HY 2026 results
Ecora’s strong first-half performance builds on the momentum established in 2025. The core critical minerals portfolio delivered another record performance, further demonstrating its underlying cash generation potential, with revenue growth converting to a significant increase in adjusted earnings growth, highlighting the scalability of the royalty model.
Marc Bishop Lafleche
Chief Executive Officer
REGISTER HERE FOR THE HY 2026 ENGAGE INVESTOR PRESENTATION ON 10 sEPTEMBER AT 2PM bst
HY 2026 Financial highlights
Royalty and metal stream related revenue ($m)
$55.9m
2024: $59.6m
Adjusted earnings per share (US$c)
8.86c
2024: 11.43c
Free cash flow ($m)
$27.4m
2024: $22.1m
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Total portfolio contribution increased 75% to $31.3m (H1 2025: $17.9m) with royalty and metal stream related revenue increasing 102% to $32.0m (H1 2025: $15.8m)
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159% increase in base metals portfolio contribution to $22.5m (H1 2025: $8.7m)
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509% increase in adjusted earnings to $19.5m (H1 2025: $3.2m)
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Adjusted earnings per share of 7.81c (H1 2025: 1.27c)
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Profit before tax of $24.3m (H1 2025: loss $10.9m)
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Free cash flow of $12.1m (H1 2025: $2.0m)
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Net debt decreased to $74.9m as at 30 June 2026 (31 December 2025: $85.5m), and down from $124.6m as at 30 June 2025
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Interim dividend of 1.90 cents per share, equating to ~ 25% of free cash flow (H1 2025: 0.60 cents per share)
Results, reports and presentations
Portfolio highlights:
Base metals - Producing
Voisey’s Bay (cobalt):
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266 tonnes of cobalt received (H1 2025: 140 tonnes)
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Ramp-up of operations to full production capacity largely completed
- Portfolio contribution net of stream costs up 230% to $13.5m (H1 2025: $4.1m)
- Average sales price realisation in H1 of $28.4/lb (H1 2025: $16.5/lb)
- As part of its analyst and investor tour to Voisey’s Bay in June, Vale Base Metals published materials that referenced several growth areas at Voisey’s Bay including:
- Plans to expand mill capacity from ~2.8 Mtpa to – ~3.8 Mtpa by 2030
- Pre-feasibility study ongoing with a FID targeted by 2028
- Two-week planned annual maintenance scheduled at the Voisey’s Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively
- 2026 exploration program (underground drilling of 48,695m and surface drilling of 26,500m) focused on:
- near-term mine plan optimization
- long-term underground resource growth to potentially support life of mine extension
- Two-week planned annual maintenance scheduled at the Voisey’s Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively
Mantos Blancos (copper):
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Portfolio contribution up 26% to $4.8m (H1 2025: $3.8m)
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Payable copper volumes of 23.4kt (H1 2025: 26.3kt) were lower than the corresponding period in 2025 due to lower sulphide feed grades and lower recoveries driven by the planned mine sequence, more than offset by higher realised copper prices during H1 2026 of $5.92/lb (H1 2025: $4.33/lb)
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Capstone Copper is targeting the publication of the Mantos Blancos Phase II expansion pre-feasibility study, outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, toward the end of 2026, and is targeting expanded production to commence between 2030 and 2031
Mimbula (copper):
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Portfolio contribution net of stream costs of $3.6m (H1 2025: $0.5m)
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Phase II expansion project continues to advance, with the commissioning of additional solvent extraction (SX) capacity commencing in June 2026
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Project focus now moves to the construction of the ETL circuit and additional EW cells
Base metals - Development
Santo Domingo (copper)
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Capstone continues to advance the remaining workstreams towards a final investment decision on Santo Domingo, expected in Q4 2026. The remaining workstreams include:
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Advancing detailed engineering towards the target of 60% completion
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Evaluating district infrastructure optimization opportunities; and
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Securing financing for the project
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Capstone also progressed copper production upside projects with the 2026 exploration drill programme of 54,700m, 52% complete, targeting delineation of oxide minerals at the top of Santo Domingo and Estrellita sulphide orebodies
Nifty (copper)
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Cyprium Metals Ltd (Cyprium) advanced the project towards the commencement of copper cathode production (Phase 1 Restart) of ~ 6,000tpa, targeted for H2 2026
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Work continues in parallel to expand production to ~20,000tpa through a refurbishment of the SXEW plant
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Evaluation of the shallow oxide material has also advanced and on completion of this work Cyprium expects to update Mineral Resources & Ore Reserves estimates for the Nifty Copper Complex during the second half of 2026
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Royalty payments to Ecora are not triggered until cumulative 800kt of copper has been produced from the mine, taking into account historical copper production this threshold is not expected to be reached until at least 5 years from production restarting
Caňariaco (copper)
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In March 2026, Fortescue Ltd. completed the acquisition of the remaining 64% of Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is the 100% owner of the Caňariaco copper project in Peru over which Ecora holds a 0.5% NSR royalty
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Expected average annual production for the first ten years of 158ktpa of copper, 70koz of gold and 1.5Moz of silver
Specialty metals & Uranium - Producing
McClean Lake (uranium)
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Portfolio contribution of $1.3m (H1 2025: $2.2m)
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Throughput at the McClean Lake Mill, totalled 7.9Mlbs (H1 2025: 10.1Mlbs), the reduction compared to H1 2025 was driven by the timing of the annual maintenance outage which occurred in Q2 2026 compared to Q3 in 2025
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Subsequent to the period end, production at Cameco’s Cigar Lake mine, which feed the McClean Lake Mill, was suspended for two weeks due to operational challenges at the McClean Lake mill. The Cigar Lake production outlook remains unchanged at 17.5-18.0Mlbs
Maracás Menchen (vanadium)
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Portfolio contribution of $1.2m (H1 2025: $0.8m)
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Vanadium sales subject to the royalty in the period totalled 9.5Mlbs (H1 2025: 6.5Mlbs) reflecting operational improvement at the Maracás Menchen mine
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In July, Largo Inc secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials under a five-year contract. The order supports the supply of high-purity vanadium products and reinforces the Company's strategic role in U.S. critical-mineral supply chains
-
Brazilian origin vanadium oxide and hydroxide products expressly included on the published exemption list with respect to Section 301 tariffs announced on 15 July 2026 applicable to certain products of Brazil imported to the U.S
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In August, Largo announced the agreement of a binding term sheet to refinance US$82 million of commercial bank debt, with an extended maturity profile to 2030
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The average realised sales price for royalty payments was $7.56/lb (H1 2025: $7.47/lb)
Four Mile (uranium)
- The Four Mile uranium mine reverted to a normalised sales schedule in 2025, following a period of stockpiling in 2024. This resulted in an increased portfolio contribution of $2.2m (2024: $1.4m).
Specialty metals & Uranium - Developments & early stage
Phalaborwa (rare earths)
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Rainbow Rare Earths announced a share issuance in March 2026 raising £11.1 million (~$14.6 million) with proceeds to fund the completion of the Phalaborwa definitive feasibility study amongst other uses
-
On 1 July, Rainbow announced that its Phalaborwa test work and pilot plant operations have optimised and simplified the flowsheet at the Phalaborwa Rare Earths project, with 75% of the flowsheet now in the engineering phase of the definitive feasibility study with final optimisation of the solvent extraction underway
Patterson Corridor East (uranium)
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NexGen Energy continues to report outstanding results from the drilling programme at Patterson Corridor East (PCE)
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The mineralised footprint at PCE and high-grade sub-domain has expanded over the period and is open in nearly all directions. NexGen are continuing to advance their 2026 drill campaign over H2 2026 with the addition of a 5th drill rig
Bulk & other - Producing
Kestrel (steelmaking coal)
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Mining activity at Kestrel returned to the Group’s private royalty area at the end of the period, with 100kt of saleable volumes registered
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Operations are expected to remain in the Group’s private royalty area throughout Q3, with FY 2026 total saleable volume guidance remaining unchanged at 1.0mt – 1.1mt
Base metals - Producing
Voisey’s Bay (cobalt):
-
266 tonnes of cobalt received (H1 2025: 140 tonnes)
-
Ramp-up of operations to full production capacity largely completed
- Portfolio contribution net of stream costs up 230% to $13.5m (H1 2025: $4.1m)
- Average sales price realisation in H1 of $28.4/lb (H1 2025: $16.5/lb)
- As part of its analyst and investor tour to Voisey’s Bay in June, Vale Base Metals published materials that referenced several growth areas at Voisey’s Bay including:
- Plans to expand mill capacity from ~2.8 Mtpa to – ~3.8 Mtpa by 2030
- Pre-feasibility study ongoing with a FID targeted by 2028
- Two-week planned annual maintenance scheduled at the Voisey’s Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively
- 2026 exploration program (underground drilling of 48,695m and surface drilling of 26,500m) focused on:
- near-term mine plan optimization
- long-term underground resource growth to potentially support life of mine extension
- Two-week planned annual maintenance scheduled at the Voisey’s Bay processing plant and Long Harbour refinery during Q3 2026 and Q4 2026 respectively
Mantos Blancos (copper):
-
Portfolio contribution up 26% to $4.8m (H1 2025: $3.8m)
-
Payable copper volumes of 23.4kt (H1 2025: 26.3kt) were lower than the corresponding period in 2025 due to lower sulphide feed grades and lower recoveries driven by the planned mine sequence, more than offset by higher realised copper prices during H1 2026 of $5.92/lb (H1 2025: $4.33/lb)
-
Capstone Copper is targeting the publication of the Mantos Blancos Phase II expansion pre-feasibility study, outlining the details of increased throughput from the concentrator plant and increased cathode production via historical tailings re-leaching, toward the end of 2026, and is targeting expanded production to commence between 2030 and 2031
Mimbula (copper):
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Portfolio contribution net of stream costs of $3.6m (H1 2025: $0.5m)
-
Phase II expansion project continues to advance, with the commissioning of additional solvent extraction (SX) capacity commencing in June 2026
-
Project focus now moves to the construction of the ETL circuit and additional EW cells
Base metals - Development
Santo Domingo (copper)
-
Capstone continues to advance the remaining workstreams towards a final investment decision on Santo Domingo, expected in Q4 2026. The remaining workstreams include:
-
Advancing detailed engineering towards the target of 60% completion
-
Evaluating district infrastructure optimization opportunities; and
-
Securing financing for the project
-
-
Capstone also progressed copper production upside projects with the 2026 exploration drill programme of 54,700m, 52% complete, targeting delineation of oxide minerals at the top of Santo Domingo and Estrellita sulphide orebodies
Nifty (copper)
-
Cyprium Metals Ltd (Cyprium) advanced the project towards the commencement of copper cathode production (Phase 1 Restart) of ~ 6,000tpa, targeted for H2 2026
-
Work continues in parallel to expand production to ~20,000tpa through a refurbishment of the SXEW plant
-
Evaluation of the shallow oxide material has also advanced and on completion of this work Cyprium expects to update Mineral Resources & Ore Reserves estimates for the Nifty Copper Complex during the second half of 2026
-
Royalty payments to Ecora are not triggered until cumulative 800kt of copper has been produced from the mine, taking into account historical copper production this threshold is not expected to be reached until at least 5 years from production restarting
Caňariaco (copper)
-
In March 2026, Fortescue Ltd. completed the acquisition of the remaining 64% of Alta Copper Corp. shares not already owned by Fortescue. Alta Copper is the 100% owner of the Caňariaco copper project in Peru over which Ecora holds a 0.5% NSR royalty
-
Expected average annual production for the first ten years of 158ktpa of copper, 70koz of gold and 1.5Moz of silver
Specialty metals & Uranium - Producing
McClean Lake (uranium)
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Portfolio contribution of $1.3m (H1 2025: $2.2m)
-
Throughput at the McClean Lake Mill, totalled 7.9Mlbs (H1 2025: 10.1Mlbs), the reduction compared to H1 2025 was driven by the timing of the annual maintenance outage which occurred in Q2 2026 compared to Q3 in 2025
-
Subsequent to the period end, production at Cameco’s Cigar Lake mine, which feed the McClean Lake Mill, was suspended for two weeks due to operational challenges at the McClean Lake mill. The Cigar Lake production outlook remains unchanged at 17.5-18.0Mlbs
Maracás Menchen (vanadium)
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Portfolio contribution of $1.2m (H1 2025: $0.8m)
-
Vanadium sales subject to the royalty in the period totalled 9.5Mlbs (H1 2025: 6.5Mlbs) reflecting operational improvement at the Maracás Menchen mine
-
In July, Largo Inc secured a $60.1 million delivery order from the U.S. Defense Logistics Agency Strategic Materials under a five-year contract. The order supports the supply of high-purity vanadium products and reinforces the Company's strategic role in U.S. critical-mineral supply chains
-
Brazilian origin vanadium oxide and hydroxide products expressly included on the published exemption list with respect to Section 301 tariffs announced on 15 July 2026 applicable to certain products of Brazil imported to the U.S
-
In August, Largo announced the agreement of a binding term sheet to refinance US$82 million of commercial bank debt, with an extended maturity profile to 2030
-
The average realised sales price for royalty payments was $7.56/lb (H1 2025: $7.47/lb)
Four Mile (uranium)
- The Four Mile uranium mine reverted to a normalised sales schedule in 2025, following a period of stockpiling in 2024. This resulted in an increased portfolio contribution of $2.2m (2024: $1.4m).
Specialty metals & Uranium - Developments & early stage
Phalaborwa (rare earths)
-
Rainbow Rare Earths announced a share issuance in March 2026 raising £11.1 million (~$14.6 million) with proceeds to fund the completion of the Phalaborwa definitive feasibility study amongst other uses
-
On 1 July, Rainbow announced that its Phalaborwa test work and pilot plant operations have optimised and simplified the flowsheet at the Phalaborwa Rare Earths project, with 75% of the flowsheet now in the engineering phase of the definitive feasibility study with final optimisation of the solvent extraction underway
Patterson Corridor East (uranium)
-
NexGen Energy continues to report outstanding results from the drilling programme at Patterson Corridor East (PCE)
-
The mineralised footprint at PCE and high-grade sub-domain has expanded over the period and is open in nearly all directions. NexGen are continuing to advance their 2026 drill campaign over H2 2026 with the addition of a 5th drill rig
Bulk & other - Producing
Kestrel (steelmaking coal)
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Mining activity at Kestrel returned to the Group’s private royalty area at the end of the period, with 100kt of saleable volumes registered
-
Operations are expected to remain in the Group’s private royalty area throughout Q3, with FY 2026 total saleable volume guidance remaining unchanged at 1.0mt – 1.1mt
FY 2025 Financial Highlights:
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$57.0m portfolio contribution for the year ended 31 December 2025 (2024: $63.2m) with significant increase in contribution from base metals royalties largely offsetting reduction in Kestrel steelmaking coal contribution
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Royalty and metal stream-related revenue of $55.9m (2024: $59.6m)
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Profit after tax of $22.2m (2024: loss of $9.8m)
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The latest Voisey’s Bay mine plan extends production by four years to 2044 and accelerates near-term volumes, as a result the Group has recognised an impairment reversal of $14.1m and a related deferred tax credit of $9.8m relating to carry forward losses which are now expected to be utilised
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Adjusted earnings of $22.1 m (2024: $28.9m) and adjusted earnings per share of 8.86c (2024: 11.43c)
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Free cash flow of $27.4m (2024: $22.1m), a 21% increase
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Strong deleveraging post the $50m Mimbula acquisition with net debt as at 31 December 2025 of $85.5m (31 Dec 2024: $82.3m), significantly below the peak of c.$124.6m during Q1 2025
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Final dividend of 1.4c per share in line with policy bringing the total dividend for the year to 2.0c per share (2024: 2.81c per share)
FY 2025 Portfolio highlights:
Producing projects
Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution
Voisey’s Bay (cobalt):
- The ramp up of cobalt production from the Voisey’s Bay underground mine was a highlight of 2025. Cobalt volumes attributable to Ecora increased 113% to 448t (2024: 210t) and average realised cobalt prices increased 43% to $19.11/lb (2024: $13.34/lb).
- The combination of volume and price growth saw portfolio contribution from Voisey’s Bay increase 208% to $15.3m (2024: $5.0m). Further volume growth is anticipated during 2026 with Ecora expecting to receive between 500 and 560tpa, with the mine expected to reach steady state production during the course of 2026.
- Successful exploration and resource conversion at the Voisey’s Bay site are expected to extend the life of mine by another four years to 2044.
Mantos Blancos (copper):
- Mantos Blancos generated a record portfolio contribution of $9.5m (2024: $5.8m). Copper production increased 43% to 61.9kt (2024: 43.2kt) and achieved record quarterly production in Q4 of 16.9kt with an average sulphide plant throughput of approximately 21.4ktpd, exceeding design throughput levels.
- Total plant throughput averaged approximately 20.0ktpd in 2025, representing a 25% increase over 2024 driven by the successful ramp-up after the completion of a debottlenecking initiative.
- Capstone Copper has guided that annual copper production in 2026 is expected to be between 48 and 56ktpa, lower than in 2025 due to a one-year period of lower copper grades, before recovering in 2027
Mimbula (copper):
- In March 2025, we completed the $50m acquisition of a stream over the producing Mimbula copper mine in Zambia, operated by Moxico Resources plc. Heavy rainfall impacted Mimbula production during the first quarter of 2025, with copper production ramping up thereafter to achieve an annual equivalent production run rate in Q4 of 20ktpa.
- Ecora received 400t of attributable copper under the stream which generated a $2.9m portfolio contribution. Copper production in 2026 is expected to be between 30 and 35kt.
Development projects
The Group has a number of key development royalties over copper and nickel projects which are expected to drive strong organic growth in the next four to five years. By 2030, approximately 90% of the Group’s portfolio contribution is expected to come from base metals, building on the growth we saw in 2025.
Santo Domingo (copper)
- In October, Capstone announced the completion of its process to find a joint venture partner for the Santo Domingo copper project. This is a key milestone on the path towards a Final Investment Decision to sanction construction of the project.
- A number of other key milestones, including obtaining project finance and completing detailed engineering studies, are expected to be achieved in 2026 as Capstone works towards a project sanctioning decision in H2 2026.
- At current spot prices, the royalty is expected to generate upwards of $35m per annum.
- Capstone also commenced a planned 54,700 metre drill programme at Santo Domingo, and the adjacent Estrellita deposit (which is within the Group's royalty area), aimed at delineating the oxide resource and exploring near-mine sulphides.
Mantos Blancos (copper)
- Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.
- Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.
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Combined, these initiatives could add 35ktpa of copper over at least ten years. Furthermore, Capstone commenced an exploration drilling programme at Mantos Blancos in 2025 that will be continued in 2026.
West Musgrave (nickel and copper)
- Construction of the West Musgrave copper-nickel project in Australia remains suspended pending a review by the operator, BHP, by February 2027.
- During 2025, BHP stated it would consider divesting the project and commenced a process for the potential sale of West Musgrave. A sale could result in the acceleration of the timeline to a construction restart and first production.
Piauí (nickel and cobalt)
- During 2025, the team at Brazilian Nickel continued to advance the Piauí nickel project. The majority of the work was in the field of pre-construction development work, community relations and construction financing. Brazilian Nickel also announced a number of non-binding agreements to supply nickel and cobalt in mixed hydroxide precipitate to European and US-based refiners.
- Brazilian Nickel remains in discussions with potential financing partners ahead of a potential Final Investment Decision to proceed with construction of the Piauí project, at which point Ecora will have the right, but not the obligation, to invest a further $62.5m to acquire an incremental 2.65% Gross Revenue royalty.
Nifty (copper)
- Cyprium Metals Limited (Cyprium), a copper developer focused on the phased restart of the Nifty copper complex, approved the Cathode Project restart plan with first production of copper cathode expected in mid-2026. Royalty payments to Ecora are triggered once a cumulative 800kt of copper has been produced from the mine.
- Taking into account historical production, as well as Cyprium’s forecast copper production, this threshold is expected to be reached five years following the restart of mining operations.
- In January 2026, Cyprium announced that it had completed a A$41m equity raise, with part of the proceeds to be used for studies and early works on growth initiatives including the reactivation of the Nifty open pit, expansion of heap leach and SXEW capacity and concentrator refurbishment studies.
Canariaco (copper)
- In December 2025, Alta Copper Corp. (Alta), the owner of the Cañariaco copper project, announced that it has entered into a binding agreement with Fortescue Ltd. (Fortescue) under which Fortescue will acquire the remaining 64% of Alta’s issued and outstanding shares not already owned by Fortescue. This transaction closed in March 2026.
- The Cañariaco Project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect. Fortescue, listed on the ASX with a current market capitalization of approx. A$59 billion, is well placed to advance the Cañariaco Project applying its well established technical, permitting and community engagement expertise.
Producing projects
Portfolio contribution from specialty metals and uranium totalled $7.6m (2024: $8.1m).
Maracás Menchen (vanadium)
- The Maracás Menchen mine produced 9.2kt (2024: 9.3kt) of vanadium pentoxide with vanadium pentoxide equivalent sales of 8.7kt (2024: 9.6kt) generating $1.7m of portfolio contribution (2024: $2.2m).
- The operational improvements implemented by management have seen production rates improve as the year progressed, reducing unit operating costs amid a weak vanadium price environment.
McClean Lake (uranium)
- The McClean Lake Mill processes feedstock from Cameco's Cigar Lake uranium mine, with Ecora entitled to a portion of the McClean Lake Mill toll milling revenues generated from the treatment of uranium ore produced by the Cigar Lake mine.
- Cigar Lake produced 19.2Mlbs of uranium during 2025, with toll milling receipts attributable to Ecora totalling $3.7m (2024: $4.5m). The year-on-year reduction was the result of a step down in toll milling rates during 2025, triggered by historic uranium recovery having reached an agreed volume.
- Cameco, the majority owner of the Cigar Lake mine, has guided 2026 uranium production of 17.5-18.0Mlbs.
Four Mile (uranium)
- The Four Mile uranium mine reverted to a normalised sales schedule in 2025, following a period of stockpiling in 2024. This resulted in an increased portfolio contribution of $2.2m (2024: $1.4m).
Developments and early stage
Phalaborwa (rare earths)
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Rainbow Rare Earths Limited (Rainbow) completed the following activities, bringing the Phalaborwa project closer to achieving the publication of a Definitive Feasibility Study, targeted for 2026:
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delivered an exceptionally pure mixed rare earth product from testing of its process at its in-house laboratory in Johannesburg;
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incorporated a cerium depletion step ahead of the final separation circuit, enhancing the quality of the high grade mixed rare earth product;
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added yttrium to the Mineral Resource Estimate which could add upwards of $30m to the project’s estimated EBITDA; and
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selected solvent extraction as the rare earth oxide separation route for Phalaborwa to produce separated NdPr oxides and SEG+ product at 99.55% purity.
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Patterson Corridor East (uranium)
- NexGen Energy Ltd. (‘NexGen’) successfully completed the 2025 drilling programme on the Patterson Corridor East (PCE) uranium discovery. The programme expanded the overall mineralised footprint to 700m (from 600m) of vertical extent and 620m of strike length (from 600m). Furthermore, the high grade subdomain vertical extent has grown materially to 412m from 335m with 210m of strike length.
- The 2026 drilling programme will see 42,000m drilled including testing a repeating zone 600m to the southeast of PCE and with the same hydrothermal system.
- Ecora holds a 2% Net Smelter Return royalty on PCE, which is subject to a 50% buy-back right.
Producing projects
Portfolio contribution from the bulks and other portfolio was reduced to 37% of total portfolio contribution (2024: 69%) and contributed $20.9m (2024: $43.7m).
Kestrel (steelmaking coal)
- Production from the Group’s private royalty area within the Kestrel steelmaking coal mine totalled 2.2mt (2024: 2.1mt). Due to the average realised price falling to $143/t (2024: $223/t) the portfolio contribution was down 58% to $17.5m (2024: $41.4m).
- During 2026, Kestrel mining operations within the Group’s royalty area are expected to primarily occur during the second half of the year and produce between 1.0 and 1.2mt of saleable production.
EVBC (gold)
- The EVBC mine benefited from record gold prices during 2025, with Group’s royalty entitlement generating a portfolio contribution of $3.2m (2024: $1.8m).
Producing projects
Base metals portfolio contribution of $28.5m, up 150% (2024: $11.4m) and representing 50% of Group portfolio contribution
Voisey’s Bay (cobalt):
- The ramp up of cobalt production from the Voisey’s Bay underground mine was a highlight of 2025. Cobalt volumes attributable to Ecora increased 113% to 448t (2024: 210t) and average realised cobalt prices increased 43% to $19.11/lb (2024: $13.34/lb).
- The combination of volume and price growth saw portfolio contribution from Voisey’s Bay increase 208% to $15.3m (2024: $5.0m). Further volume growth is anticipated during 2026 with Ecora expecting to receive between 500 and 560tpa, with the mine expected to reach steady state production during the course of 2026.
- Successful exploration and resource conversion at the Voisey’s Bay site are expected to extend the life of mine by another four years to 2044.
Mantos Blancos (copper):
- Mantos Blancos generated a record portfolio contribution of $9.5m (2024: $5.8m). Copper production increased 43% to 61.9kt (2024: 43.2kt) and achieved record quarterly production in Q4 of 16.9kt with an average sulphide plant throughput of approximately 21.4ktpd, exceeding design throughput levels.
- Total plant throughput averaged approximately 20.0ktpd in 2025, representing a 25% increase over 2024 driven by the successful ramp-up after the completion of a debottlenecking initiative.
- Capstone Copper has guided that annual copper production in 2026 is expected to be between 48 and 56ktpa, lower than in 2025 due to a one-year period of lower copper grades, before recovering in 2027
Mimbula (copper):
- In March 2025, we completed the $50m acquisition of a stream over the producing Mimbula copper mine in Zambia, operated by Moxico Resources plc. Heavy rainfall impacted Mimbula production during the first quarter of 2025, with copper production ramping up thereafter to achieve an annual equivalent production run rate in Q4 of 20ktpa.
- Ecora received 400t of attributable copper under the stream which generated a $2.9m portfolio contribution. Copper production in 2026 is expected to be between 30 and 35kt.
Development projects
The Group has a number of key development royalties over copper and nickel projects which are expected to drive strong organic growth in the next four to five years. By 2030, approximately 90% of the Group’s portfolio contribution is expected to come from base metals, building on the growth we saw in 2025.
Santo Domingo (copper)
- In October, Capstone announced the completion of its process to find a joint venture partner for the Santo Domingo copper project. This is a key milestone on the path towards a Final Investment Decision to sanction construction of the project.
- A number of other key milestones, including obtaining project finance and completing detailed engineering studies, are expected to be achieved in 2026 as Capstone works towards a project sanctioning decision in H2 2026.
- At current spot prices, the royalty is expected to generate upwards of $35m per annum.
- Capstone also commenced a planned 54,700 metre drill programme at Santo Domingo, and the adjacent Estrellita deposit (which is within the Group's royalty area), aimed at delineating the oxide resource and exploring near-mine sulphides.
Mantos Blancos (copper)
- Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.
- Capstone is also working towards the completion of the Mantos Blancos Phase II study, expected by mid-2026. The study is analysing an increased sulphide concentrator throughput capacity from 20ktpd to around 27ktpd using existing underutilised equipment, and extending cathode production by re-leaching spent ore from historical operations via the existing and underutilised 60ktpa SX/EW plant.
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Combined, these initiatives could add 35ktpa of copper over at least ten years. Furthermore, Capstone commenced an exploration drilling programme at Mantos Blancos in 2025 that will be continued in 2026.
West Musgrave (nickel and copper)
- Construction of the West Musgrave copper-nickel project in Australia remains suspended pending a review by the operator, BHP, by February 2027.
- During 2025, BHP stated it would consider divesting the project and commenced a process for the potential sale of West Musgrave. A sale could result in the acceleration of the timeline to a construction restart and first production.
Piauí (nickel and cobalt)
- During 2025, the team at Brazilian Nickel continued to advance the Piauí nickel project. The majority of the work was in the field of pre-construction development work, community relations and construction financing. Brazilian Nickel also announced a number of non-binding agreements to supply nickel and cobalt in mixed hydroxide precipitate to European and US-based refiners.
- Brazilian Nickel remains in discussions with potential financing partners ahead of a potential Final Investment Decision to proceed with construction of the Piauí project, at which point Ecora will have the right, but not the obligation, to invest a further $62.5m to acquire an incremental 2.65% Gross Revenue royalty.
Nifty (copper)
- Cyprium Metals Limited (Cyprium), a copper developer focused on the phased restart of the Nifty copper complex, approved the Cathode Project restart plan with first production of copper cathode expected in mid-2026. Royalty payments to Ecora are triggered once a cumulative 800kt of copper has been produced from the mine.
- Taking into account historical production, as well as Cyprium’s forecast copper production, this threshold is expected to be reached five years following the restart of mining operations.
- In January 2026, Cyprium announced that it had completed a A$41m equity raise, with part of the proceeds to be used for studies and early works on growth initiatives including the reactivation of the Nifty open pit, expansion of heap leach and SXEW capacity and concentrator refurbishment studies.
Canariaco (copper)
- In December 2025, Alta Copper Corp. (Alta), the owner of the Cañariaco copper project, announced that it has entered into a binding agreement with Fortescue Ltd. (Fortescue) under which Fortescue will acquire the remaining 64% of Alta’s issued and outstanding shares not already owned by Fortescue. This transaction closed in March 2026.
- The Cañariaco Project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect. Fortescue, listed on the ASX with a current market capitalization of approx. A$59 billion, is well placed to advance the Cañariaco Project applying its well established technical, permitting and community engagement expertise.
Producing projects
Portfolio contribution from specialty metals and uranium totalled $7.6m (2024: $8.1m).
Maracás Menchen (vanadium)
- The Maracás Menchen mine produced 9.2kt (2024: 9.3kt) of vanadium pentoxide with vanadium pentoxide equivalent sales of 8.7kt (2024: 9.6kt) generating $1.7m of portfolio contribution (2024: $2.2m).
- The operational improvements implemented by management have seen production rates improve as the year progressed, reducing unit operating costs amid a weak vanadium price environment.
McClean Lake (uranium)
- The McClean Lake Mill processes feedstock from Cameco's Cigar Lake uranium mine, with Ecora entitled to a portion of the McClean Lake Mill toll milling revenues generated from the treatment of uranium ore produced by the Cigar Lake mine.
- Cigar Lake produced 19.2Mlbs of uranium during 2025, with toll milling receipts attributable to Ecora totalling $3.7m (2024: $4.5m). The year-on-year reduction was the result of a step down in toll milling rates during 2025, triggered by historic uranium recovery having reached an agreed volume.
- Cameco, the majority owner of the Cigar Lake mine, has guided 2026 uranium production of 17.5-18.0Mlbs.
Four Mile (uranium)
- The Four Mile uranium mine reverted to a normalised sales schedule in 2025, following a period of stockpiling in 2024. This resulted in an increased portfolio contribution of $2.2m (2024: $1.4m).
Developments and early stage
Phalaborwa (rare earths)
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Rainbow Rare Earths Limited (Rainbow) completed the following activities, bringing the Phalaborwa project closer to achieving the publication of a Definitive Feasibility Study, targeted for 2026:
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delivered an exceptionally pure mixed rare earth product from testing of its process at its in-house laboratory in Johannesburg;
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incorporated a cerium depletion step ahead of the final separation circuit, enhancing the quality of the high grade mixed rare earth product;
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added yttrium to the Mineral Resource Estimate which could add upwards of $30m to the project’s estimated EBITDA; and
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selected solvent extraction as the rare earth oxide separation route for Phalaborwa to produce separated NdPr oxides and SEG+ product at 99.55% purity.
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Patterson Corridor East (uranium)
- NexGen Energy Ltd. (‘NexGen’) successfully completed the 2025 drilling programme on the Patterson Corridor East (PCE) uranium discovery. The programme expanded the overall mineralised footprint to 700m (from 600m) of vertical extent and 620m of strike length (from 600m). Furthermore, the high grade subdomain vertical extent has grown materially to 412m from 335m with 210m of strike length.
- The 2026 drilling programme will see 42,000m drilled including testing a repeating zone 600m to the southeast of PCE and with the same hydrothermal system.
- Ecora holds a 2% Net Smelter Return royalty on PCE, which is subject to a 50% buy-back right.
Producing projects
Portfolio contribution from the bulks and other portfolio was reduced to 37% of total portfolio contribution (2024: 69%) and contributed $20.9m (2024: $43.7m).
Kestrel (steelmaking coal)
- Production from the Group’s private royalty area within the Kestrel steelmaking coal mine totalled 2.2mt (2024: 2.1mt). Due to the average realised price falling to $143/t (2024: $223/t) the portfolio contribution was down 58% to $17.5m (2024: $41.4m).
- During 2026, Kestrel mining operations within the Group’s royalty area are expected to primarily occur during the second half of the year and produce between 1.0 and 1.2mt of saleable production.
EVBC (gold)
- The EVBC mine benefited from record gold prices during 2025, with Group’s royalty entitlement generating a portfolio contribution of $3.2m (2024: $1.8m).