Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR) has, in today's trading update for the fourth quarter, reported a total portfolio contribution of $57 million for the year ended 31 December.
The group noted that the Q4 portfolio contribution amounted to $14.3 million. It said that the base metals portfolio contribution rose 150% year on year to $28.5 million, helped by higher cobalt deliveries from Voisey’s Bay, a maiden contribution from the Mimbula copper stream and record production at Mantos Blancos.
Ecora said Q4 base metals contribution was $9.9 million, broadly flat on Q3, with lower cobalt deliveries during planned maintenance offset by increased copper contribution.
“2025 represents an inflection point for Ecora with portfolio contribution from our critical minerals portfolio exceeding that from steelmaking coal for the first time," said chief executive Marc Bishop Lafleche.
"This has been achieved through a stellar performance within our base metals portfolio, with a combination of record operational performance, the acquisition of the Mimbula copper stream and strong pricing environment driving 150% year-on-year growth."
He added that the group delivered “strong deleveraging” after the $50 million Mimbula stream acquisition, with closing net debt of $85.5 million.
Ecora said net debt at 31 December was $85.5 million, down from $104 million at 30 September, and highlighted FY 2026 guidance for 500 to 560 tonnes of attributable cobalt from Voisey’s Bay as the mine approaches steady-state production.
Marc Bishop Lafleche, meanwhile, commented: "2026 has the potential to be another significant year, with further volume growth expected from Voisey's Bay and Mimbula, and wider benefits from current commodity price tailwinds. In the development portfolio, we look forward to a number of key milestones that will de-risk our strong organic copper and other critical minerals growth profile."