Ecora Royalties (ECOR) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 marked a record quarter with total portfolio contribution reaching $25.0 million, up 112% from Q2 2025, driven by strong base metals and coal royalty performance.

• Base metals portfolio delivered its highest ever contribution of $9.9 million, up 150% year-to-date compared to 2024, with record results from Mantos Blancos and Voisey's Bay.

• Sale of the non-core Dugbe gold royalty for up to $20.0 million accelerated debt reduction.

• Mining resumed in the private royalty area at Kestrel, significantly boosting contributions.

Financial highlights

• Total portfolio contribution for Q3 2025 was $25.0 million, up from $11.8 million in Q2 2025.

• Net debt as of 30 September 2025 was $104 million, down from $124.6 million at 30 June 2025.

• Dugbe royalty sale included an upfront payment of $16.5 million.

Outlook and guidance

• FY 2025 volume guidance for Voisey's Bay increased to 434-448 tonnes of attributable cobalt, up from 365-390 tonnes.

• FY 2026 guidance for Voisey's Bay is 500-560 tonnes, with steady state production expected.

• Kestrel FY volume guidance remains at 2.2-2.3 million tonnes of saleable production.

• Anticipation of further key development milestones across the portfolio in the next 12 months.