Ecora Royalties (ECOR) Q4 2025 TU earnings summary

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.