Ecora Resources PLC's (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) comments regarding the Voisey’s Bay cobalt operation stream were the most significant component of its third quarter update, according to Peel Hunt.
The four deliveries in the quarter matched the total deliveries for all of 2023, noted the broker.
“This indicates to us that the underground ramp-up is progressing as expected, reinforcing our confidence that the stream will deliver increased volumes in 2025 and beyond," Peel added.
“With the shares still trading at just 0.4 times book value, we believe they offer substantial value as visibility increases through 2025, driven by its growth profile.”
'Buy' with a 140p target remains the view. The shares were trading at 63.9p on Wednesday.