Mining has a critical role to play in the energy transition

The energy transition will be metal intensive and without the mining industry it will be impossible (ex-revolutionary technology breakthrough) to fully transition to a carbon neutral world.

We have a portfolio of 22 assets, in 5 continents across 10 of these key commodities. Our strategy is to continue to acquire royalties and streams over low cost operations and projects with strong management teams, in well-established jurisdictions in the commodities required for a sustainable future.

The Company’s royalty portfolio has been constructed to provide exposure to commodities directly required for the decarbonisation of energy supply and consumption, as well as commodities which are produced in a relatively more sustainable way.

Following the run-off of our steelmaking coal exposure in 2026, we expect over 90% of the portfolio’s contribution will be derived from copper, cobalt, nickel, vanadium and uranium royalty assets. 

  1. Exposure to electrification and decarbonisation
  2. Renewable electricity generation and transmission
  3. Energy consumption and storage
  4. Digital infrastructure and AI

Geographic exposure

Commodity exposure

Stage of development

*Based on consensus sell side analyst NAV estimates as at 10 March 2025.

2024 - An overview of our markets 

Base metals

Price summary

LME copper price averaged $4.15/lb over the course of 2024, and ranged from a peak of $4.90/lb reached in May to a low of $3.66/lb in February.

Fastmarkets MB alloy-grade cobalt price averaged $15.6/lb in 2024, and standard grade cobalt averaged $12.2/lb. The alloy-grade price ranged between $14.0/lb and $17.0/lb, while standard grade was between $10.7/lb and $13.7/lb. 

LME nickel price averaged $7.63/lb, and reached a maximum of $9.68/lb in May and a minimum of $6.75/lb in December.

Commentary

Throughout 2024, the base metals that Ecora has direct exposure to were impacted by various market forces with each metal’s price performance somewhat correlated to the maturity of its end market. Themes set in motion during 2023 continued into 2024, most notably in nickel and cobalt
markets where oversupply from single geographies led to falling prices.

Read more in our Annual report

Bulks and other

Price summary

Metallurgical coal price averaged $242/t during 2024, reaching a maximum of $330/t in January and a minimum of $177/t in September. 

62% iron ore price averaged $104/t in 2024, and ranged from a peak of $136/t in January to a low of $85/t in September.

Commentary

Steelmaking coal, also known as metallurgical coal, benefited from robust demand from the steel industry, especially in emerging economies where blast furnace usage remains prevalent. Despite some environmental push-back in large producing regions such as Australia and the US, metallurgical coal cannot be easily substituted and remains a core raw material in steel fabrication.

Read more in our Annual report

Speciality metals and uranium

Price summary

Cameco reported uranium spot price averaged $85/lb over the course of 2024, with the long-term contract price averaging $79/lb.

Fastmarkets MB vanadium price averaged $5.86/lb in 2024, ranging between $5.19/lb and $6.88/lb.

Asian Metals’ neodymium-praseodymium (NdPr) oxide price averaged $54.6/kg in 2024, and reached a maximum of $62.3/kg in January and a minimum of $48.0/kg in March.

Commentary

2024 saw continued strong sentiment for the nuclear industry with security of uranium supply a key focal point for nations seeking to diversify domestic energy sources. Specialty metals in Ecora’s portfolio such as vanadium and rare earths were buffeted by global macro forces including new Chinese steel rebar standards that required higher vanadium content, and China’s domination of the rare earth supply chain.

Read more in our Annual report