FY 2024 results
Significant progress across Ecora’s royalty portfolio was achieved in 2024 with key highlights including Mantos Blancos copper mine delivering periods of record production rates as well as the completion of construction of the Voisey’s Bay underground mine with an ongoing ramp-up to steady state production levels in 2026. This momentum is expected to carry through to 2025 with volume growth expected at the operations underlying Ecora’s key producing royalties, with supportive copper and cobalt price tailwinds.
Marc Bishop Lafleche
Chief Executive Officer
Highlights
Royalty and metal stream related revenue ($m)
$59.6m
2023: $61.9m
Adjusted earnings per share (US$c)
11.43c
2023: 11.82c
Free cash flow ($m)
$22.1m
2023: $29.7m
- Portfolio contribution increased 9% to $63.2m (2023: $58.2m1)
- Royalty and metal stream-related revenue of $59.6m (2023: $61.9m)
- Profit before tax of $5.9m (2023: $4.5m)
- The Group recognised an impairment charge of $15.1m on the Voisey’s Bay cobalt stream due to continued price weakness together with a deferred tax charge of $9.8m related to tax losses which, based on year-end prices, would not be utilised in full
- Adjusted earnings of $28.9m (2023: $30.5m), and adjusted earnings per share of 11.43c (2023: 11.82)
- Free cash flow of $22.1m (2023: $29.7m)
- Net debt as at 31 December 2024 of $82.3m (31 Dec 23: $74.5m)
- Completed a $10m share buyback primarily funded by recycling capital from LIORC share sales
- Second half dividend of 1.11c per share, bringing the total dividend for the year to 2.81c per share (2023: 8.50c/share), in-line with updated capital allocation framework
- Voisey’s Bay underground mine expansion completed; Ecora received 210 tonnes of attributable cobalt in 2024 (2023: 154 tonnes)
- average realised price of $13.34/lb (2023: $16.36/lb)
- portfolio contribution of $6.2m (2023: $5.6m)
- Kestrel saleable volumes mined within the Group’s royalty area of 2.1 Mt (2023: 1.6 Mt)
- average realised price of $223/t (2023: $238/t)
- portfolio contribution of $41.4m (2023: $35.9m)
- Mantos Blancos total payable copper production of 43.2 Kt (2023: 49.3 Kt)
- average realised price of $9,116/t (2023: $8,492/t)
- portfolio contribution of $5.8m (2023: $6.1m)
- Capstone published an updated Feasibility Study on the Santo Domingo copper project which reinforced robust project economics
- BHP temporarily suspended construction of the West Musgrave nickel-copper project with the decision to be reviewed by February 2027
- Acquired a royalty over the Phalaborwa rare earths project in South Africa, further diversifying the development portfolio and commodity mix
- NexGen Energy announced a highly prospective uranium discovery in Patterson Corridor East in the Athabasca uranium basin, Canada, which occurred in an area over which Ecora holds a 2.0% NSR royalty
- The operator of the Four Mile uranium mine was selling borrowed inventory during H2 2024 and stockpiling produced uranium which resulted in no royalty payments in H2 2024; the operator has indicated sales will return to a normal sales schedule from the beginning of FY 25 at normal levels of production
- Portfolio contribution increased 9% to $63.2m (2023: $58.2m1)
- Royalty and metal stream-related revenue of $59.6m (2023: $61.9m)
- Profit before tax of $5.9m (2023: $4.5m)
- The Group recognised an impairment charge of $15.1m on the Voisey’s Bay cobalt stream due to continued price weakness together with a deferred tax charge of $9.8m related to tax losses which, based on year-end prices, would not be utilised in full
- Adjusted earnings of $28.9m (2023: $30.5m), and adjusted earnings per share of 11.43c (2023: 11.82)
- Free cash flow of $22.1m (2023: $29.7m)
- Net debt as at 31 December 2024 of $82.3m (31 Dec 23: $74.5m)
- Completed a $10m share buyback primarily funded by recycling capital from LIORC share sales
- Second half dividend of 1.11c per share, bringing the total dividend for the year to 2.81c per share (2023: 8.50c/share), in-line with updated capital allocation framework
- Voisey’s Bay underground mine expansion completed; Ecora received 210 tonnes of attributable cobalt in 2024 (2023: 154 tonnes)
- average realised price of $13.34/lb (2023: $16.36/lb)
- portfolio contribution of $6.2m (2023: $5.6m)
- Kestrel saleable volumes mined within the Group’s royalty area of 2.1 Mt (2023: 1.6 Mt)
- average realised price of $223/t (2023: $238/t)
- portfolio contribution of $41.4m (2023: $35.9m)
- Mantos Blancos total payable copper production of 43.2 Kt (2023: 49.3 Kt)
- average realised price of $9,116/t (2023: $8,492/t)
- portfolio contribution of $5.8m (2023: $6.1m)
- Capstone published an updated Feasibility Study on the Santo Domingo copper project which reinforced robust project economics
- BHP temporarily suspended construction of the West Musgrave nickel-copper project with the decision to be reviewed by February 2027
- Acquired a royalty over the Phalaborwa rare earths project in South Africa, further diversifying the development portfolio and commodity mix
- NexGen Energy announced a highly prospective uranium discovery in Patterson Corridor East in the Athabasca uranium basin, Canada, which occurred in an area over which Ecora holds a 2.0% NSR royalty
- The operator of the Four Mile uranium mine was selling borrowed inventory during H2 2024 and stockpiling produced uranium which resulted in no royalty payments in H2 2024; the operator has indicated sales will return to a normal sales schedule from the beginning of FY 25 at normal levels of production