Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR), the copper-focused royalty and streaming company, has declared 2025 a landmark year after critical minerals generated the majority of its portfolio contribution for the first time in the group's history.
Base metals, principally copper and cobalt, delivered a portfolio contribution of $28.5 million in the year to 31 December 2025, up 150% from $11.4 million in 2024, and accounting for 50% of the group's total portfolio contribution of $57 million (2024: $63.2 million).
The milestone reflects a deliberate strategic shift away from the group's legacy exposure to Kestrel, an Australian steelmaking coal royalty whose contribution fell sharply to $17.5 million from $41.4 million in 2024, as coal prices retreated from a prior-year average of $223 per tonne to $143 per tonne.
The advance in base metals was driven by a strong production ramp-up at the Voisey's Bay cobalt operation in Canada, which delivered a net portfolio contribution of $15.3 million (2024: $5 million), alongside a record year from the Mantos Blancos copper royalty in Chile at $9.5 million (2024: $5.8 million), and a first contribution from the Mimbula copper stream acquired in March 2025.
Free cash flow rose 21% to $27.4 million (2024: $22.1 million), supporting continued deleveraging following the $50 million Mimbula acquisition, with net debt falling to $85.5 million at year end from a peak of $124.6 million during the second quarter.
Profit after tax swung to $22.2 million from a loss of $9.8 million in 2024, assisted by a $14.1 million impairment reversal on Voisey's Bay after an updated mine plan extended the operation's life to 2044.
A final dividend of 1.4c per share brings the full-year total to 2c.
Looking ahead, Ecora expects base metals volume growth to continue offsetting declining Kestrel contributions, with a series of project development milestones anticipated over the next twelve months across Santo Domingo, Mantos Blancos, Phalaborwa, and Nifty.