**Summary of Ecora Resources PLC Half-Year Results for H1 2025**
Ecora Resources PLC, a critical minerals and base metals royalty company, announced its half-year results for the six months ended June 30, 2025. The company reported a total portfolio contribution of $17.9 million, a 65% decrease from the same period in 2024, primarily due to timing differences in mining activities at the Kestrel site. Despite this, the base metals portfolio saw an 81% increase in contributions to $8.7 million, driven by strong performance at Voiseys Bay, Mantos Blancos, and the newly acquired Mimbula copper mine stream.
**Key Financial Highlights**
**Portfolio Contribution** $17.9 million (H1 2024: $51.3 million)
**Base Metals Contribution** $8.7 million, up 81% (H1 2024: $4.8 million)
**Adjusted Earnings per Share** 1.27 cents (H1 2024: 10.38 cents)
**Loss Before Tax** $10.9 million (H1 2024: Profit $17.9 million)
**Net Debt** Increased to $124.6 million (December 2024: $82.3 million) due to the Mimbula acquisition
**Portfolio Performance**
**Voiseys Bay (Cobalt)** Received 140 tonnes of cobalt, up 150% from H1 2024, with a narrowed full-year guidance of 365-390 tonnes.
**Mantos Blancos (Copper)** Record six-month contribution of $3.8 million, up from $2.8 million in H1 2024, due to increased production.
**Mimbula (Copper)** Maiden contribution of $0.7 million following the February 2025 acquisition.
**Kestrel (Coal)** Contribution of $3.5 million, down significantly from $40.8 million in H1 2024 due to timing of mining activities.
**Strategic Developments**
**Dugbe Gold Royalty Sale** Sold the non-core Dugbe gold royalty for up to $20 million, with $16.5 million received at close, aiding deleveraging.
**Critical Minerals Focus** Pivoting towards a revenue profile centered on critical minerals, particularly copper.
**Outlook**
Continued growth in critical minerals volumes, especially from Voiseys Bay and Mimbula.
Stronger H2 2025 portfolio contribution as Kestrel mining returns to the royalty area.
Potential deleveraging from cash flow generation and the Dugbe sale proceeds.
**Dividend**
An interim dividend of 0.60 cents per share was declared, representing ~25% of free cash flow.
**Conclusion**
Ecora Resources PLC is positioning itself for growth in the critical minerals sector, particularly copper, with strategic acquisitions and disposals of non-core assets. Despite a decrease in overall portfolio contribution due to timing issues, the company expects a stronger second half of 2025, supported by increased production and improved cash flow.