Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) earlier this week reported its half-year results, highlighting strong momentum in its base metals and critical minerals portfolio.
The company said its base metals portfolio delivered revenue of just under $10 million in the period, up 81% from last year.
Chief executive Marc Bishop Lafleche joined the Proactive studio to give us all an update on the performance, as well as expectations for the full year.
Proactive: Marc, very good to speak with you. You’re out with your half-year results this morning which show strong performance. Could you talk us through some of the highlights of the first six months?
Marc Bishop Lafleche: Great to be here. These results really build on the strong momentum we had coming into 2025.
Producing assets increasingly demonstrated their underlying free cash flow potential in the period. This year, Kestrel volumes will almost be entirely weighted to the second half of the year, the opposite of last year.
That makes comparisons difficult, but the main highlight is the base metals portfolio, which is up 81% compared to last year, to just under $10 million. We expect further base metals growth in the second half and beyond.
Proactive: As you mentioned, the continued growth from the critical minerals portfolio is a standout highlight. Can you speak to the performance of some of the key assets?
Marc Bishop Lafleche: Starting with Voisey’s Bay, we’ve always known it has strong cash generation potential. The ramp-up is well advanced, and we upgraded the low end of our 2025 attributable cobalt entitlement guidance to 365–390 tonnes.
In H1 we received 140 tonnes of cobalt compared with 56 tonnes last year. Already in Q3 we have received 140 tonnes in just two months. Prices have also risen from around $14 to $18–20 per pound after the DRC export ban.
Mantos Blancos also performed strongly, delivering three consecutive quarters of record results. H1 contribution was just under $4 million, up from just under $3 million last year. This was supported by a debottlenecking program completed late last year. A feasibility study for a phase two expansion is underway and could add around 35,000 tonnes of copper production annually.
Finally, the Mimbula copper stream, acquired in February, delivered maiden income in Q2. In H2 we expect the first full-period contribution. The project is undergoing brownfield expansion, providing another source of near-term growth.
Proactive: Looking at rare earths, how is your Phalaborwa project in South Africa progressing?
Marc Bishop Lafleche: The project is progressing well. Rainbow recently reported test work showing a high-specification mixed rare earth product, which supports the definitive feasibility study due at the end of the year. Our entry point in this project has proved to be well-timed. Since we acquired the royalty, NdPr prices, which represent about 80% of revenue, have risen 60–70% year-on-year. We are excited about our rare earths exposure.
Proactive: Apart from the global trade situation, what else is impacting you?
Marc Bishop Lafleche: One important area is the acceleration of US government action to secure critical minerals supply chains. Recently the US Department of Defense announced a tender to buy up to $500 million of alloy grade products over five years, which includes Voisey’s Bay. That could tighten supply and support pricing. We’ve also seen increased public-private partnerships, such as DoD’s investment in MP Materials with a long-term offtake agreement. This kind of tangible action is positive for Ecora’s commodity exposure.
Proactive: You announced the sale of a royalty over the Dugbe gold project in Liberia. Could you talk us through that?
Marc Bishop Lafleche: Dugbe is a development-stage gold project, which is non-core for Ecora. The sale unlocks up to $20 million of value, with $16.5 million to be received at completion. Proceeds will help accelerate deleveraging following the Mimbula acquisition and could be redeployed into assets more aligned with our strategy.
Proactive: Anything else we should be aware of, Marc?
Marc Bishop Lafleche: We’re very excited about the portfolio, which is starting to deliver and show its underlying cash flow potential. We expect continued growth from critical minerals in H2 and Kestrel’s return to our royalty area, setting us up for a strong finish to the year.
Proactive: Marc, I hope you'll continue to keep us updated with your progress.