Ecora Resources PLC Announces Full Year Results
Ecora Resources PLC (ECRAF) has released its full-year 2024 results, reporting a 9% increase in portfolio contribution to $63.2m. The company's royalty and metal stream-related revenue reached $59.6m, with profit before tax of $5.9m. Key operational highlights include:
- Completion of Voisey's Bay underground mine expansion
- Mantos Blancos copper mine achieving record production rates
- Portfolio now comprising 80% base metals exposure
The company recorded a $15.1m impairment charge on the Voisey's Bay cobalt stream and implemented a $10m share buyback. The total dividend for 2024 was 2.81c per share. Post-period, Ecora acquired a $50m copper stream on Mimbula copper mine.
2025 Outlook projects significant volume growth:
- 60-90% increase in cobalt production at Voisey's Bay
- Up to 20% increase in Mantos Blancos copper production
- 5-10% growth in Kestrel steelmaking coal production
- 15-20kt expected copper production from new Mimbula stream
Ecora Resources PLC (ECRAF) ha pubblicato i risultati dell'intero anno 2024, riportando un aumento del 9% nel contributo del portafoglio, che ammonta a $63,2 milioni. I ricavi legati a royalty e flussi di metallo hanno raggiunto $59,6 milioni, con un profitto ante imposte di $5,9 milioni. Punti salienti operativi includono:
- Completamento dell'espansione della miniera sotterranea di Voisey's Bay
- La miniera di rame Mantos Blancos ha raggiunto tassi di produzione record
- Il portafoglio ora comprende un'esposizione dell'80% a metalli di base
L'azienda ha registrato un accantonamento di $15,1 milioni sul flusso di cobalto di Voisey's Bay e ha implementato un riacquisto di azioni da $10 milioni. Il dividendo totale per il 2024 è stato di 2,81 centesimi per azione. Dopo il periodo, Ecora ha acquisito un flusso di rame da $50 milioni sulla miniera di rame Mimbula.
Prospettive 2025 prevedono una crescita significativa del volume:
- Aumento del 60-90% nella produzione di cobalto a Voisey's Bay
- Fino al 20% di aumento nella produzione di rame di Mantos Blancos
- Crescita del 5-10% nella produzione di carbone per acciaierie Kestrel
- Produzione di rame prevista di 15-20 kt dal nuovo flusso di Mimbula
Ecora Resources PLC (ECRAF) ha publicado sus resultados anuales de 2024, reportando un aumento del 9% en la contribución del portafolio, alcanzando los $63.2 millones. Los ingresos relacionados con regalías y flujos de metales llegaron a $59.6 millones, con una ganancia antes de impuestos de $5.9 millones. Aspectos operativos clave incluyen:
- Finalización de la expansión de la mina subterránea de Voisey's Bay
- La mina de cobre Mantos Blancos alcanzando tasas de producción récord
- El portafolio ahora comprende un 80% de exposición a metales básicos
La compañía registró un cargo por deterioro de $15.1 millones en el flujo de cobalto de Voisey's Bay e implementó un programa de recompra de acciones de $10 millones. El dividendo total para 2024 fue de 2.81 centavos por acción. Después del período, Ecora adquirió un flujo de cobre de $50 millones en la mina de cobre Mimbula.
Perspectivas 2025 proyectan un crecimiento significativo en el volumen:
- Aumento del 60-90% en la producción de cobalto en Voisey's Bay
- Hasta un 20% de aumento en la producción de cobre de Mantos Blancos
- Crecimiento del 5-10% en la producción de carbón para la fabricación de acero Kestrel
- Producción de cobre esperada de 15-20 kt del nuevo flujo de Mimbula
Ecora Resources PLC (ECRAF)는 2024년 전체 연도 결과를 발표하며 포트폴리오 기여도가 9% 증가하여 $63.2백만에 달했다고 보고했습니다. 회사의 로열티 및 금속 스트림 관련 수익은 $59.6백만에 이르며, 세전 이익은 $5.9백만입니다. 주요 운영 하이라이트는 다음과 같습니다:
- Voisey's Bay 지하 광산 확장 완료
- Mantos Blancos 구리 광산이 기록적인 생산 속도 달성
- 포트폴리오의 80%가 기초 금속 노출로 구성됨
회사는 Voisey's Bay 코발트 스트림에 대해 $15.1백만의 손상 차감을 기록했으며, $10백만 규모의 자사주 매입을 시행했습니다. 2024년 총 배당금은 주당 2.81센트였습니다. 기간 이후, Ecora는 Mimbula 구리 광산에서 $50백만 규모의 구리 스트림을 인수했습니다.
2025년 전망은 상당한 물량 성장을 예상합니다:
- Voisey's Bay에서 코발트 생산 60-90% 증가
- Mantos Blancos 구리 생산 최대 20% 증가
- Kestrel 제철용 석탄 생산 5-10% 성장
- 새로운 Mimbula 스트림에서 15-20kt의 구리 생산 예상
Ecora Resources PLC (ECRAF) a publié ses résultats annuels pour 2024, signalant une augmentation de 9% de la contribution du portefeuille à 63,2 millions de dollars. Les revenus liés aux redevances et aux flux métalliques ont atteint 59,6 millions de dollars, avec un bénéfice avant impôts de 5,9 millions de dollars. Points clés opérationnels incluent :
- Achèvement de l'extension de la mine souterraine de Voisey's Bay
- La mine de cuivre Mantos Blancos atteignant des taux de production record
- Le portefeuille comprend désormais 80% d'exposition aux métaux de base
L'entreprise a enregistré une provision de 15,1 millions de dollars sur le flux de cobalt de Voisey's Bay et a mis en œuvre un rachat d'actions de 10 millions de dollars. Le dividende total pour 2024 était de 2,81 cents par action. Après la période, Ecora a acquis un flux de cuivre de 50 millions de dollars sur la mine de cuivre de Mimbula.
Perspectives 2025 prévoient une croissance significative du volume :
- Augmentation de 60 à 90 % de la production de cobalt à Voisey's Bay
- Jusqu'à 20 % d'augmentation de la production de cuivre de Mantos Blancos
- Croissance de 5 à 10 % de la production de charbon pour la fabrication d'acier Kestrel
- Production de cuivre attendue de 15 à 20 kt du nouveau flux de Mimbula
Ecora Resources PLC (ECRAF) hat seine Jahresergebnisse 2024 veröffentlicht und berichtet von einem Anstieg des Portfoliobeitrags um 9% auf 63,2 Millionen Dollar. Die Einnahmen aus Lizenzgebühren und Metallströmen beliefen sich auf 59,6 Millionen Dollar, mit einem Gewinn vor Steuern von 5,9 Millionen Dollar. Wichtige betriebliche Höhepunkte umfassen:
- Abschluss der Erweiterung der Untertagebau mine Voisey's Bay
- Mantos Blancos Kupfer mine erreicht Rekordproduktionsraten
- Portfolio umfasst nun 80% Basismetallexposition
Das Unternehmen verzeichnete eine Wertminderung von 15,1 Millionen Dollar auf den Kobaltstrom von Voisey's Bay und führte ein Aktienrückkaufprogramm in Höhe von 10 Millionen Dollar durch. Die Gesamtausschüttung für 2024 betrug 2,81 Cent pro Aktie. Nach dem Berichtszeitraum erwarb Ecora einen Kupferstrom im Wert von 50 Millionen Dollar in der Kupfer mine Mimbula.
Ausblick 2025 prognostiziert ein signifikantes Volumenwachstum:
- 60-90% Anstieg der Kobaltproduktion in Voisey's Bay
- Bis zu 20% Anstieg der Kupferproduktion in Mantos Blancos
- 5-10% Wachstum der Kestrel-Stahlproduktion
- Erwartete Kupferproduktion von 15-20 kt aus dem neuen Mimbula-Strom
- Portfolio contribution increased 9% to $63.2m
- Profit before tax improved to $5.9m (2023: $4.5m)
- Voisey's Bay cobalt production expected to increase 60-90% in 2025
- Acquisition of Mimbula copper stream for $50m, immediately accretive to earnings
- Base metals now represent 80% of estimated NAV
- Received $6.2m acceleration payment from Whitehaven Coal
- $15.1m impairment charge on Voisey's Bay cobalt stream
- Net debt increased to $82.3m (from $74.5m in 2023)
- Dividend reduced to 2.81c per share (from 8.50c in 2023)
- Free cash flow decreased to $22.1m (from $29.7m in 2023)
- BHP suspended construction of West Musgrave project until 2027
LONDON, UNITED KINGDOM / ACCESS Newswire / March 27, 2025 / Ecora Resources PLC (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) announces full year results for the year ended 31 December 2024. The Company will publish its audited 2024 Annual Report and Accounts later today, which will be available on the Group's website at www.ecora-resources.com and on SEDAR at www.SEDAR.com.
Ecora is a critical minerals focused royalty and streaming company. The Group has a base metal weighted portfolio which combines near term production volume growth from its producing royalty portfolio and a pipeline of development projects that is expected to drive material revenue growth in the medium term.
Marc Bishop Lafleche, Chief Executive Officer, commented:
"Significant progress across Ecora's royalty portfolio was achieved in 2024 with key highlights including Mantos Blancos copper mine delivering periods of record production rates as well as the completion of construction of the Voisey's Bay underground mine with an ongoing ramp-up to steady state production levels in 2026. This momentum is expected to carry through to 2025 with volume growth expected at the operations underlying Ecora's key producing royalties, with supportive copper and cobalt price tailwinds.
"Following the implementation of an updated capital allocation framework prioritising growth, the acquisition of a royalty over the Phalaborwa project, estimated to be the lowest-cost advanced stage rare earths project outside of China, and more recently of a copper stream over the low-cost producing Mimbula copper mine represents tangible delivery of our strategy. Base metals exposure now represents
"We are well positioned for the year ahead and will continue to focus on further diversifying Ecora's short and medium-term revenue profile, supported by the expected meaningful balance sheet deleveraging over the next 12-24 months."
Financial Highlights:
Portfolio contribution increased
9% to$63.2m (2023:$58.2m 1)Royalty and metal stream-related revenue of
$59.6m (2023:$61.9m )Profit before tax of
$5.9m (2023:$4.5m )The Group recognised an impairment charge of
$15.1m on the Voisey's Bay cobalt stream due to continued price weakness together with a deferred tax charge of$9.8m related to tax losses which, based on year-end prices, would not be utilised in fullAdjusted earnings of
$28.9m (2023:$30.5m ), and adjusted earnings per share of 11.43c (2023: 11.82)Free cash flow of
$22.1m (2023:$29.7m )Net debt as at 31 December 2024 of
$82.3m (31 Dec 23:$74.5m )Completed a
$10m share buyback primarily funded by recycling capital from LIORC share salesSecond half dividend of 1.11c per share, bringing the total dividend for the year to 2.81c per share (2023: 8.50c/share), in-line with updated capital allocation framework
Post-period End:
On 27 February, the Group announced the acquisition of a copper stream on Moxico Resources' Mimbula copper mine for a total cash consideration of
$50m . The transaction cements copper at the core of Ecora's commodity exposure and is expected to be immediately accretive to earnings and free cash flowThe Group negotiated an agreement with Whitehaven Coal Ltd under which the Group received
$6.2m as an acceleration of deferred consideration and certain outstanding contingent consideration with respect to the sale of the Narrabri thermal coal royalty, comprising of contingent consideration linked to coal prices, Narrabri sales volumes and the successful permitting of the Narrabri South project
Portfolio Highlights:
Voisey's Bay underground mine expansion completed; Ecora received 210 tonnes of attributable cobalt in 2024 (2023: 154 tonnes)
average realised price of
$13.34 /lb (2023:$16.36 /lb)portfolio contribution of
$6.2m (2023:$5.6m )
Kestrel saleable volumes mined within the Group's royalty area of 2.1 Mt (2023: 1.6 Mt)
average realised price of
$223 /t (2023:$238 /t)portfolio contribution of
$41.4m (2023:$35.9m )
Mantos Blancos total payable copper production of 43.2 Kt (2023: 49.3 Kt)
average realised price of
$9,116 /t (2023:$8,492 /t)portfolio contribution of
$5.8m (2023:$6.1m )
Capstone published an updated Feasibility Study on the Santo Domingo copper project which reinforced robust project economics
BHP temporarily suspended construction of the West Musgrave nickel-copper project with the decision to be reviewed by February 2027
Acquired a royalty over the Phalaborwa rare earths project in South Africa, further diversifying the development portfolio and commodity mix
NexGen Energy announced a highly prospective uranium discovery in Patterson Corridor East in the Athabasca uranium basin, Canada, which occurred in an area over which Ecora holds a
2.0% NSR royaltyThe operator of the Four Mile uranium mine was selling borrowed inventory during H2 2024 and stockpiling produced uranium which resulted in no royalty payments in H2 2024; the operator has indicated sales will return to a normal sales schedule from the beginning of FY 25 at normal levels of production
Outlook 2025:
Meaningful volume growth forecast in 2025 driven by:
Voisey's Bay ramp up expected to lead to Ecora receiving between 335t - 390t of cobalt in 2025; an increase of
60% -90% on 2024Capstone Copper guides copper production at Mantos Blancos of 49,000t-59,000t; an increase of up to
20% on 2024Saleable production volumes in the Group's private royalty area of the Kestrel steelmaking coal mine in 2025 expected to be between 2.2mt and 2.3mt; an increase of
5% -10% on 2024
Mimbula copper stream, acquired in February 2025, will provide an immediate source of income growth with c. 15kt -20kt of copper production expected in 2025
The Group's cash flow is expected to support meaningful deleveraging over the next 12-24 months
In February 2025, the government of the Democratic Republic of Congo announced a four month export ban on cobalt, since then LME cobalt prices have increased by over
70%
Medium term outlook
Producing volumes from critical minerals' royalties are expected to see material growth through a number of projects between now and the end of the decade:
Voisey's Bay cobalt volumes attributable to Ecora ramping up to steady state of 560t per annum from second half of 2026
Mimbula brownfield expansion to a nameplate capacity of 56ktpa expected to be achieved in mid-2026
Capstone Copper evaluating two opportunities to increase Mantos Blancos copper production:Phase II expansion study due in 2025, potential for additional 10ktpa
Tailings reprocessing could add 25ktpa
Capstone Copper preparing Santo Domingo copper project to be FID ready from Q1 2026
Brazilian Nickel continuing financing discussions for PiauÍ nickel-cobalt project with a view to a project FID in 2026
Rainbow Rare Earths progressing the Phalaborwa rare earths project, targeting first producing in 2027
Cyprium Metals published a Pre-Feasibility Study for the Nifty Copper Mine Complex which estimated that the Initial Cathode Project will produce an annual average of 6kt of copper over four years and forecast that the Copper Concentrate Project will produce an average of 38.7ktpa of copper over an estimated 20-year reserve-based mine life
12023 numbers exclude
Analyst and investor presentation and call
A live webcast of the presentation including Q&A will be held today at 2:00 pm GMT for investors and analysts and will be available via our website at www.ecora-resources.com or on https://brrmedia.news/ECOR_FY_24.
This will be available for playback after the event.
Please join the event 5-10 minutes prior to the scheduled start time.
Event Title | Ecora Resources - 2024 Results Presentation |
Time Zone | Dublin, Edinburgh, Lisbon, London |
Start Time/Date | 2pm (GMT) |
Duration Webcast Link Dial in details: | 60 minutes https://brrmedia.news/ECOR_FY_24 USA Local: +1 786 697 3501 Canada Toll Free: 1 866 378 3566 UK: +44 (0) 33 0551 0200 Password: EcoraFY24 |
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For further information
Ecora Resources PLC | +44 (0) 20 3435 7400 |
Geoff Callow Head of Investor Relations |
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Website : | |
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FTI Consulting Sara Powell / Ben Brewerton / Nick Hennis / Lucy Wigney | +44(0) 20 3727 1000 |
Click on, or paste the following link into your web browser, to view the full announcement.
http://www.rns-pdf.londonstockexchange.com/rns/4678C_1-2025-3-27.pdf
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Ecora Resources PLC
View the original press release on ACCESS Newswire
FAQ
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