Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) reported a record quarter, lifted by a surge in revenue from its copper and cobalt interests, as the London-listed royalty company continues to benefit from the global demand for metals used in clean energy technology.
The company said total portfolio contribution, its measure of income from royalties and metal streams, more than doubled to $25 million in the three months to the end of September, up from $11.8 million in the previous quarter.
That was driven by record performance from its copper and cobalt assets and a return to mining at its Kestrel coal royalty area.
Ecora said its base metals portfolio, which includes royalties from the Mantos Blancos copper mine in Chile and the Voisey’s Bay cobalt stream in Canada, generated $9.9 million during the quarter, up 87% on the previous period and almost four times higher than a year earlier.
Marc Bishop Lafleche, chief executive, said: "Q3 was a record quarter in many respects.
"Our base metals portfolio maintained its strong momentum delivering its highest ever contribution of $9.9 million, up 150% year-to-date compared to the same period in 2024, with record quarterly contributions from the Mantos Blancos copper royalty and Voisey's Bay cobalt stream.”
Following strong operational results, Ecora raised its production guidance for Voisey’s Bay, which supplies cobalt – a key component in batteries used for electric vehicles – and said it expects the mine to reach steady-state output next year.
The company has also been using proceeds from asset sales to pay down debt. Net debt at the end of September stood at $104 million, down from $124.6 million three months earlier.
Including royalties due in October, the figure was $87 million, roughly 30% lower since the $50 million acquisition of the Mimbula copper stream in the first quarter.
The sale of a non-core gold royalty at Dugbe for up to $20 million also helped strengthen the balance sheet.
Mining at the Kestrel steelmaking coal royalty area contributed $12.5 million during the quarter after operations resumed, compared with $3.4 million in the previous period.
Ecora, which is listed in London and Toronto, has spent recent years shifting its portfolio away from coal and towards metals central to the global transition to cleaner energy.
By 2026, the group expects more than 90% of its assets to be tied to commodities such as copper, nickel and cobalt.
Looking ahead, Bishop Lafleche said the company expected “further key development milestones across our portfolio that will derisk Ecora's next wave of growth.”