Ecora Resources PLC Announces Half year results
Ecora Resources PLC (LSE/TSX:ECOR) announced its half-year results for the six months ended 30 June 2024. Total portfolio contribution increased by 15% year-on-year to $51.3 million, driven by strong performance from the Kestrel steelmaking coal royalty. Adjusted earnings per share rose to 10.38c, up from 9.06c in H1 2023. The company reported a profit before tax of $17.9 million, compared to a loss of $10.2 million in the same period last year.
Ecora declared a half-year dividend of 1.70 cents per share, representing 33% of free cash flow. The company also amended and extended its $150 million revolving credit facility on more favorable terms. Post-period, Ecora acquired a 0.85% Gross Revenue Royalty over the Phalaborwa rare earths project for $8.5 million. However, BHP's decision to temporarily suspend construction of the West Musgrave nickel-copper project was noted as disappointing.
Ecora Resources PLC (LSE/TSX:ECOR) ha annunciato i risultati semestrali per i sei mesi terminati il 30 giugno 2024. Il contributo totale del portafoglio è aumentato del 15% rispetto all'anno precedente, raggiungendo 51,3 milioni di dollari, grazie a una forte performance del royalty sul carbone per la produzione di acciaio di Kestrel. Gli utili per azione aggiustati sono saliti a 10,38 centesimi, in aumento rispetto ai 9,06 centesimi del primo semestre del 2023. L'azienda ha riportato un utile ante imposte di 17,9 milioni di dollari, rispetto a una perdita di 10,2 milioni di dollari nello stesso periodo dell'anno scorso.
Ecora ha dichiarato un dividendo semestrale di 1,70 centesimi per azione, che rappresenta il 33% del flusso di cassa libero. L'azienda ha inoltre modificato e ampliato la sua linea di credito revolving da 150 milioni di dollari a condizioni più favorevoli. Dopo il periodo, Ecora ha acquisito un royalty sul fatturato lordo dello 0,85% del progetto rare earth di Phalaborwa per 8,5 milioni di dollari. Tuttavia, la decisione di BHP di sospendere temporaneamente i lavori del progetto nickel-rame West Musgrave è stata considerata deludente.
Ecora Resources PLC (LSE/TSX:ECOR) anunció sus resultados semestrales para los seis meses finalizados el 30 de junio de 2024. La contribución total de la cartera aumentó un 15% interanual, alcanzando los 51,3 millones de dólares, impulsada por un sólido desempeño de la regalía del carbón para la fabricación de acero de Kestrel. Las ganancias ajustadas por acción subieron a 10,38 centavos, en comparación con 9,06 centavos en el primer semestre de 2023. La compañía reportó un beneficio antes de impuestos de 17,9 millones de dólares, en comparación con una pérdida de 10,2 millones de dólares en el mismo período del año pasado.
Ecora declaró un dividendo semestral de 1,70 centavos por acción, que representa el 33% del flujo de efectivo libre. La empresa también modificó y amplió su línea de crédito rotativa de 150 millones de dólares en condiciones más favorables. Después del período, Ecora adquirió una regalía del 0,85% sobre los ingresos brutos del proyecto de tierras raras de Phalaborwa por 8,5 millones de dólares. Sin embargo, se notó que la decisión de BHP de suspender temporalmente la construcción del proyecto de níquel-cobre West Musgrave fue decepcionante.
Ecora Resources PLC (LSE/TSX:ECOR)는 2024년 6월 30일로 종료된 6개월 간의 반기 결과를 발표했습니다. 총 포트폴리오 기여도는 전년 대비 15% 증가하여 5,130만 달러에 달했습니다, 이는 Kestrel의 제철용 탄광 로열티의 강력한 실적에 의해 주도되었습니다. 조정 주당순이익은 10.38센트로 상승, 이는 2023년 상반기 9.06센트에서 증가한 수치입니다. 회사는 세금 전 이익 1,790만 달러를 보고했으며, 이는 작년 같은 기간의 1,020만 달러 손실과 비교됩니다.
Ecora는 주당 1.70센트의 반기 배당금을 발표하였으며, 이는 자유 현금 흐름의 33%에 해당합니다. 또한, 회사는 1억 5천만 달러 규모의 리볼빙 신용 한도를 보다 유리한 조건으로 수정 및 연장하였습니다. 기간 이후, Ecora는 Phalaborwa 희토류 프로젝트에 대해 0.85% 총수익 로열티를 850만 달러에 인수했습니다. 그러나 BHP가 West Musgrave 니켈-구리 프로젝트의 건설을 일시 중단하기로 한 결정은 실망스럽다고 언급되었습니다.
Ecora Resources PLC (LSE/TSX:ECOR) a annoncé ses résultats semestriels pour les six mois se terminant le 30 juin 2024. La contribution totale du portefeuille a augmenté de 15% d'une année sur l'autre, atteignant 51,3 millions de dollars, soutenue par la performance solide de la redevance sur le charbon de Kestrel pour la production d'acier. Les bénéfices ajustés par action ont grimpé à 10,38 cents, contre 9,06 cents au premier semestre 2023. La société a rapporté un bénéfice avant impôts de 17,9 millions de dollars, par rapport à une perte de 10,2 millions de dollars au cours de la même période l'année précédente.
Ecora a déclaré un dividende semestriel de 1,70 cent par action, représentant 33% du flux de trésorerie libre. La société a également modifié et prolongé sa facilité de crédit renouvelable de 150 millions de dollars dans des conditions plus favorables. Après la période, Ecora a acquis une redevance sur le revenu brut de 0,85% sur le projet de terres rares de Phalaborwa pour 8,5 millions de dollars. Cependant, la décision de BHP de suspendre temporairement la construction du projet nickel-cuivre West Musgrave a été jugée décevante.
Ecora Resources PLC (LSE/TSX:ECOR) hat seine Halbjahresergebnisse für die sechs Monate bis zum 30. Juni 2024 bekannt gegeben. Der Gesamtbeitrag des Portfolios stieg im Jahresvergleich um 15% auf 51,3 Millionen Dollar, was auf die starke Leistung der Kestrel-Royalty für Stahlkohle zurückzuführen ist. Der bereinigte Gewinn pro Aktie stieg auf 10,38 Cent, von 9,06 Cent im ersten Halbjahr 2023. Das Unternehmen berichtete von einem Gewinn vor Steuern von 17,9 Millionen Dollar, verglichen mit einem Verlust von 10,2 Millionen Dollar im gleichen Zeitraum des Vorjahres.
Ecora erklärte eine Halbjahresdividende von 1,70 Cent pro Aktie, was 33% des freien Cashflows entspricht. Das Unternehmen hat auch seine 150-Millionen-Dollar-Rotationskreditfazilität unter besseren Konditionen modifiziert und verlängert. Nach dem Berichtszeitraum hat Ecora eine 0,85%ige Bruttoeinnahmen-Royalty über das Phalaborwa-Seltenerdprojekt für 8,5 Millionen Dollar erworben. Allerdings wurde BHPs Entscheidung, den Bau des West Musgrave Nickel-Kupfer-Projekts vorübergehend auszusetzen, als enttäuschend angesehen.
- Total portfolio contribution increased by 15% year-on-year to $51.3 million
- Adjusted earnings per share rose to 10.38c from 9.06c in H1 2023
- Profit before tax of $17.9 million, compared to a loss in the same period last year
- Strong performance from Kestrel steelmaking coal royalty
- Amended and extended $150 million revolving credit facility on more favorable terms
- Acquisition of 0.85% Gross Revenue Royalty over Phalaborwa rare earths project for $8.5 million
- Expected production volume growth in 2024 and 2025 at operations underlying the Group's royalty portfolio
- Net debt increased to $86.0 million from $74.6 million at the end of 2023
- BHP's decision to temporarily suspend construction of the West Musgrave nickel-copper project
- No material volumes expected from Kestrel in H2 2024
LONDON, UNITED KINGDOM / ACCESSWIRE / September 4, 2024 / Ecora Resources PLC (LSE/TSX:ECOR) announces half year results for the six months ended 30 June 2024 which are available on both the Group's website at www.ecora-resources.com and on SEDAR at www.sedar.com.
Ecora is the leading royalty company focused on supporting the supply of industrial commodities essential to creating a sustainable future. The Group has a portfolio which combines volume growth in 2024 and 2025 from its currently producing royalty portfolio with an extensive pipeline of high-quality development projects that are expected to drive material medium term revenue growth.
Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"Our portfolio contribution in the first half of 2024 was up
"Capstone Copper's updated Feasibility Study on the Santo Domingo project reiterated the project's robust economics and potential to operate within the lowest cost quartile of global copper mines. BHP's decision to temporarily suspend operations at its Australian Nickel division, in light of current nickel market weakness, including the construction of West Musgrave, was disappointing but we remain confident in the project's potential as a low-cost producer of nickel and copper.
"We have seen a strong uptick in opportunities to further grow our portfolio, which we continue to evaluate applying our stated investment criteria and a capital allocation priority to maintain a strong balance sheet."
Financial highlights:
Total portfolio contribution in H1 2024 of
$51.3 million (H1 2023:$44.5 million ) with royalty and metal stream related revenue in H1 2024 of$49.5 million (H1 2023:$42.7 million )Adjusted earnings per share in H1 2024 of 10.38c (H1 2023: 9.06c)
Profit before tax in H1 2024 of
$17.9 million (H1 2023: loss$10.2 million )Net debt at 30 June 2024 of
$86.0 million (31 December 2023:$74.6 million ), representing leverage of 1.43xThe Group amended and extended its
$150 million revolving credit facility, securing more favourable terms and providing greater flexibilityHalf year dividend of 1.70 cents per share, equating to
33% of free cash flow, and towards the upper end of our stated 25-35% payout range, to be paid in January 2025Proceeds of CA
$11.1million ($8.1 million ) from sale of shares in Labrador Iron Ore Royalty Corporation ("LIORC") implying a total return on investment of ~110% (inclusive of dividends), with proceeds deployed into the Group's share buyback program in Q2 2024
Portfolio highlights:
Strong performance from Kestrel steelmaking coal royalty delivering volumes from private royalty area in H1 at the top end of full year volume guidance; no material volumes expected in H2 2024
Four deliveries of cobalt were received in H1 under the Voisey's Bay stream (each delivery is 20 tonnes of which
70% is attributable to the Group). With the Voisey's Bay Mine Expansion Project construction phase nearing completion, production volumes are expected to ramp-up with between 8 and 12 cobalt lot deliveries expected in the second half of 2024Year-on-year production volume growth expected in 2024 and through 2025 at operations underlying the Group's royalty portfolio
Post-period end events
On 1 July the Group announced the acquisition of a
0.85% Gross Revenue Royalty over the Phalaborwa rare earths project located in South Africa, and operated by Rainbow Rare Earths Ltd ("Rainbow") for a cash consideration of$8.5 million On 11 July, BHP announced that it will temporarily suspend the construction of the West Musgrave nickel-copper project in October 2024, with the decision to be reviewed by February 2027
On 31 July, Capstone Copper Corp. ("Capstone") published an updated Feasibility Study for the Santo Domingo project which reiterated its robust economics as a low-cost operation with expected cash costs of
$0.33 per payable pound of copper over its 19 year mine-life
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http://www.rns-pdf.londonstockexchange.com/rns/7909C_1-2024-9-3.pdf
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SOURCE: Ecora Resources PLC
View the original press release on accesswire.com
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