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Ecora Royalties (ECOR) investor relations material
Ecora Royalties Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
FY 2025 portfolio contribution reached $57.0m, down from $63.2m in 2024, with critical minerals now comprising 63% of the total, surpassing steelmaking coal for the first time.
Base metals portfolio contribution surged 150% year-over-year to $28.5m, driven by increased cobalt deliveries from Voisey's Bay, a maiden contribution from Mimbula, and record output at Mantos Blancos.
Net debt decreased to $85.5m at year-end 2025 from $104.0m at the end of Q3 2025, reflecting strong deleveraging post the $50m Mimbula acquisition.
Financial highlights
Q4 2025 total portfolio contribution was $14.3m, down from $25.0m in Q3 2025 but up from $6.7m in Q4 2024.
Q4 2025 base metals contribution was $9.9m, flat sequentially but up 136% year-over-year.
Specialty metals and uranium contributed $1.8m in Q4 2025 and $7.6m for FY 2025, slightly down from $8.1m in 2024.
Bulks and other portfolio, including Kestrel, generated $2.6m in Q4 2025 and $20.9m for FY 2025, down 52% year-over-year.
Outlook and guidance
FY 2026 guidance for Voisey's Bay is 500-560t of attributable cobalt, with the mine expected to reach steady state production.
Mimbula copper production guidance for FY 2026 is 30-35ktpa, up from a 2025 exit rate of 20ktpa.
Kestrel's FY 2026 guidance is for 1.0-1.2mt of saleable production in the royalty area, mainly in H2 2026.
Management anticipates further volume growth from Voisey's Bay and Mimbula, and expects to benefit from current commodity price tailwinds.
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