Sterling holds ground amid stabilizing U.K. debt market
Investing.com - Ecora Resources PLC (LSE:ECOR) on Wednesday reported a significant 81% increase in its base metals portfolio contribution to $8.7 million for the first half of 2025, despite overall portfolio contribution declining to $17.9 million from $51.3 million a year earlier.
The company’s total revenue fell to $15.8 million from $49.5 million in the same period last year, primarily due to timing differences in mining activity at its Kestrel steelmaking coal royalty, which is expected to be weighted toward the second half of 2025.
The strong base metals performance was driven by the continued ramp-up at Voisey’s Bay, where cobalt deliveries more than doubled to 140 tonnes, the acquisition of the Mimbula copper stream, and record performance at the Mantos Blancos copper mine.
"The continued growth from our critical minerals portfolio is the highlight of these results," said Marc Bishop Lafleche, CEO of Ecora. "We were delighted, post period end, to unlock significant value through the sale of the non-core Dugbe gold royalty, with total consideration of up to $20 million."
The company reported a loss before tax of $10.9 million compared to a profit of $17.9 million in H1 2024, reflecting the timing of Kestrel volumes. Adjusted earnings per share fell to 1.27 cents from 10.38 cents.
Net debt increased to $124.6 million at June 30, following the Mimbula acquisition, but the company expects the $16.5 million proceeds from the Dugbe royalty sale and strong second-half cash flow to drive deleveraging.
Ecora raised the lower end of its full-year guidance for Voisey’s Bay from 335-390 tonnes to 365-390 tonnes of attributable cobalt, citing strong performance. The company declared an interim dividend of 0.60 cents per share, representing approximately 25% of free cash flow.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.