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Ecora Resources PLC on Wednesday said it expects volume growth to come through more strongly, as it reported a decline in portfolio contribution.
The South and North America-focused royalty and streaming company said portfolio contribution was $6.0 million in the first quarter of 2025, or 10% lower than $6.7 million in the fourth quarter of 2024.
This was mainly due to the timing of cobalt deliveries from Voisey’s Bay in Newfoundland & Labrador in Canada, Ecora said.
The contribution from cobalt at Voisey’s Bay was $1.6 million in the first quarter of 2025, so 43% lower than $2.8 million in the fourth quarter of 2024.
Ecora added that Voisey’s Bay continued to ramp up post-completion of the underground expansion project.
Net debt as at March 31 was $125.9 million, 53% higher than $82.3 million at December 31.
Chief Executive Officer Marc Bishop Lafleche said: ‘The group reported a solid start to the year with a Q1 portfolio contribution of $6.0 million. Looking ahead to Q2 we expect volume growth to come through more strongly with mining at Kestrel returning to the group’s private royalty area; an increased number of cobalt deliveries from Voisey’s Bay expected to benefit from the current higher price environment; Four Mile royalty contributions resuming; and the first revenue contribution from the Mimbula copper stream.’
Ecora shares were 1.9% higher at 53.40 pence each on Wednesday afternoon in London.
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