29th Jan 2025 11:39
(Alliance News) - Ecora Resources PLC on Wednesday reported a higher full-year portfolio contribution, supported by increased production at its Voisey's Bay and Mantos Blancos assets, and a strong fourth quarter.
The South and North America-focused royalty and streaming company providing capital to the mining sector said that for 2024, portfolio contribution rose 9% to USD63.2 million, up from USD58.2 million the previous year.
Portfolio contribution for the quarter ended December 31 was USD6.7 million, a 29% increase from USD5.2 million on the quarter ended September 30.
Shares in Ecora Resources were up 4.9% at 62.49 pence in London on Wednesday morning.
Chief Executive Officer Marc Bishop Lafleche said: "Fourth quarter performance was underpinned by a record quarterly portfolio contribution from Mantos Blancos, coupled with record production from the underground mine at Voisey's Bay, which saw streamed cobalt entitlements for the year at the top of our guidance range.
"We carry this momentum into 2025 with both operations expected to deliver further production volume growth in the year ahead."
The company highlighted the "strong" outlook for copper, with the "largest operators globally" increasing their exposure to the metal. Ecora said its royalty portfolio offers investors a de-risked way to access copper growth, with further volume expansion anticipated in 2025.
At Voisey's Bay, Ecora said cobalt deliveries reached the upper end of 2024 guidance, with seven deliveries in the fourth quarter alone, compared to four in the previous quarter. The average sales price for cobalt also rose 13% to USD12.9 per pound from USD11.4 per pound in the third quarter.
Ecora's net debt fell to USD82.4 million as of December 31, down from USD85.5 million in the third quarter.
Looking ahead, the company expects further production growth in Voisey's Bay, Kestrel, and Mantos Blancos.
By Eva Castanedo, Alliance News reporter
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