Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR), in its first-quarter trading update, told investors that its portfolio contribution more than doubled, as its base metals assets carried the weight of the period, helped by higher cobalt and copper-linked income.
The critical minerals royalty and streaming group reported a portfolio contribution of US$12.3 million for the three months, to 31 March, up 105% from US$6 million a year earlier. Base metals contribution rose 152% to US$8.3 million.
Chief executive Marc Bishop described it as "a solid start to the year".
Voisey’s Bay generated net portfolio contribution of US$3.6 million from 70 tonnes of attributable cobalt, compared with US$1.3 million from 56 tonnes in Q1 2025. The average realised cobalt price was US$28.66/lb, up from US$13.28/lb a year earlier.
Ecora said some deliveries expected in the quarter were deferred into Q2 because of shipping timelines, with 98 tonnes of attributable cobalt set to be received in April and a further 56 tonnes in transit. Full-year attributable cobalt guidance was left unchanged at 500 to 560 tonnes.
Mimbula contributed US$2.1 million net in the quarter, while Mantos Blancos generated US$2.4 million, helped by higher copper prices. Specialty metals and uranium contribution rose 35% to US$2.3 million, while EVBC gold contribution increased 112% to US$1.7 million.
As expected, Kestrel contributed nothing because mining was outside Ecora’s private royalty area and is not scheduled to return until Q3 2026.
Net debt stood at US$84.4 million at the end of March, down from US$85.5 million at 31 December 2025.