Ecora Royalties (LSE:ECOR) said portfolio contribution for the three months to 31 March was $12.3m, up 105% v Q1 2025 ($6m).
Ecora, a critical‑minerals‑focused royalty and streaming company, said the performance was primarily driven by its base metals portfolio and a resilient commodity price environment.
"Q1 was a solid start to the year ... we are well positioned to deliver a strong Q2," Marc Bishop Lafleche, Chief Executive Officer, said.
Base metals portfolio contribution was $8.3m, up 152% v Q1 2025 ($3.3m), with Voisey's Bay cobalt generating $3.6m in Q1 from 70 tonnes at an average realised price of $28.66/lb (Q1 2025: $13.28/lb).
Ecora said some Voisey's Bay deliveries expected in Q1 were deferred by shipping timelines, with 98 tonnes of attributable cobalt set to be received in April and a further 56 tonnes in transit.
The group said FY 2026 attributable cobalt guidance remains unchanged at 500-560 tonnes.
Mantos Blancos contributed $2.4m (Q1 2025: $1.8m), specialty metals and uranium contributed $2.3m (up 35% v Q1 2025), Four Mile was $1.1m, EVBC contributed $1.7m (up 112%) and there was no Kestrel contribution in Q1.
Net debt at 31 March was $84.4m (31 December 2025: $85.5m).
In March, Fortescue completed the acquisition of the remaining Alta Copper shares; Ecora holds a 0.5% royalty over the Cañariaco project, which Fortescue expects to average 158ktpa copper, 70koz gold and 1.5Moz silver in the first ten years.
