Q1 2023 Trading Update Highlights

  • Portfolio contribution of $29.6 million, up 66% on Q4 22 due to a combination of strong steel making coal prices and higher saleable production from Kestrel, with c. 850,000t derived from the Group’s private royalty area

  • Copper, vanadium, and uranium prices are all up year to date. Cobalt prices recovered from a low of $15.6/lb in February to $17.0/lb in April – the medium and long term outlook for cobalt remains positive

  • Construction of the West Musgrave copper nickel mine continued whilst the BHP takeover of OZ Minerals is scheduled to complete on 2 May 2023

  •  Three cobalt deliveries were received from Voisey’s Bay during the period at an average realised sale price of $17/lb. Planned maintenance operations scheduled for Q2 will impact production at Voisey’s Bay with calendar year 2023 cobalt deliveries substantially weighted to the second half

  • Transition to the Voisey’s Bay underground mining activities progressing on schedule for ramp-up in 2024

  • Maracás Menchen ilmenite concentration plant scheduled to complete in Q2 2023 with first sales expected in 2024

  • Net debt at 31 March was $35 million, providing the balance sheet flexibility to pursue further growth​​​​​

Q1 2023 Trading Update

2022 full year results

“2022 was an outstanding year for Ecora, achieving record portfolio contribution for the second year running. We completed the acquisition of a high quality development stage copper nickel royalty portfolio from South32, further aligning our commodity exposure to the energy transition thematic, as well as recasting the Company as a growth story. Our revenue derived from future facing commodity royalties now has the potential to grow over the medium-term from $33m in 2022 to above $100m.

Marc Bishop Lafleche

Chief Executive Officer

Download 2022 Annual Report

2022 Financial highlights

  • Record FY22 portfolio contribution of $143.2m, up 67% on FY21 ($85.6m) as the portfolio benefited from stronger commodity prices for the majority of the year
  • Adjusted earnings of $87.9m, also representing a 67% increase on FY21 ($52.3m) preserving profit margins despite inflationary backdrop
  • Adjusted earnings per share up 49% at 37.55c (2021: 25.18c)
  • Royalty and metal stream-related revenue of $141.9m, up 66% on FY21 ($85.3m)
  • Profit before tax of $135.4m, up 147% on FY21 ($54.6m)


  • Net debt as at 31 December 2022 of $36m (31 December 21: $90m), reflecting rapid deleveraging in 2022 as a result of strong cash generation
  • Borrowing facility extended by 12 months to February 2025
  • Final dividend proposed of 1.75p per share, bringing the total dividend for the year to 7p per share, as per guidance
  • Future facing commodities now represent 85% of the Group’s royalty assets on balance sheet at YE 22 (YE 21: 75%)

2022 Operational highlights

  • Added medium-term growth through the acquisition of a portfolio of royalties over advanced stage copper and nickel projects from South32, including royalties over the West Musgrave and Santo Domingo projects, for a fixed consideration of US$185m with further contingent consideration of up to US$15m
  • Construction commenced on the West Musgrave copper nickel project with production forecast by OZ Minerals to start in H2 2025
  • BHP reached an agreement to acquire 100% of the shares in OZ Minerals (subject to various conditions) in a transaction that will see BHP become operator of the West Musgrave development
  • Capstone Copper published the Mantoverde-Santo Domingo District Integration Plan, detailing the path towards a world class mining district in the Atacama region of Chile
  • Brazilian Nickel announced first nickel production from the small scale PNP1000 plant at the Piauí nickel and cobalt project in Brazil with the full-scale construction financing process now underway
  • The Queensland Government added new tiers to the statutory royalty regime, significantly increasing royalty revenue from the Group’s Kestrel royalty entitlement at prices above A$175/tonne from 1 July 2022, increasing the weighted average royalty rate from 13% in H1 22 to 23% in H2 22


  • Copper, coking coal, uranium and iron ore pellet prices have started the year strongly
  • Cobalt and nickel prices have weakened YTD reflecting increased supply and, in the case of cobalt, a reduction in demand for consumer electronics. Class 1 nickel markets remain tight, but the medium-long term outlook for both commodities remains strong
  • Kestrel saleable volumes produced within the Group’s private royalty area in 2023 are expected to be primarily weighted towards Q1 and Q4, with total saleable volumes from the Group’s area approximately half those during 2022 
  • Voisey’s Bay stream is expected to generate 13-15 deliveries of cobalt in 2023 (each delivery is 20 tonnes of which 70% is attributable to Ecora), compared to 19 received in 2022, due to the transition from end of life open pit operations to the underground expansion which is expected to ramp up from 2024
  • Capstone Copper announced commercial production following the Mantos Blancos Phase I expansion, and is now evaluating the potential to increase throughput of the Mantos Blancos sulphide concentrator plant from 7.3 million tonnes per year to 10.0 million tonnes per year. The Mantos Blancos Phase II feasibility study is expected to be released in H2 2023
  • Cameco has reversed an earlier decision to operate the Cigar Lake mine at 75% of production capacity in 2024 and it is now planned to operate the mine at full licensed capacity of 18Mlbs 
  • Remain in discussions with the operator of EVBC royalty following recent margin pressure, it is likely that in the short-term a portion of cash royalties, including H2 2022, will be deferred until a later date
  • Production volumes at the Group's other royalty assets for 2023 are expected to be broadly line with 2022 levels
  • Updated Santo Domingo feasibility study expected in H2 2023 as Capstone Copper plans to take advantage of the proximity synergies with the existing Mantoverde operation and infrastructure 
  • Retain a strong balance sheet with which to pursue future growth opportunities as we continue to transition our portfolio towards future facing metals  
  • Dividend to be rebased to US$ at 12 month average USD:GBP exchange rate of 1.21. 7p per share dividend to be converted and rounded up to 8.5¢ per share, resulting in quarterly payments of 2.125¢ per share, commencing from Q1 2023.