, less metal stream cost of sales, amortisation and depletion
of royalties and streams, 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 and interest cover ratio.
Adjusted EBITDA is portfolio contribution, less operating expenses excluding
share based payments.
Adjusted earnings
Adjusted earnings is the profit/(loss) attributable to equity holders plus
royalties received from financial instruments carried at fair value through
profit or loss, less all valuation movements, impairments and impairment
reversals, amortisation and depletion 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 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', '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,
streams and investments from a global pandemic; 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 '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 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, 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.
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 portfolio of royalties
investments, as available at the date of this announcement. Accordingly, 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 involves risks and uncertainties and is subject to
change based on various factors.
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 minerals 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 portfolio 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 approximately $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.
Industry drivers
Government resource policy, increasingly shaped by geopolitical strategy, has
become a primary driver of critical minerals markets. This influenced both
supply and pricing dynamics during the year, notably in copper, cobalt,
uranium, nickel and rare earths. Policy measures in the Democratic Republic of
Congo during 2025, together with actions taken by the Indonesian government in
early 2026 to enhance domestic value realisation, alongside tangible steps by
the United States to diversify critical mineral supply chains and align
sourcing within geopolitical partnerships, reflect a broader structural shift
towards regionalised and security-oriented supply networks.
We expect this dynamic to remain a defining feature of the sector for the
foreseeable future, with commodity price mechanisms increasingly diverging
from recent history which was largely characterised by globally integrated
markets driven by marginal cost of production.
During the year, trade policy uncertainty contributed to short-term
variability in industrial demand expectations, resulting in heightened price
volatility and fluctuating market sentiment. The underlying long-term demand
trajectory for critical minerals remains compelling. Structural demand growth
continues to be driven by electrification and continued digitalisation, with
the next wave of technological innovation already yielding material and
energy-intensive applications, further driven by the continued trend of global
urbanisation.
At the same time, investment in new sources of supply across industrial
minerals has remained materially below historical averages for more than a
decade, a trend that persisted during the past year. This prolonged period of
underinvestment has constrained project pipelines and is likely to contribute
to tighter market conditions as structural demand growth continues.
Outlook
Ecora's organic growth outlook is now distinctly multi-layered, representing a
significant step forward in the strength and depth of the portfolio. First, we
expect continued volume growth from the producing portfolio, including
increasing contributions from Voisey's Bay and the ongoing production
expansion at Mimbula. Second, there is the potential for a brownfield
expansion of Mantos Blancos, and the restart of mining operations at the past
producing Nifty mine. Third, near-term development projects such as Santo
Domingo are expected to come online and provide additional growth. Finally,
earlier-stage assets within the portfolio continue to advance along the
development curve towards first production, representing longer-term embedded
future growth optionality. Importantly, a significant amount of these
catalysts are expected in the next 12 months.
The portfolio today is better positioned than at any point in our history to
deliver sustained and diversified organic growth and provides a solid
foundation from which we can continue to strengthen over time via further
diversification and the continued application of our disciplined approach to
royalty acquisitions.
Review of operations
Base metals
Producing
Portfolio contribution from the base metals portfolio increased 150% to $28.5m
(2024: $11.4m). The growth in contribution from base metals saw it comprise
50% of total portfolio contribution (2024: 18%) highlighting that 2025 was an
inflection point for Ecora as base metals became the foundation of the
portfolio.
The ramp up of cobalt production from the Voisey's Bay underground mine was a
highlight of 2025. Cobalt volumes attributable to Ecora increased 113% to 448t
(2024: 210t) and average realised cobalt prices increased 43% to $19.11/lb
(2024: $13.34/lb). The combination of volume and price growth saw portfolio
contribution from Voisey's Bay increase 206% to $15.3m (2024: $5.0m). Further
volume growth is anticipated during 2026 with Ecora expecting to receive
between 500 and 560tpa, with the mine expected to reach steady state
production during the course of 2026. Successful exploration and resource
conversion at the Voisey's Bay site are expected to extend the life of mine by
another four years to 2044.
Mantos Blancos generated a record portfolio contribution of $9.5m (2024:
$5.8m). Copper production increased 43% to 61.9kt (2024: 43.2kt) and achieved
record quarterly production in Q4 of 16.9kt with an average sulphide plant
throughput of approximately 21.4ktpd, exceeding design throughput levels.
Total plant throughput averaged approximately 20.0ktpd in 2025, representing a
25% increase over 2024 driven by the successful ramp-up after the completion
of a debottlenecking initiative. Capstone Copper Corp. ('Capstone') has guided
that annual copper production in 2026 is expected to be between 48 and 56ktpa,
lower than in 2025 due to a one-year period of lower copper grades, before
recovering in 2027.
In March 2025, we completed the $50.0m acquisition of a stream over the
producing Mimbula copper mine in Zambia, operated by Moxico Resources plc.
Heavy rainfall impacted Mimbula production during the first quarter of 2025,
with copper production ramping up thereafter to achieve an annual equivalent
production run rate in Q4 of 20ktpa. Ecora received 400t of attributable
copper under the stream which generated a $2.9m portfolio contribution. Copper
production in 2026 is expected to be between 30 and 35kt.
Development
The Group has a number of key development royalties over copper and nickel
projects which are expected to drive strong organic growth in the next four to
five years. By 2030, approximately 90% of the Group's portfolio contribution
is expected to come from base metals, building on the growth we saw in 2025.
In October, Capstone announced the completion of its process to find a joint
venture partner for the Santo Domingo copper project. This is a key milestone
on the path towards a Final Investment Decision to sanction construction of
the project. A number of other key milestones, including obtaining project
finance and completing detailed engineering studies, are expected to be
achieved in 2026 as Capstone works towards a project sanctioning decision in
H2 2026. At current spot prices, the royalty is expected to generate upwards
of $35m per annum. Capstone also commenced a planned 54,700 metre drill
programme at Santo Domingo, and the adjacent Estrellita deposit (which is
within the Group's royalty area), aimed at delineating the oxide resource and
exploring near-mine sulphides.
Capstone is also working towards the completion of the Mantos Blancos Phase II
study, expected by mid-2026. The study is analysing an increased sulphide
concentrator throughput capacity from 20ktpd to around 27ktpd using existing
underutilised equipment, and extending cathode production by re-leaching spent
ore from historical operations via the existing and underutilised 60ktpa SX/EW
plant. Combined, these initiatives could add 35ktpa of copper over at least
ten years. Furthermore, Capstone commenced an exploration drilling programme
at Mantos Blancos in 2025 that will be continued in 2026.
Construction of the West Musgrave copper-nickel project in Australia remains
suspended pending a review by the operator, BHP, by February 2027. During
2025, BHP stated it would consider divesting the project and commenced a
process for the potential sale of West Musgrave. A sale could result in the
acceleration of the timeline to a construction restart and first production.
During 2025, the team at Brazilian Nickel continued to advance the Piauí
nickel project. The majority of the work was in the field of pre-construction
development work, community relations and construction financing. Brazilian
Nickel also announced a number of non-binding agreements to supply nickel and
cobalt in mixed hydroxide precipitate to European and US-based refiners.
Brazilian Nickel remains in discussions with potential financing partners
ahead of a potential Final Investment Decision to proceed with construction of
the Piauí project, at which point Ecora will have the right, but not the
obligation, to invest a further $62.5m to acquire an incremental 2.65% Gross
Revenue royalty.
In Australia, Cyprium Metals Limited (Cyprium), a copper developer focused on
the phased restart of the Nifty copper complex, approved the Cathode Project
restart plan with first production of copper cathode expected in mid-2026.
Royalty payments to Ecora are triggered once a cumulative 800kt of copper has
been produced from the mine. Taking into account historical production, as
well as Cyprium's forecast copper production, this threshold is expected to be
reached five years following the restart of mining operations. In January
2026, Cyprium announced that it had completed a A$41.0m equity raise, with
part of the proceeds to be used for studies and early works on growth
initiatives including the reactivation of the Nifty open pit, expansion of
heap leach and SX/EW capacity and concentrator refurbishment studies.
In December 2025, Alta Copper Corp. (Alta), the owner of the Cañariaco copper
project, announced that it has entered into a binding agreement with Fortescue
Ltd. (Fortescue) under which Fortescue will acquire the remaining 64% of
Alta's issued and outstanding shares not already owned by Fortescue. This
transaction closed in March 2026. The Cañariaco Project comprises 91 square
kilometres of highly prospective tenure and includes the Cañariaco Norte
deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect.
Fortescue, listed on the ASX with a current market capitalisation of approx.
A$59.0 billion, is well placed to advance the Cañariaco Project applying its
well-established technical, permitting and community engagement expertise.
Specialty metals & uranium
Producing
Portfolio contribution from specialty metals and uranium totalled $7.6m (2024:
$8.1m).
The McClean Lake Mill processes feedstock from Cameco's Cigar Lake uranium
mine, with Ecora entitled to a portion of the McClean Lake Mill toll milling
revenues generated from the treatment of uranium ore produced by the Cigar
Lake mine. Cigar Lake produced 19.2Mlbs of uranium during 2025, with toll
milling receipts attributable to Ecora totalling $3.7m (2024: $4.5m). The
year-on-year reduction was the result of a step down in toll milling rates
during 2025, triggered by historic uranium recovery having reached an agreed
volume. Cameco, the majority owner of the Cigar Lake mine, has guided 2026
uranium production of 17.5-18.0Mlbs.
The Maracás Menchen mine produced 9.2kt (2024: 9.3kt) of vanadium pentoxide
with vanadium pentoxide equivalent sales of 8.7kt (2024: 9.6kt) generating
$1.7m of portfolio contribution (2024: $2.2m). The operational improvements
implemented by management have seen production rates improve as the year
progressed, reducing unit operating costs amid a weak vanadium price
environment.
The Four Mile uranium mine reverted to a normalised sales schedule in 2025,
following a period of stockpiling in 2024. This resulted in an increased
portfolio contribution of $2.2m (2024: $1.4m).
Development
Rainbow Rare Earths Limited (Rainbow) completed the following activities,
bringing the Phalaborwa project closer to achieving the publication of a
Definitive Feasibility Study, targeted for 2026:
· delivered an exceptionally pure mixed rare earth product from
testing of its process at its in-house laboratory in Johannesburg;
· incorporated a cerium depletion step ahead of the final
separation circuit, enhancing the quality of the high grade mixed rare earth
product;
· added yttrium to the Mineral Resource Estimate which could add
upwards of $30m to the project's estimated EBITDA; and
· selected solvent extraction as the rare earth oxide separation
route for Phalaborwa to produce separated NdPr oxides and SEG+ product at
99.55% purity.
NexGen Energy Ltd. ('NexGen') successfully completed the 2025 drilling
programme on the Patterson Corridor East (PCE) uranium discovery. The
programme expanded the overall mineralised footprint to 700m (from 600m) of
vertical extent and 620m of strike length (from 600m). Furthermore, the
high-grade subdomain vertical extent has grown materially to 412m from 335m
with 210m of strike length. The 2026 drilling programme will see 42,000m
drilled including testing a repeating zone 600m to the southeast of PCE and
with the same hydrothermal system. Ecora holds a 2% Net Smelter Return royalty
on PCE, which is subject to a 50% buy-back right.
Bulks and other
Producing
Portfolio contribution from the bulks and other portfolio was reduced to 37%
of total portfolio contribution (2024: 69%) and contributed $20.9m (2024:
$43.7m).
Production from the Group's private royalty area within the Kestrel
steelmaking coal mine totalled 2.2mt (2024: 2.1mt). Due to the average
realised price falling to $143/t (2024: $223/t), the portfolio contribution
was down 58% to $17.5m (2024: $41.4m). During 2026, Kestrel mining operations
within the Group's royalty area are expected to primarily occur during the
second half of the year and produce between 1.0 and 1.2mt of saleable
production.
The EVBC mine benefited from record gold prices during 2025, with the Group's
royalty entitlement generating a portfolio contribution of $3.2m (2024:
$1.8m).
Finance Review
2025 saw the contribution from the Group's critical minerals portfolio
exceeding that of Kestrel for the first time.
The contribution from the Group's base metals portfolio increased by 150% year
on year to a record $28.5m (2024: $11.4m). This record performance was offset
by softer steelmaking coal prices leading to a 58% decrease in the
contribution from Kestrel year on year, despite volumes remaining largely
flat. When combined with the performance of the Group's specialty metals and
uranium, and bulks and other portfolios, the result was an overall decrease of
~10% in the Group's portfolio contribution to $57.0m (2024: $63.2m).
2025 2024
$m $m YoY%
Voisey's Bay 18.9 6.2 205%
Mantos Blancos 9.5 5.8 64%
Mimbula 4.0 - N/A
Carlota 0.8 0.6 33%
Maracás Menchen 1.7 2.2 (23%)
Four Mile 2.2 1.4 57%
Kestrel 17.5 41.4 (58%)
Royalty and stream income 54.6 57.6 (5%)
Dividends - LIORC and FlowStream 0.2 0.5 (60%)
Interest - McClean Lake 1.1 1.5 (27%)
Royalty and stream related revenue 55.9 59.6 (6%)
EVBC 3.2 1.8 78%
Principal repayment - McClean Lake 2.6 3.0 (13%)
Less:
Metal streams cost of sales (4.7) (1.2) 292%
Total portfolio contribution 57.0 63.2 (10%)
The performance of the Group's base metals portfolio was underpinned by record
operational performance at both Voisey's Bay and Mantos Blancos which led to
volumes increasing by ~113% and ~40% respectively. In addition to increased
volumes, the contribution from both Voisey's Bay and Mantos Blancos benefited
from stronger cobalt and copper prices respectively.
The Group's realised cobalt price increased by ~43% to $19.11/lbs (2024:
$13.34/lbs) following the imposition of a cobalt export ban and later a cobalt
export quota framework by the government of the Democratic Republic of Congo.
The copper price realised by Capstone Copper increased by ~10% to $10,066/t
(2024: $9,116/t) reflecting supply constraints during 2025 which pushed the
market into a structural deficit at a time of increased strategic purchasing
and infrastructure investment.
Further enhancing the performance of the Group's base metals portfolio was the
$50.0m acquisition of the producing Mimbula copper stream that was immediately
accretive to both earnings and cash flow per share, with a net contribution of
$2.9m, representing the attributable copper received during the period Q2 2025
to Q4 2025. Given the nature of stream agreements, revenue is only recognised
at the point of the sale of the metal, and so the contribution in the period
from Mimbula does not reflect the Group's metal entitlement from production in
the fourth quarter, which was delivered and sold in Q1 2026.
Elsewhere in the portfolio, the Group's EVBC royalty benefited from higher
gold prices which led to the applicable royalty rate increasing to 3% (2024:
~1.825%) generating $3.2m in royalties for the year ended 31 December 2025
(2024: $1.8m), despite gold volumes decreasing by ~14% for the year as
expected from the revised guidance issued by the operator Orvana Minerals
Corp.
The following table outlines some commentary on the producing royalties and
streams in the period.
Base metals
Voisey's Bay (cobalt)
$15.3m - net (2024: $5.0m) 448t of attributable cobalt in 2025 (2024: 210t)
+113% volumes Realised cobalt price increased to $19.11/lbs (2024: $13.34/lbs)
+43% price FY26: guidance of 500t-560t of attributable cobalt, with the underground mine
expected to reach steady state production
Mantos Blancos (copper)
$9.5m (2024: $5.8m) Copper sales increased to a record 60.3kt in 2025 (2024: 43.2kt) following a
year of strong operational performance driven by the successful ramp-up after
+40% volumes the debottlenecking initiative in 2024
+10% price Realised copper price increased to $10,066/t (2024: $9,116/t)
FY26: Capstone guidance indicates total copper production will decrease to a
range of 48,000t - 56,000t, due to a one-year period of lower copper grades
Mimbula (copper)
$2.9m - net maiden contribution Maiden contribution from 400t of attributable production delivered in Q2 2025
to Q4 2025, derived from Mimbula production in Q1 2025 to Q3 2025
Realised copper price $10,096/t
FY26: expect 1,080t-1,130t of attributable copper, as production rate
increases and the Group receives the first full year of entitlements under the
stream
Carlota (copper)
$0.8m (2024: $0.6m) Sales volumes decreased in 2025 to 2.7Mlbs (2024: 3.0Mlbs)
-10% volumes Realised copper price increased to $10,565/t (2024: $9,455/t)
+3% price FY26: expect volumes to decrease by ~15% compared to 2025, as operations
progress towards the depletion in 2029
Specialty metals & uranium
McClean Lake (uranium)
$3.7m (2024: $4.5m) Throughput at the McClean Lake Mill increased by ~13% to 19.2Mlbs (2024:
17.0Mlbs)
+13% volumes
Average tolling milling rate decreased in line with tolling mill agreements
-25% toll milling rate following the recovery of a set amount of uranium
FY26: volumes are expected to remain in the range 17.5Mlbs - 18Mlbs, while the
average tolling milling rate is expected to decrease by ~15%
Maracás Menchen (vanadium)
$1.7m (2024: $2.2m) Vanadium pentoxide equivalent sales volumes were down ~9.5% at 8,683t (2024:
9,599t)
-10% volumes
Realised vanadium price increased to $7.48/lbs (2024: $6.62/lbs) reflecting a
+13% price higher proportion of ferrovanadium sales in 2025
FY26: Largo guidance indicates sales in the range of 7,500t-9,500t
Four Mile (uranium)
$2.2m (2024: $1.4m) Sales volumes increased in 2025 to 3.4Mlbs (2024: 1.9Mlbs) reflecting the
return to normalised sales following a period of stockpiling
+79% volumes
Realised uranium price decreased to $69.54/lbs (2024: $75.01/lbs)
-7% price
FY26: sales volumes are expected to return to an average run rate of between
4.0Mlbs and 5.0Mlbs in line with historical annual production
Bulks and other
Kestrel (steelmaking coal)
$17.5m (2024: $41.4m) Volumes largely flat at 2.2Mt (2024: 2.1Mt) with production inside the Group's
private royalty lands for approximately six months of the year
+5% volumes
Average realised price decreased to $143/t (2024: $223/t)
-36% price
Royalty rate decreased to 11.94% (2024: 19.09%) reflecting lower year-on-year
realised pricing
FY26: as mining within the Group's private royalty area approaches depletion,
expect a decrease of approximately 50% on the Ecora volumes achieved in 2025,
with volumes weighted to H2 2026
EVBC (gold)
$3.2m (2024: $1.8m) Volumes decreased to 30,953oz gold; 3.3Mlbs copper; and 113,167oz silver
(2024: 36,126oz gold; 4.1Mlbs copper; and 120,770oz silver) largely in line
-14% volumes with Orvana's published guidance for FY25
+45% price Realised average gold price increased to $3,439/oz increasing the applicable
royalty rate to 3.00% for the full year (2024: $2,372/oz and average royalty
rate of 1.875%)
FY26: Orvana guidance for fiscal year October 2025 to September 2026 indicates
gold production of 34,000oz to 37,000oz and copper production of 2.7Mlbs to
3.0Mlbs
Taking this portfolio contribution analysis, and allowing for operating,
finance costs and tax, the following table outlines the Group's adjusted
earnings for 2025.
2025 2024
$m % $m
Royalty related revenue 55.9 (6%) 59.6
EVBC royalties 3.2 78% 1.8
Metal streams cost of sales (4.7) 292% (1.2)
Operating expenses (12.2) 12% (11.0)
Finance costs (10.4) 17% (8.9)
Finance income 0.2 (33%) 0.3
Tax (9.9) (15%) (11.7)
Adjusted earnings 22.1 (24%) 28.9
Weighted average number of shares ('000) 248,944 252,398
Adjusted earnings per share 8.86c (22%) 11.43c
The Group's recurring operating expenses, which are primarily denominated in
GBP, remained broadly unchanged in local currency terms. However, the Group's
2024 operating expenses include $0.6m of recovered legal costs arising from
the now resolved Four Mile dispute, which when combined with the weakening of
the USD against the GBP during 2025, results in operating expenses increasing
by ~$1.2m to $12.2m (2024: $11.0m).
Average borrowings in the period increased following the $50.0m Mimbula copper
stream acquisition in Q1 2025, resulting in debt peaking at $132.6m at 30 June
2025. Meaningful deleveraging occurred during the second half of the year
driven by the $16.5m upfront proceeds from the disposal of the long-dated
development royalty over the Dugbe gold project in Liberia and cash
contributions from the portfolio resulting in net debt being more or less
unchanged at the end of the period. The higher average borrowings during 2025
resulted in finance costs increasing to $10.4m (2024: $8.9m).
As a result of the above and including the contribution from EVBC, the Group
generated adjusted earnings for the year of $22.1m (2024: $28.9m) and
adjusted earnings per share of 8.86c (2024: 11.43c). Recognising valuation
movements, amortisation, impairment reversals (see below relating to Voisey's
Bay) and the tax effect of these items, the Group generated a profit after tax
for the year ended 31 December 2025 of $22.2m (2024: loss $9.8m) and basic
earnings per share of 8.91c (2024: loss 3.89c).
Balance sheet
Net assets increased by $31.1m during the year to $465.7m at 31 December 2025
(31 December 2024: $434.6m). The increase was primarily driven by the $23.9m
reversal of the 2024 non-cash impairment of the Voisey's Bay cobalt stream and
associated deferred tax asset, together with the Group's adjusted earnings of
$22.1m for the year. Net assets also benefited from a $14.1m unrealised
foreign exchange gain from the strengthening of the Australian dollar against
the US dollar, and a $9.5m increase in the fair value of the Group's royalty
financial instruments (net of tax) driven mainly by the revaluation of the
Dugbe royalty prior to its disposal in September 2025. These increases were
partially offset by a $19.0m decrease in the value of the Kestrel royalty (net
of tax), reflecting its now shorter remaining life, $13.7m of amortisation and
depletion of the Group's producing royalties and streams, and dividends of
$6.9m paid during the year.
Voisey's Bay cobalt stream - impairment reversal
As at 31 December 2024, the Group recognised an impairment charge of $15.1m in
relation to the Voisey's Bay cobalt stream, together with a $9.8m deferred tax
charge reflecting the expectation that certain carry forward tax losses would
not be utilised in full. These charges were driven by the sustained weakness
in cobalt prices during 2023 and 2024, and the lower forward price assumptions
at the time. The latest mine plan accelerates near-term volumes and extends
overall production by four years, compared to the 2024 mine plan. These
updates to the mine plan, which are supported by the successful ramp-up of the
underground mine in 2025, when combined with the significantly higher
near-term cobalt price forecasts, indicate that the carry forward tax losses
will be utilised in full before they expire and that the recoverable amount of
the Voisey's Bay cobalt stream exceeds its current carrying value.
Accordingly, the prior year impairment and associated deferred tax charge were
reversed as at 31 December 2025.
Cash flow and liquidity
The Group's net cash, generated from operating activities, largely
represented by royalty and metal stream related revenue, less metal streams
costs of sales, operating expenses and taxes, increased to $35.0m (2024:
$29.6m), reflecting the increased contribution from the Group's copper and
critical mineral portfolio, together with the net impact of the decrease in
Kestrel royalties and associated income tax. Adjusting the cash flows from
operating activities for finance costs of $9.9m (2024: $10.3m) and the
principal repayments received under the Denison financing agreement of $2.5m
(2024: $3.0m), together with finance income of $0.3m (2024: $0.3m) and lease
payments of $0.6m (2024: $0.5m), results in free cash flow of $27.4m for the
year ended 31 December 2025 (2024: $22.1m), as detailed in note 32 of the
consolidated financial statements.
Total cash used in investing activities for the year ended 31 December 2025
increased to $20.7m (2024: $6.3m). This increase reflects the acquisition of
the Mimbula copper stream for cash consideration of $50.0m and associated
acquisition costs of $1.1m, slightly offset by the accelerated receipt of
$11.5m in deferred and contingent consideration relating to the 2021 disposal
of the Narrabri royalty, together with $16.2m in net proceeds from the
disposal of the non-core early stage royalty over the Dugbe gold project in
Liberia which completed in September 2025.
The proceeds from the disposal of the Dugbe royalty, together with the strong
performance of the Group's portfolio in the second half of 2025, enabled the
Group to accelerate its deleveraging following the investment of $50.0m in the
first half of the year to acquire the Mimbula copper stream, which was
immediately accretive to both earnings and cash flow per share. As a result,
there was only a modest increase in total borrowings to $93.3m (2024: $90.2m)
and in net debt to $85.5m (2024: $82.3m) as at 31 December 2025.
The net debt position of $85.5m results in a leverage ratio (net debt to
adjusted EBITDA) of 2.0x as at 31 December 2025 (2024: $82.3m; 1.5x) and
remains well within the maximum 3.5x permitted under the Group's revolving
credit facility. Absent any further acquisitions, the Group expects there to
be further meaningful deleveraging throughout 2026.
Dividends
Under the Group's capital allocation framework, the semi-annual cash dividend
is based on a range of 25-35% of the average free cash flow generated in the
immediate two preceding six month-periods. The averaging of the two periods is
designed to smooth out quarterly volatility from the Kestrel royalty as it
moves in and out of the Group's private royalty lands.
The H2 2025 free cash flow of $25.4m combined with the H1 2025 free cash flow
of $2.0m results in an average free cash flow over the two periods of $13.7m.
The Board is proposing a final dividend of 1.40 cents per share, which equates
to a payout ratio for the second half of the year of ~25%. When combined with
the interim dividend of 0.60 cents per share paid on 30 January 2026, the
total dividend for the year ended 31 December 2025 is 2.00 cents per share.
Subject to approval by shareholders at the 2026 AGM, the final dividend will
be paid on 31 July 2026 to all shareholders on the Register of Members on 3
July 2026.
Consolidated income statement
for the year ended 31 December 2025
2025 2024
$'000 $'000
Royalty and metal stream related revenue 55,900 59,608
Metal streams cost of sales (4,702) (1,214)
Amortisation and depletion of royalties and streams (13,664) (7,908)
Operating expenses (12,227) (11,010)
Operating profit before impairments and revaluations 25,307 39,476
Reversal of impairment/(impairment) of metal streams 14,087 (15,051)
Revaluation of royalty financial instruments 12,376 11,962
Revaluation of coal royalties (Kestrel) (27,106) (23,079)
Finance income 249 255
Finance costs (10,439) (8,853)
Net foreign exchange (losses)/gains (2,686) 1,279
Other income/(loss) - net 852 (56)
Profit before tax 12,640 5,933
Current income tax (charge) (9,062) (12,367)
Deferred income tax credit/(charge) 18,605 (3,393)
Profit/(loss) attributable to equity holders 22,183 (9,827)
Total and continuing earnings per share
Basic earnings/(loss) per share 8.91c (3.89c)
Diluted earnings/(loss) per share 8.88c (3.89c)
Consolidated statement of comprehensive income
for the year ended 31 December 2025
2025 2024
$'000 $'000
Profit/(loss) attributable to equity holders 22,183 (9,827)
Items that will not be reclassified to profit or loss
Equity investments at fair value through other comprehensive income
Revaluation of royalty financial instruments 46 (628)
Revaluation of mining and exploration interests 1,134 76
Deferred taxes relating to items that will not be reclassified to profit or (5) 58
loss
1,175 (494)
Items that have been or may be subsequently reclassified to profit or loss
Net exchange gain/(loss) on translation of foreign operations 14,088 (17,969)
14,088 (17,969)
Other comprehensive profit/(loss) for the year, net of tax 15,263 (18,463)
Total comprehensive profit/(loss) for the year 37,446 (28,290)
Consolidated balance sheet
as at 31 December 2025
2025 2024
$'000 $'000
Non-current assets
Property, plant and equipment 2,268 2,394
Coal royalties (Kestrel) 24,423 48,735
Metal streams 196,230 141,910
Royalty financial instruments 35,427 40,612
Royalty and exploration intangible assets 250,445 245,939
Mining and exploration interests 5,537 4,366
Deferred costs 2,008 2,275
Other receivables 16,804 17,820
Deferred tax asset 36,045 25,877
569,187 529,928
Current assets
Trade and other receivables 6,554 16,168
Derivative financial instruments 8 -
Cash and cash equivalents 7,786 7,876
14,348 24,044
Total assets 583,535 553,972
Non-current liabilities
Borrowings 93,250 90,228
Other payables 3,035 3,079
Deferred tax liability 9,561 17,903
105,846 111,210
Current liabilities
Income tax liabilities 6,442 4,167
Trade and other payables 5,549 3,957
11,991 8,124
Total liabilities 117,837 119,334
Net assets 465,698 434,638
Capital and reserves attributable to shareholders
Share capital 6,540 6,528
Share premium 169,212 169,212
Other reserves 98,986 84,268
Retained earnings 190,960 174,630
Total equity 465,698 434,638
Consolidated statement of changes in equity
for the year ended 31 December 2025
Other reserves
Share Share Merger Investment Share- Foreign Special Treasury Retained Total
capital premium reserve revaluation based currency reserve shares earnings equity
reserve payment translation
reserve reserve
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2024 6,762 169,212 94,847 1,746 1,478 4,288 833 101 202,752 482,019
Loss for the year - - - - - - - - (9,827) (9,827)
Other comprehensive income:
Equity investments at fair value through other comprehensive income:
Valuation movement taken to equity - - - (552) - - - - - (552)
Deferred tax - - - 58 - - - - - 58
Foreign currency translation - - - - - (17,969) - - - (17,969)
Total comprehensive loss - - - (494) - (17,969) - - (9,827) (28,290)
Transferred to retained earnings on disposal - - - (1,416) - - - - 1,416 -
Dividends - - - - - - - - (10,836) (10,836)
Share buy-back (239) - - - - - - 239 (10,000) (10,000)
Settlement of share-based payment arrangements 5 - - - (878) - - (5) 878 -
Value of employee services - - - - 1,498 - - - 247 1,745
Total transactions with owners of the Company (234) - - (1,416) 620 - - 234 (18,295) (19,091)
Balance at 31 December 2024 6,528 169,212 94,847 (164) 2,098 (13,681) 833 335 174,630 434,638
Balance at 1 January 2025 6,528 169,212 94,847 (164) 2,098 (13,681) 833 335 174,630 434,638
Profit for the year - - - - - - - - 22,183 22,183
Other comprehensive income:
Equity investments at fair value through other comprehensive income:
Valuation movement taken to equity - - - 1,180 - - - - - 1,180
Deferred tax - - - (5) - - - - - (5)
Foreign currency translation - - - - - 14,088 - - - 14,088
Total comprehensive income - - - 1,175 - 14,088 - - 22,183 37,446
Transferred to retained earnings on disposal - - - 288 - - - - (288) -
Dividends - - - - - - - - (6,944) (6,944)
Settlement of share-based payment arrangements 12 - - - (1,292) - - (12) 1,379 87
Value of employee services - - - - 471 - - - - 471
Total transactions with owners of the Company 12 - - 288 (821) - - (12) (5,853) (6,386)
Balance at 31 December 2025 6,540 169,212 94,847 1,299 1,277 407 833 323 190,960 465,698
Consolidated statement of cash flows
for the year ended 31 December 2025
2025 2024
$'000 $'000
Cash flows from operating activities
Profit before taxation 12,640 5,933
Adjustments for:
Finance income (249) (255)
Finance costs 10,439 8,853
Net foreign exchange losses/(gains) 2,686 (1,279)
Other (income)/losses (852) 56
(Reversal of impairment)/impairment of metal streams (14,087) 15,051
Revaluation of royalty financial instruments (12,376) (11,962)
Royalties from royalty financial instruments 3,218 1,868
Revaluation of coal royalties (Kestrel) 27,106 23,079
Depreciation of property, plant and equipment 434 673
Amortisation and depletion of royalties and streams 13,664 7,908
Amortisation of deferred acquisition costs 17 17
Share-based payment charges 439 1,831
43,079 51,773
(Increase)/decrease in trade and other receivables (2,018) 1,714
Increase/(decrease) in trade and other payables 1,558 (282)
Cash generated from operations 42,619 53,205
Income taxes paid (7,514) (23,610)
Net cash generated from operating activities 35,105 29,595
Cash flows from investing activities
Purchase of property, plant and equipment (2) (4)
Purchase of metal stream (51,127) -
Purchase of royalty and exploration intangibles(1) - (9,167)
Purchase of royalty financial instruments - (8,852)
Proceeds on disposal of royalty intangibles 11,460 2,320
Proceeds on disposal of royalty financial instruments - 8,145
Proceeds on disposal of subsidiary 16,162 -
Purchase of mining and exploration interests - (1,500)
Repayments under commodity-related financing agreements 2,536 2,984
Prepaid acquisition costs (18) (445)
Finance income received 249 255
Net cash used in investing activities (20,740) (6,264)
Cash flows from financing activities
Drawdown of revolving credit facility 51,500 21,271
Repayment of revolving credit facility (49,255) (12,365)
Share buyback payments - (10,000)
Dividends paid (6,944) (10,836)
Lease payments (606) (461)
Finance costs paid (9,867) (10,306)
Net cash used in financing activities (15,172) (22,697)
Net (decrease)/increase in cash and cash equivalents (807) 634
Cash and cash equivalents at beginning of period 7,876 7,850
Effect of foreign exchange rates 717 (608)
Cash and cash equivalents at end of period 7,786 7,876
(1) Includes deferred consideration paid in prior year of $9.2m.
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ecora Royalties
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AnnouncementREG - Ecora Royalties PLC - Transfer of Treasury Shares & Total Voting Rights
AnnouncementREG - Ecora Royalties PLC - Phalaborwa Rare Earths Project Update
AnnouncementREG - Ecora Royalties PLC - Q4 2025 Trading Update
Announcement