Ecora Royalties PLC reported a total portfolio contribution of $31.3 million for the six months ended 30 June 2026, marking a 75% increase compared to $17.9 million during the same period in 2025.

Royalty and metal stream related revenue climbed 102% to $32.0 million from $15.8 million, while adjusted earnings rose 509% to $19.5 million, up from $3.2 million in the first half of 2025. Free cash flow reached $12.1 million compared to $2.0 million previously. Net debt decreased to $74.9 million as of 30 June 2026, down from $85.5 million at the end of December 2025 and $124.6 million at 30 June 2025.

The board declared an interim dividend of 1.90 cents per share, equating to roughly 25% of free cash flow, compared to 0.60 cents per share in the corresponding period of 2025. Profit before tax turned positive at $24.3 million, compared to a loss of $10.9 million in H1 2025.

Base metals drove the growth, with portfolio contributions in that segment increasing 159% to $22.5 million from $8.7 million. Voisey's Bay delivered 266 tonnes of cobalt compared to 140 tonnes previously, with contributions net of stream costs up 230% to $13.5 million. Mantos Blancos contributed $4.8 million, up 26%, while Mimbula generated a net contribution of $3.7 million.

“Ecora's strong first-half performance builds on the momentum established in 2025. The core critical minerals portfolio delivered another record performance, further demonstrating its underlying cash generation potential, with revenue growth converting to a significant increase in adjusted earnings growth, highlighting the scalability of the royalty model.” — Marc Bishop Lafleche, Chief Executive Officer

Operating partners are advancing several near-term project catalysts. Capstone is targeting a final investment decision on the Santo Domingo copper project in the fourth quarter of 2026, alongside the publication of the Mantos Blancos Phase II expansion pre-feasibility study toward the end of the year.

“Looking forward, a number of our operating partners are targeting near-term milestones which are expected to advance the next wave of organic growth in our portfolio. Within the base metals portfolio, the evaluation of brownfield expansion opportunities are being progressed at Voisey's Bay and Mantos Blancos, alongside the greenfield Santo Domingo project that is moving towards Final Investment Decision.” — Marc Bishop Lafleche, Chief Executive Officer

Ecora shares are trading on the Toronto Stock Exchange at $3.345.

Read the full announcement: Ecora Royalties PLC Announces Half Year Results