Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) provided investors with a general update on its royalty and stream portfolio projects, as well as news that the company will join the FTSE UK SmallCap Index and the FTSE UK All-Share Index, effective 23 December 2024.
Of its three producing royalties, the company recalled that Vale Base Metals has completed the Voisey's Bay mine expansion project, transitioning operations from open pit to underground mining. This expansion will produce 2.60 kilotonnes per annum of cobalt on average. Ecora, entitled to 22.82% of cobalt production, expects 2025 deliveries between 280 and 392 tonnes as operations ramp up.
At Mantos Blancos, Capstone Copper Corp reported progress at the mine, where a ramp-up in ore throughput achieved significant improvements. The feasibility study for a Phase II expansion targeting 27,000 tonnes per day is expected by 2025.
And for Maracás Menchen, where Ecora holds a 2% net smelter return royalty, operator Largo Inc has filed an updated life of mine plan, extending mine life by 13 years to 2054 and increasing reserves by 67%.
Moving onto development projects with the Piauí nickel project, where Ecora holds a 1.65% gross revenue royalty, Brazilian Nickel Limited recently announced it had received a letter of interest from the US International Development Finance Corporation to provide a $550.00 million loan facility, representing 40% of the project's financing package.
At the Nifty copper mine, where Ecora has a 1.5% realised value royalty, Cyprium Metals’ published a pre-feasibility study outlining plans for two processing plants to produce copper cathode and concentrate. The initial cathode project will produce six kilotonnes of copper annually over four years, while the copper concentrate project is expected to average 38.70 kilotonnes annually during the first ten years.
Finally, the Amapá iron ore project, where Ecora holds a 1% gross revenue royalty, Cadence Minerals updated its pre-feasibility study, reporting a 73% increase in post-tax net present value to $1.97 billion. The mine targets production of 67.50% DR-grade iron ore concentrate at an average rate of 5.50 million metric tonnes annually.