HY 2025 results
The continued growth from our critical minerals portfolio is the highlight of these results, with our base metals portfolio delivering an 81% increase in contributions compared to the same period last year. This growth has been driven by the strong on-going ramp up at Voisey’s Bay, the acquisition of a copper stream over the producing Mimbula copper mine, and record performance at the Mantos Blancos copper mine.
Marc Bishop Lafleche
Chief Executive Officer
Financial highlights
Royalty and metal stream related revenue ($m)
$15.8m
H1 2024: $49.5m
Adjusted earnings per share (US$c)
1.27c
H1 2024: 10.38c
Free cash flow ($m)
$2.0m
H1 2024: $10.4m
Overview:
- Total portfolio contribution in H1 2025 of $17.9m (H1 2024: $51.3m) with royalty and metal stream related revenue in H1 2025 of $15.8 million (H1 2024: $49.5 million), the decrease period-on-period reflects timing difference in the Group’s mining area at Kestrel (FY 2025: weighted to H2, FY 2024 weighted to H1)
- 81% increase in our base metals portfolio contribution of $8.7m (H1 2024: $4.8m)
- Adjusted earnings per share in H1 2025 of 1.27c (H1 2024: 10.38c)
- Loss before tax in H1 2025 of $10.9m (H1 2024: profit $17.9m) reflects the timing of Kestrel volumes as outlined above
- Net debt increased at 30 June 2025 to $124.6m (31 December 2024: $82.3m), following the Mimbula acquisition, resulting in a leverage ratio of 2.5x (31 December 2024: 1.5x)
- Proforma net debt as at 30 June 2025 adjusted for the proceeds to be received from the sale of the Dugbe royalty of $16.5m, is $108.1m; cash flow expected to be generated in H2 should drive further deleveraging
- Interim dividend of 0.60cents per share, equating to ~ 25% of free cash flow
Portfolio highlights:
Voisey’s Bay (cobalt):
- 140 tonnes of cobalt received in H1 2025, up 150% on H1 2024 (56 tonnes) as the ramp up of the underground mine continues to perform strongly
- Average sales price realisation in H1 2025 of $16.5/lb (H1 2024: $16.0/lb)
- Alloy grade prices have increased from $14.0/lb at the start of the period to $19.1/lb at the end of June 2025 as a result of the Government of the Democratic Republic of Congo imposing export restrictions, which have been extended to September 2025 when an announcement on a longer-term price support mechanism is expected
- 140 tonnes of attributable cobalt has been received in Q3 2025 to date, taking the current volume received YTD to 280 tonnes. The Group is narrowing its full year 2025 guidance from between 335 and 390 tonnes to between 365 and 390 tonnes
- Planned maintenance period at Voisey’s Bay mine scheduled for September 2025, with Long Harbour Processing Plant maintenance period to follow during Q4 2025
Mantos Blancos (copper):
- A record six-month portfolio contribution of $3.8m was generated in H1 2025 (H1 2024: $2.8m) following the successful completion of a debottlenecking project in H2 2024, payable copper volumes increased to 26.3kt (H1 2024: 20.3kt; H2 2024: 22.9k)
- Since achieving designed sulphide mill throughput capacity in November 2024, the plant has met or exceeded the design capacity in seven of the eight months up to end of July 2025
- 2025 production is trending towards the upper end of Capstone’s production guidance (49-59kt)
Mimbula (copper):
- A stream over the Mimbula copper mine was acquired in February 2025 for $50m
- The Group receives its copper entitlement under the stream in the quarter following production, as a result FY 25 will have portfolio contribution for three quarters
- Phase II expansion continues to advance, with the crusher installation now complete and in commissioning. Exploration drilling ongoing at the site
Development projects
Santo Domingo (copper)
- Capstone Copper, the project owner and operator, has been advancing discussions with potential minority partners at the project level, recently announcing that it expects to announce a partner in Q3 2025
- A potential project sanctioning decision is not expected prior to mid-2026
West Musgrave (nickel and copper)
- BHP reiterated that it intends to review the decision to temporarily suspend its Western Australian Nickel (WAN) unit by February 2027; in July 2025 it stated for the first time that as part of the review it will assess the potential divestment of the WAN assets
Nifty (copper)
- Cyprium Metals, operator of the project, has made significant progress towards first production of the Cathode Project and is targeting Phase 1 project sanction and final investment decision in Q3 2025
- In August 2025, Cyprium announced a A$80m capital raising, the funds raised will be used to execute the phase one Cathode Project, strengthen the balance sheet, and complete the feasibility study for the Concentrate Project
- Royalty payments to Ecora are not triggered until cumulative 800kt of copper has been produced from the mine, taking into account historical copper production this threshold is not expected to be reached until at least 5 years from production restarting
Canariaco (copper)
- Alta Copper, owner of the Canariaco copper project, announced a CA$1.5m private placing with Nascent Exploration Pty. LTD, a wholly owned subsidiary of Fortescue Ltd., which increased Fortescue’s holding in Alta Copper Corp to 35.9%
- Alta Copper is now focusing on preparations for a drilling programme over the Canariaco Sur and Quebrada Verde areas
Maracas Menchen (vanadium)
- Sales volumes at Maracas Menchen were 6.5Mlbs (H1 2024: 10.1Mlbs). Production volumes in Q2 25 of 5.0Mlbs were up 74% on Q1 25 as a result of the operational turnaround plan undertaken by the operator, Largo Resources, the result of which have been improved production volumes, higher recoveries and enhanced mine access to support future production
- The average realised sales price for royalty payments was $7.47/lb in H1 2025 (H1 2024: $6.59/lb)
McClean Lake (uranium)
- Production from the Cigar Lake mine, which feeds the McClean Lake Mill, totalled 10Mlbs in H1, Cameco has a period of maintenance scheduled in H2 and is on track to hit full year guidance of 18Mlbs
Four Mile (uranium)
- Generated $0.9m of portfolio contribution in H1 2025 (H1 2024: $1.4m) as normal sales operations resumed following a period in H2 2024 of stockpiling inventory
Developments and early stage
Phalaborwa (rare earths)
- Rare earths have increased in strategic significance as part of the ongoing realignment of the longstanding global trade order and the establishment of an independent supply chain is a focal point for the US, the EU and aligned countries
- In August, Rainbow Rare Earths Ltd, owner of the project, announced that tests have delivered an exceptionally pure mixed rare earth product that delivers a mixed rare earth carbonate average >55% total rare earth oxides (TREO), considerably exceeding the rare earth industry’s typical refinery specification of > 42% TREO
- A Definitive Feasibility Study is progressing well and Rainbow is aiming to release the DFS before the end of 2025
Patterson Corridor East (uranium)
- NexGen Energy continues to report exciting results from the drilling programme Patterson Corridor East
- Assays returned from the discovery show intercepts ranking amongst the world’s highest grade for basement hosted uranium vein projects
- Further drilling is planned throughout the rest of 2025
- In July 2025, NexGen acquired Rio Tinto’s 10% production carried interest over 39 NexGen owned mineral claims (which mirror the mineral claims covered by Ecora’s royalty interests) including those hosting the Patterson Corridor East discovery giving NexGen 100% ownership of its entire portfolio
Kestrel (steelmaking coal)
- Mining activity at Kestel remained outside of the Group’s private royalty area for the majority of H1 2025, with only 400kt of saleable volumes registered
- Operations returned to the Group’s private royalty area at the end of Q2 2025 and are expected to remain in the Group’s royalty area throughout Q3 2025 and into Q4 2025 with FY guidance for Ecora’s attributable volumes remaining unchanged at 2.2mt - 2.3mt
Voisey’s Bay (cobalt):
- 140 tonnes of cobalt received in H1 2025, up 150% on H1 2024 (56 tonnes) as the ramp up of the underground mine continues to perform strongly
- Average sales price realisation in H1 2025 of $16.5/lb (H1 2024: $16.0/lb)
- Alloy grade prices have increased from $14.0/lb at the start of the period to $19.1/lb at the end of June 2025 as a result of the Government of the Democratic Republic of Congo imposing export restrictions, which have been extended to September 2025 when an announcement on a longer-term price support mechanism is expected
- 140 tonnes of attributable cobalt has been received in Q3 2025 to date, taking the current volume received YTD to 280 tonnes. The Group is narrowing its full year 2025 guidance from between 335 and 390 tonnes to between 365 and 390 tonnes
- Planned maintenance period at Voisey’s Bay mine scheduled for September 2025, with Long Harbour Processing Plant maintenance period to follow during Q4 2025
Mantos Blancos (copper):
- A record six-month portfolio contribution of $3.8m was generated in H1 2025 (H1 2024: $2.8m) following the successful completion of a debottlenecking project in H2 2024, payable copper volumes increased to 26.3kt (H1 2024: 20.3kt; H2 2024: 22.9k)
- Since achieving designed sulphide mill throughput capacity in November 2024, the plant has met or exceeded the design capacity in seven of the eight months up to end of July 2025
- 2025 production is trending towards the upper end of Capstone’s production guidance (49-59kt)
Mimbula (copper):
- A stream over the Mimbula copper mine was acquired in February 2025 for $50m
- The Group receives its copper entitlement under the stream in the quarter following production, as a result FY 25 will have portfolio contribution for three quarters
- Phase II expansion continues to advance, with the crusher installation now complete and in commissioning. Exploration drilling ongoing at the site
Development projects
Santo Domingo (copper)
- Capstone Copper, the project owner and operator, has been advancing discussions with potential minority partners at the project level, recently announcing that it expects to announce a partner in Q3 2025
- A potential project sanctioning decision is not expected prior to mid-2026
West Musgrave (nickel and copper)
- BHP reiterated that it intends to review the decision to temporarily suspend its Western Australian Nickel (WAN) unit by February 2027; in July 2025 it stated for the first time that as part of the review it will assess the potential divestment of the WAN assets
Nifty (copper)
- Cyprium Metals, operator of the project, has made significant progress towards first production of the Cathode Project and is targeting Phase 1 project sanction and final investment decision in Q3 2025
- In August 2025, Cyprium announced a A$80m capital raising, the funds raised will be used to execute the phase one Cathode Project, strengthen the balance sheet, and complete the feasibility study for the Concentrate Project
- Royalty payments to Ecora are not triggered until cumulative 800kt of copper has been produced from the mine, taking into account historical copper production this threshold is not expected to be reached until at least 5 years from production restarting
Canariaco (copper)
- Alta Copper, owner of the Canariaco copper project, announced a CA$1.5m private placing with Nascent Exploration Pty. LTD, a wholly owned subsidiary of Fortescue Ltd., which increased Fortescue’s holding in Alta Copper Corp to 35.9%
- Alta Copper is now focusing on preparations for a drilling programme over the Canariaco Sur and Quebrada Verde areas
Maracas Menchen (vanadium)
- Sales volumes at Maracas Menchen were 6.5Mlbs (H1 2024: 10.1Mlbs). Production volumes in Q2 25 of 5.0Mlbs were up 74% on Q1 25 as a result of the operational turnaround plan undertaken by the operator, Largo Resources, the result of which have been improved production volumes, higher recoveries and enhanced mine access to support future production
- The average realised sales price for royalty payments was $7.47/lb in H1 2025 (H1 2024: $6.59/lb)
McClean Lake (uranium)
- Production from the Cigar Lake mine, which feeds the McClean Lake Mill, totalled 10Mlbs in H1, Cameco has a period of maintenance scheduled in H2 and is on track to hit full year guidance of 18Mlbs
Four Mile (uranium)
- Generated $0.9m of portfolio contribution in H1 2025 (H1 2024: $1.4m) as normal sales operations resumed following a period in H2 2024 of stockpiling inventory
Developments and early stage
Phalaborwa (rare earths)
- Rare earths have increased in strategic significance as part of the ongoing realignment of the longstanding global trade order and the establishment of an independent supply chain is a focal point for the US, the EU and aligned countries
- In August, Rainbow Rare Earths Ltd, owner of the project, announced that tests have delivered an exceptionally pure mixed rare earth product that delivers a mixed rare earth carbonate average >55% total rare earth oxides (TREO), considerably exceeding the rare earth industry’s typical refinery specification of > 42% TREO
- A Definitive Feasibility Study is progressing well and Rainbow is aiming to release the DFS before the end of 2025
Patterson Corridor East (uranium)
- NexGen Energy continues to report exciting results from the drilling programme Patterson Corridor East
- Assays returned from the discovery show intercepts ranking amongst the world’s highest grade for basement hosted uranium vein projects
- Further drilling is planned throughout the rest of 2025
- In July 2025, NexGen acquired Rio Tinto’s 10% production carried interest over 39 NexGen owned mineral claims (which mirror the mineral claims covered by Ecora’s royalty interests) including those hosting the Patterson Corridor East discovery giving NexGen 100% ownership of its entire portfolio
Kestrel (steelmaking coal)
- Mining activity at Kestel remained outside of the Group’s private royalty area for the majority of H1 2025, with only 400kt of saleable volumes registered
- Operations returned to the Group’s private royalty area at the end of Q2 2025 and are expected to remain in the Group’s royalty area throughout Q3 2025 and into Q4 2025 with FY guidance for Ecora’s attributable volumes remaining unchanged at 2.2mt - 2.3mt