REG - Ecora Royalties PLC - Q1 2026 Trading Update

Ecora RoyaltiesAnnouncement

Today 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260429:nRSc2874Ca&default-theme=true

RNS Number : 2874C  Ecora Royalties PLC  29 April 2026

29 April 2026

 

 

Ecora Royalties PLC

("Ecora" or the "Group")

 

Q1 2026 Trading Update

 

Ecora (LSE/TSX: ECOR; OTCQX: ECRAF) issues the following trading update for
the period 1 January to 31 March 2026.

 

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

 

"Q1 was a solid start to the year with total portfolio contribution up 105% v
Q1 2025, primarily driven by the continued performance of the base metals
portfolio which was up 152% v Q1 2025. Voisey's Bay production continued to
ramp-up towards full capacity during Q1, although some of these volumes missed
the quarter end due to shipping timelines. With 98 tonnes of cobalt set to be
received in April, compared to 70 tonnes received in the entirety of Q1, and a
resilient commodity price environment benefiting our wider portfolio, we are
well positioned to deliver a strong Q2."

 

Financial Highlights:

·      Portfolio contribution of $12.3m in Q1 2026, up 105% v Q1 2025
($6.0m)

·      Net debt at 31 March 2026 of $84.4m (31 December 2025: $85.5m)

 

Base Metals

·      Base metals portfolio contribution of $8.3m, up 152% v Q1 2025
($3.3m)

·      Voisey's Bay

o  70 tonnes of attributable cobalt received in Q1 (Q1 2025: 56 tonnes)
generating a 177% increase in net portfolio contribution of $3.6m (Q1 2025:
$1.3m) at an average realised price of $28.66/lb (Q1 2025: $13.28/lb)

o  Due to shipping timelines, a number of deliveries anticipated in Q1 have
been deferred to Q2, with 98 tonnes of attributable cobalt set to be received
in April. A further 56 tonnes are currently in transit

o  FY 2026 attributable cobalt guidance is unchanged at 500-560 tonnes

 

·      Mimbula

o  Net portfolio contribution of $2.1m (Q1 2025: n/a)

o  Copper entitlement for Q1 2026 of 150 tonnes, generating Q2 2026 portfolio
contribution of $1.4m (net of metal purchase costs)

 

·      Mantos Blancos

o  Benefited from higher copper prices relative to Q1 2025 driving a
portfolio contribution in Q1 2026 of $2.4m (Q1 2025: $1.8m)

 

·      Cañariaco Project

o  In March 2026, Fortescue Ltd. completed the acquisition of the remaining
64% of Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is
the 100% owner of the Cañariaco copper project in Peru over which Ecora holds
a 0.5% royalty

o  Expected average annual production for the first ten years of 158ktpa of
copper, 70koz of gold and 1.5Moz of silver

Specialty metals and uranium

·      Specialty metals and uranium portfolio generated $2.3m of
portfolio contribution, up 35% v Q1 2025 ($1.7m)

·      Portfolio contribution from Four Mile of $1.1m (Q1 2025:$0.1m)
reflecting normalised sales levels compared to Q1 2025 when the operator was
stockpiling production

·      Rainbow Rare Earths announced a $14.6m equity raise which will
provide funds to cover the finalisation of the Phalaborwa definitive
feasibility study in 2026. Subscribers included Traxys Group, one of the
suppliers servicing Project Vault, the $12 billion strategic fund set up by
the US government aiming to build a strategic critical minerals stockpile

 

Bulks & other

·      Contribution from EVBC was up 112% v Q1 2025 at $1.7m, driven by
the strong gold price environment

·      As expected, there was no contribution from the Kestrel coal
royalty. Mining was outside Ecora's private royalty area in Q1 and is not
scheduled to return to it until Q3 2026

 

 

 Portfolio contribution:          Q1 2026  Q1 2025                   Q4 2025
                                  US$m     US$m                Q/Q   US$m
 Base metals
 Voisey's Bay (cobalt)            4.4      1.6                       6.5
 Mantos Blancos (copper)          2.4      1.8                       3.1
 Mimbula (copper)                 2.9      n/a                       1.8
 Carlota (copper)                 0.2      0.2                       0.2
 Metal stream cost of sales((1))  (1.6)    (0.3)                     (1.7)
 Sub-total                        8.3      3.3                 152%  9.9

 Speciality metals & uranium
 McClean Lake((2)) (uranium)      0.8      1.2                       0.7
 Maracás Menchen (vanadium)       0.4      0.4                       0.4
 Four Mile (uranium)              1.1      0.1                       0.7
 Sub-total                        2.3      1.7                 35%   1.8

 Bulks & other
 Kestrel (steelmaking coal)       0.0      0.1                       1.7
 EVBC((3)) (gold)                 1.7      0.8                       0.9
 Other                            -        0.1                       -
 Sub-total                        1.7      1.0                 70%   2.6

 Total portfolio contribution     12.3           6.0           105%  14.3

( )

 

(1) Includes ongoing metal purchase costs under stream agreements, for Q1 2026
these were: Voisey's Bay ($0.8m); Mimbula ($0.8m)

(2 ) In Q1 2026, 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 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).

 

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTAKFBKOBKDFQB



            Copyright 2019 Regulatory News Service, all rights reserved