Ecora Resources has had a price target of 190p reiterated by house broker Peel Hunt following the company's trading update today.
The mining royalty specialist's total portfolio income of US$63.6m was slightly ahead of forecasts said the broker, while lost tonnes from the Kestrel coking coal royalty area should be made up in this quarter.
Elsewhere, Voisey's Bay (cobalt) underground transition should ramp up from the second half of 2024, leading to significantly more shipments and contributions.
Additionally, commentary from Capstone suggests that Mantos Blancos should see copper output grow 10% on 2023 levels.
“Combined with the ongoing strength in coking coal prices and output from 2023 deferred into this year at Kestrel, it reinforces our confidence in higher revenues year-on-year.”
Shares rose 1.4% to 90.2p.