Ecora Royalties (LSE:ECOR) on Wednesday reported total portfolio contribution of $24.8m for the third quarter, broadly flat against $25m in the same period last year.
The London and Toronto-listed royalty company said nine-month year-to-date contribution rose 32% to $56.2m, from $42.6m in the first nine months of 2025.
Ecora acquires and manages royalty and streaming interests across copper, cobalt, uranium and other critical minerals, generating revenue from production-linked payments rather than operating mines directly. Stripping out Kestrel, portfolio contribution reached $14.6m in the quarter, up 17% on the $12.5m recorded a year earlier, with the ex-Kestrel nine-month figure up 66% to $44.7m.
Net debt stood at $71.6m at 30 September, down from $74.9m at the end of June, excluding royalty receivables due in October.
Chief executive Marc Bishop Lafleche said net debt at the end of October is expected to fall further to approximately $57m, inclusive of those October receivables, a reduction of roughly 35% year to date.
"The next twelve months should feature a number of key milestones across our development portfolio of copper and wider critical minerals royalties, that are expected to derisk the next wave of Ecora's organic growth," he said.
The base metals portfolio contributed $11.6m, up 17% year-on-year, with Voisey's Bay cobalt delivering 154 tonnes of attributable cobalt in the quarter against 182 tonnes a year earlier, generating net portfolio contribution of $7.2m at an average realised price of $26.20 per pound, up from $18.13 per pound in the third quarter of 2025.
Mantos Blancos copper held steady at $2.6m, while Mimbula copper contribution rose to $1.7m from $1.1m, with a 250-tonne copper entitlement for the quarter set to generate $2.5m of net portfolio contribution in the fourth quarter.
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Specialty metals and uranium contribution fell 16% to $1.6m; at Maracás Menchen, operator Largo Resources received a $60.1m delivery order from the US Defense Logistics Agency during the quarter for vanadium pentoxide produced at the mine, destined for the US National Defense Stockpile.
Kestrel steelmaking coal, operating within Ecora's private royalty area throughout the quarter, produced 0.9m tonnes of saleable coal and generated $10.2m of portfolio contribution, taking year-to-date saleable production to 1.0m tonnes against full-year guidance of 1.0 to 1.2m tonnes.
At Cañariaco, where Ecora holds a 0.5% royalty following Fortescue's completion of its acquisition of the remaining Alta Copper shares, Fortescue has guided to average production of approximately 158,000 tonnes of copper, 70,000 ounces of gold and 1.5m ounces of silver a year over the project's first decade.