Ecora reports sharp increase in portfolio contribution
By Josh White
Date: Wednesday 23 Jul 2025
(Sharecast News) - Ecora Resources reported a sharp increase in portfolio contribution for the second quarter on Wednesday, buoyed by strong performance across its base metals assets and a resumption of mining activity at Kestrel.
Total portfolio contribution for the quarter reached $11.8m, a 97% jump from $6m in the first quarter.
Of that, $8.4m came from assets excluding Kestrel, up 42% on the prior quarter, while Kestrel contributed $3.4m as mining resumed in the group's private royalty area late in the period.
"This marks a pivotal point in our transition towards a revenue profile derived primarily from copper, as well as other critical minerals," said chief executive officer Marc Bishop Lafleche.
"Our critical minerals portfolio is continuing to deliver on its growth potential, as demonstrated by a 61% increase in portfolio contribution from our base metals portfolio."
The base metals segment contributed $5.3m in the second quarter, up from $3.3m in the first.
Key drivers included a 108% increase in contribution from Voisey's Bay to $2.7m, where cobalt volumes rose to 84 tonnes with average realised prices climbing to $18.61 per pound.
It also recognised a maiden contribution of $0.5m from the Mimbula copper stream and a record $2m royalty from Mantos Blancos.
The London-listed firm said its specialty metals and uranium portfolio added $2.2m, a 29% increase from the previous quarter, as Four Mile returned to normal sales activity.
It said the bulks and other segments, including Kestrel, generated $4.3m, up from $1m in the first quarter.
Despite the strong second-quarter performance, total portfolio contribution for the first half of 2025 was $17.8m, down 65% year-on-year due to timing differences in Kestrel mining volumes.
Ecora ended the quarter with net debt of $124.1m, slightly down from $125.9m at the end of March.
The group said it expected debt to fall "meaningfully" by year end, assuming stable commodity prices and operator volume guidance, and absent any new acquisitions.
At 1239 BST, shares in Ecora Resources were up 0.42% at 71.5p.
Reporting by Josh White for Sharecast.com.
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