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1. Company Snapshot

1.a. Company Description

Ecora Resources PLC operates as a natural resources royalty and streaming company.The company has royalties and investments in mining and exploration interests in cobalt, coking coal, iron ore, copper, vanadium, uranium, and gold primarily in Australia, North and South America, and Europe.The company was formerly known as Anglo Pacific Group plc and changed its name to Ecora Resources PLC in October 2022.


Ecora Resources PLC was incorporated in 1967 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on ECOR

Ecora Resources PLC's recent performance was negatively impacted by a series of transactions involving directors, including the transfer of treasury shares and changes in total voting rights. On March 27, 2025, the company transferred treasury shares, and on March 31, 2025, directors Marc Bishop Lafleche, Kevin Flynn, and Andrew Webb engaged in transactions, which may have raised concerns among investors. Additionally, on April 10, 2025, CH Invest GmbH, a Person Closely Associated with Non-Executive Director Christine Coignard, made a transaction, further contributing to the negative sentiment.

1.c. Company Highlights

2. Ecora Resources' H1 2025 Earnings: Strong Growth in Critical Minerals

Ecora Resources reported a significant increase in revenue for H1 2025, driven primarily by its base metals segment, with Voisey's Bay revenue doubling and Mantos Blancos up 35%. The company's attributable cobalt guidance was raised to 365–390 tonnes for the full year. The dividend was maintained at $0.06 per share, in line with the company's policy of distributing 25% of free cash flow. Earnings per share (EPS) came in at $0.01729, below analyst estimates of $0.04084. The sale of Dugbe Gold Royalty contributed to a reduction in leverage to 2.17x from 2.5x, with net assets standing at approximately £126 per share and $108M in liquidity.

Publication Date: Sep -15

📋 Highlights
  • Critical Minerals Growth:: Base metals revenue doubled (Voisey’s Bay) and rose 35% (Mantos Blancos) in H1, driving 50%+ critical minerals revenue in 2025 (vs. 20% in 2020).
  • Deleveraging Progress:: Dugbe Gold Royalty sale reduced leverage to 2.17x from 2.5x, with $108M liquidity and no near-term debt maturities.
  • Dividend Policy:: $0.06/share dividend maintained at 25% of free cash flow, aligning with long-term capital allocation strategy.
  • Strategic Projects:: Mantos Blancos Phase 2 expansion could add ~25,000 tonnes annual copper production; West Musgrave and U.S. DoD cobalt tender as key catalysts.
  • Portfolio Shift:: Critical minerals to constitute 85% of revenue by 2030, with Kestrel’s 10% carried interest and lower-cost nickel assets (West Musgrave, Piauí) enhancing supply security.

Operational Highlights

The company's critical minerals portfolio continues to drive growth, with ongoing expansion at Mantos Blancos and West Musgrave. The Phase 2 expansion at Mantos Blancos could add ~25,000 tonnes of annual copper production. Exploration drilling at Patterson Corridor East by NexGen confirmed a 600-meter strike, positioning it as a potential significant uranium discovery. Ecora's royalties extend beyond Patterson to other properties, offering long-term exploration upside.

Market Trends and Outlook

Critical minerals markets are seeing increased government attention, with initiatives like the U.S. DoD's cobalt tender and public-private partnerships signaling tighter supply-demand balances. Ecora's portfolio is well-aligned with electrification trends, emphasizing copper and low-cost base metals. The company remains open to opportunities in lithium or other critical minerals if entry points and returns are favorable.

Valuation and Metrics

Considering Ecora Resources' current valuation metrics, the P/E Ratio stands at -26.22, and the P/S Ratio is 4.26, indicating a potentially challenging earnings environment. However, the Dividend Yield is 1.87%, and the Free Cash Flow Yield is 7.44%, suggesting a relatively attractive return profile for income-focused investors. The Net Debt / EBITDA ratio is 3.78, reflecting the company's leverage position post-acquisitions and divestitures.

3. NewsRoom

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Ecora Resources boosted by 'best' drill results yet at Patterson Corridor East uranium project

Dec -02

Source: proactiveinvestors.com

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Ecora Resources PLC to Present at the European Growth Virtual Investor Conference December 3rd

Dec -01

Source: globenewswire.com

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Precious Metals & Critical Minerals Virtual Investor Conference Agenda Announced for December 2nd- 4th

Nov -25

Source:

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Ecora Resources PLC Announces Phalaborwa Rare Earths Project Update

Nov -25

Source:

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Ecora Resources PLC Announces Phalaborwa Rare Earths Project Update

Nov -24

Source:

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Ecora Resources PLC Announces Nifty Copper Project Update

Nov -20

Source:

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Ecora Resources PLC Announces Director Share Dealings in Company

Nov -18

Source:

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Ecora Resources PLC Announces Phalaborwa Rare Earths Project Update

Nov -10

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.71%)

6. Segments

Royalty

Expected Growth: 9.27%

Ecora Resources PLC's 9.27% royalty growth is driven by increasing demand for nickel and iron ore, coupled with rising prices. Strong operational performance, improved mining efficiency, and successful exploration activities also contribute to the growth. Additionally, the company's diversified portfolio and strategic partnerships have enhanced its revenue streams, further boosting royalty income.

Metal Stream

Expected Growth: 4.83%

Ecora Resources PLC's Metal Stream growth of 4.83% is driven by increasing demand for copper and gold, coupled with the company's successful exploration and development of new mining projects. Additionally, strategic partnerships and cost-saving initiatives have improved operational efficiency, contributing to the segment's growth.

Dividends from Royalty Financial Instruments

Expected Growth: 8.5%

Ecora Resources PLC's 8.5% dividend growth from royalty financial instruments is driven by increasing gold prices, rising production volumes from its mining assets, and a strong demand for precious metals. Additionally, the company's diversified portfolio of royalties and strategic partnerships contribute to its growth, along with effective cost management and a favorable geopolitical environment.

Interest from Royalty Related Financial Assets

Expected Growth: 5.83%

Ecora Resources PLC's 5.83% growth in Interest from Royalty Related Financial Assets is driven by increasing demand for metals, successful exploration and development projects, and strategic partnerships. Additionally, favorable commodity prices, efficient cost management, and a strong balance sheet have contributed to the growth.

7. Detailed Products

Gold

Ecora Resources PLC is a leading gold producer with a portfolio of high-quality gold mines and projects across the globe.

Copper

Ecora Resources PLC is a significant copper producer with a focus on sustainable and responsible mining practices.

Nickel

Ecora Resources PLC is a major nickel producer with a strong focus on supplying high-quality nickel products to the global market.

Palladium

Ecora Resources PLC is a significant palladium producer with a focus on supplying high-quality palladium products to the automotive and industrial sectors.

Platinum

Ecora Resources PLC is a major platinum producer with a focus on supplying high-quality platinum products to the automotive, jewelry, and industrial sectors.

Rhodium

Ecora Resources PLC is a significant rhodium producer with a focus on supplying high-quality rhodium products to the automotive and industrial sectors.

Iridium

Ecora Resources PLC is a major iridium producer with a focus on supplying high-quality iridium products to the aerospace, electronics, and industrial sectors.

Osmium

Ecora Resources PLC is a significant osmium producer with a focus on supplying high-quality osmium products to the aerospace, electronics, and industrial sectors.

Ruthenium

Ecora Resources PLC is a major ruthenium producer with a focus on supplying high-quality ruthenium products to the electronics, aerospace, and industrial sectors.

8. Ecora Resources PLC's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Ecora Resources PLC is moderate due to the availability of alternative energy sources.

Bargaining Power Of Customers

The bargaining power of customers for Ecora Resources PLC is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Ecora Resources PLC is moderate due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants for Ecora Resources PLC is high due to the relatively low barriers to entry in the energy industry.

Intensity Of Rivalry

The intensity of rivalry for Ecora Resources PLC is high due to the competitive nature of the energy industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 15.10%
Debt Cost 7.26%
Equity Weight 84.90%
Equity Cost 7.26%
WACC 7.26%
Leverage 17.79%

11. Quality Control: Ecora Resources PLC passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Alphamin Resources

A-Score: 5.8/10

Value: 6.0

Growth: 9.0

Quality: 8.0

Yield: 9.4

Momentum: 2.0

Volatility: 0.7

1-Year Total Return ->

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Capital

A-Score: 5.5/10

Value: 7.6

Growth: 6.6

Quality: 4.9

Yield: 4.4

Momentum: 7.5

Volatility: 2.3

1-Year Total Return ->

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Ecora Resources

A-Score: 4.4/10

Value: 5.8

Growth: 2.0

Quality: 3.6

Yield: 4.4

Momentum: 9.0

Volatility: 1.7

1-Year Total Return ->

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Griffin Mining

A-Score: 4.1/10

Value: 3.7

Growth: 5.1

Quality: 6.9

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

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AMG

A-Score: 3.7/10

Value: 5.1

Growth: 2.1

Quality: 1.9

Yield: 1.9

Momentum: 9.5

Volatility: 1.7

1-Year Total Return ->

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Ferroglobe

A-Score: 2.8/10

Value: 5.0

Growth: 4.8

Quality: 1.6

Yield: 0.6

Momentum: 4.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.03$

Current Price

2.03$

Potential

-0.00%

Expected Cash-Flows