Royalty specialist Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) said its income in its fourth quarter was boosted by record production volumes at the Voisey’s Bay (cobalt) and Mantos Blancos (copper).
As a result, income from its portfolio rose 29% to US$6.7 million in the quarter from the same period a year ago.
For the 2024 year in total, income from the portfolio increased 9% year-on-year to US$63.2 million, reflecting the record receipts from its Kestrel royalty in the first half.
In the final quarter of 2024, operations at Kestrel were mainly outside Ecora's private royalty area.
Marc Bishop Lafleche, Ecora’s chief executive, said: "Fourth quarter performance was underpinned by a record quarterly portfolio contribution from Mantos Blancos, coupled with record production from the underground mine at Voisey's Bay, which saw streamed cobalt entitlements for the year at the top of our guidance range.
"We carry this momentum into 2025 with both operations expected to deliver further production volume growth in the year ahead.
"The fundamental outlook for copper remains strong, which has led to some of the largest operators globally recently seeking to significantly increase copper exposure.
“With volume growth anticipated in 2025 we are well positioned to transact on opportunities in the year ahead."
Net debt on 31 December 2024 was US$82.4 million.