Ecora Resources PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF) CEO Marc Bishop Lafleche talked with Proactive about the company’s record Q3 performance and updated full-year guidance.
The update revealed a 112% increase in portfolio contribution compared to Q2 2025, driven largely by base metals royalties. Lafleche highlighted that “mining at Kestrel returned to our royalty area,” contributing to a total portfolio contribution of £9.9 million, a 150% year-on-year increase for the first nine months of 2025.
Voisey’s Bay emerged as a key contributor, achieving record cobalt entitlement and revenue, prompting Ecora to raise its full-year guidance from 365–390 tonnes to 434–448 tonnes. The company also expects more than 500 tonnes in 2026, supported by cobalt prices climbing from $14 to $24.50 per pound.
Ecora also reported strong contributions from its copper assets, including Mantos Blancos and Mimbula, both achieving record results. Development-stage milestones were achieved at Santo Domingo, where a JV with Orion Resource Partners marked a significant de-risking event.
Net debt has been reduced by over 30% since the Mimbula acquisition in Q1 2025. Lafleche said, “It really demonstrates the cash generation potential that exists within Ecora.”
Looking ahead, the company expects continued volume growth and further de-risking milestones in 2026, with exposure to rising copper, cobalt, and uranium prices.
Proactive: Marc, very good to speak with you. You're out with your third-quarter trading update this morning, which included record results across a number of key metrics. Could you walk us through some of the highlights, please?
Marc Bishop Lafleche: Oh, it was a great quarter, a very strong quarter — one that really continues the momentum we've seen so far this year. In the period, we saw a 112% increase in the portfolio contribution compared to the second quarter of this year. Inclusive in that is really strong performance from our base metals royalties, where we saw portfolio contribution of just under £10 million — £9.9 million. That represents 87% growth from the second quarter and 150% growth for the first nine months of this year compared to the same period in 2024.
We saw mining at Kestrel return to our royalty area in the period. We also announced the sale of a non-core development-stage gold royalty for up to £20 million, of which £16.5 million is payable at close. This has enabled us to accelerate our deleveraging and, in time, potentially reallocate those proceeds towards acquiring royalties that are within a core area of our commodity focus.
Proactive: Marc, you mentioned that record performance from the base metals portfolio, and Voisey’s Bay seems to have performed especially well. You're upgrading your full-year guidance for Voisey’s Bay. Can you give us some details behind that?
Marc Bishop Lafleche: Yes, Voisey’s Bay had another really strong quarter. It's a record both in terms of cobalt entitlement and portfolio contribution. This has been driven by a steep and continued ramp-up of underground mining operations. On the back of strong asset performance and cobalt deliveries year-to-date — and what we expect in Q4 — we've upgraded our 2025 guidance from 365–390 tonnes to 434–448 tonnes. Next year, we expect well over 500 tonnes.
And this is all in the backdrop of strong cobalt price tailwinds. Today, the alloy-grade cobalt midpoint price is around $24.50 per pound. That compares to $14 per pound at the start of the year, which means that for every tonne we receive today, that’s equivalent to 1.75 tonnes at the start-of-year price level.
Proactive: Not only Voisey’s Bay, but the copper portfolio also appears to have performed well?
Marc Bishop Lafleche: Yes, two records actually. We saw record portfolio contribution from Mantos Blancos, which continues to show strong operational performance. This is ahead of a potential phase two expansion expected next year. Mimbula, another copper asset, also showed volume growth — Q3 was the best quarter yet. We have a line of sight on further volume growth into Q4 and into 2026.
Proactive: It's great to hear the progress for the producing assets, but Ecora has also reported some key milestones for development-stage royalties. Could you tell us a bit more about these?
Marc Bishop Lafleche: The key de-risking event in the period was at Santo Domingo. Capstone Copper has entered a JV agreement with Orion Resource Partners, who are purchasing 25% of the project. Those proceeds will contribute to the capital costs to bring the mine into production. This is a major milestone.
The next key milestone is a final investment decision, which is expected in the second half of next year — subject to full financing. That royalty could provide transformational growth for Ecora. Over the first seven years, it is expected to generate $30 million to $35 million per annum based on current commodity prices.
We’ve also seen de-risking events at the Nifty Copper Project, Phalaborwa Rare Earths, Annapurna, and further high-grade drilling results at NexGen's Patterson Quarter East.
Proactive: You leveraged up in the first quarter for the Mimbula transaction, but you've managed to significantly delever since then?
Marc Bishop Lafleche: Yes, we’re pleased with the pace of debt reduction. We've now reduced net debt by over 30% from Q1 levels when we completed the Mimbula copper stream acquisition for $15 million. If you include royalty receivables from Q3, which have been received in October, we expect net debt to be around $87 million by month-end — similar to where we started the year.
So, about seven months on from that acquisition, to be back at those levels is a great accomplishment. It really demonstrates the cash generation potential within Ecora. Looking to 2026, absent acquisitions, we anticipate further meaningful deleveraging.
Proactive: Looking ahead towards the end of the year and into 2026, Marc, what should investors expect to see? Which royalties are you most excited about?
Marc Bishop Lafleche: There’s a lot to be excited about. In terms of volume growth in 2026, we expect continued ramp-up at Mimbula and Voisey’s Bay. We also expect more de-risking milestones at Santo Domingo, Nifty, Phalaborwa and potentially West Musgrave.
We're also seeing strong price tailwinds in copper, cobalt, and uranium. So overall, we feel very upbeat about the direction of travel for the portfolio into Q4 and beyond.
Proactive: Marc, I hope you'll continue to keep us posted on your progress. Congratulations on today's numbers.