Ecora has a strong financial position with a focus on deleveraging, growth and shareholder returns.

Our capital allocation policy consists of four pillars:

Balance sheet strength

  • Deployed ~$400m in past 16 months
  • Net debt ~$50m at end of July post South32 transaction

Funding for further acquisitions

  • Strong banking relationships 
  • Retain ~$180m of liquidity for future growth


  • Dividend policy remains unchanged for 2022 with a quarterly dividend of 1.75p
  • Q4 2022 dividend to be determined in light of trading and near-term growth outlook
  • Dividend to be rebased to US$ in line with reporting currency


Other shareholder returns

  • Dependent on business performance and royalty and stream acquisitions during the year and outlook