Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) has posted what it described as a “solid start” to the year, reporting a $6 million portfolio contribution in the first quarter of 2025, down from $6.7 million in the previous quarter due to the timing of cobalt deliveries from Voisey’s Bay.
Chief executive Marc Bishop Lafleche said volume growth is expected to accelerate in the second quarter, with a number of key assets coming back into play.
Cobalt sales from Voisey’s Bay generated $1.3 million in Q1, but prices have surged since early March following a Congolese export ban, with realised prices in Q2 so far up 40%. Ecora has received 28 tonnes already this quarter and expects most of the 2025 production to land in the second half.
Meanwhile, Mantos Blancos delivered another record quarter, contributing $1.8 million, while the EVBC gold asset and uranium exposure at McClean Lake also posted solid results. The Four Mile project showed early signs of recovery.
Looking ahead, Q2 is set to benefit from the return of mining activity to Ecora’s Kestrel royalty area, resumed royalties from Four Mile, and the first revenue from the newly acquired Mimbula copper stream.
Ecora has maintained full-year cobalt guidance and recently expanded its credit facility to $180 million to support future growth.
Lafleche said: "The group reported a solid start to the year with a Q1 portfolio contribution of $6.0m.
"Looking ahead to Q2 we expect volume growth to come through more strongly with mining at Kestrel returning to the group's private royalty area; an increased number of cobalt deliveries from Voisey's Bay expected to benefit from the current higher price environment; Four Mile royalty contributions resuming; and the first revenue contribution from the Mimbula copper stream."