Critical minerals overtake coal – Ecora’s 2025 inflection point explained
Ecora Royalties has hit a long-flagged pivot. In 2025, contribution from critical minerals – mainly copper and cobalt – surpassed steelmaking coal for the first time, accounting for 63% of the $57.0m total portfolio contribution. That’s the strategic shift investors have been waiting for.
The headline is not about top-line growth – total contribution dipped 10% year-on-year due to weaker coal pricing and timing at Kestrel – but about mix. The base metals portfolio grew 150% to $28.5m, powered by higher cobalt deliveries and prices at Voisey’s Bay, a new copper stream at Mimbula, and record output from Mantos Blancos.
Q4 and full-year numbers at a glance
| Metric | Q4 2025 | Q3 2025 | Q4 2024 | FY 2025 | FY 2024 |
|---|---|---|---|---|---|
| Total portfolio contribution | $14.3m | $25.0m | $6.7m | $57.0m | $63.2m |
| Base metals contribution | $9.9m | $9.9m | $4.2m | $28.5m | $11.4m |
| Specialty metals & uranium | $1.8m | $1.9m | $1.5m | $7.6m | $8.1m |
| Bulks & other | $2.6m | $13.2m | $1.0m | $20.9m | $43.7m |
| Net debt | $85.5m (31 Dec) | $104.0m (30 Sep) | – | $85.5m | $82.3m (31 Dec) |
Portfolio contribution is Ecora’s measure of cash generated from its royalties and streams. Q4 was down 43% quarter-on-quarter as Kestrel’s mining moved away from Ecora’s private royalty area, partly offset by resilient base metals.
Base metals break-out – cobalt and copper do the heavy lifting
The base metals engine fired on all cylinders in 2025. Voisey’s Bay cobalt, Mimbula copper and Mantos Blancos copper together drove the 150% jump to $28.5m for the year, with Q4 steady at $9.9m despite a planned maintenance lull at Voisey’s Bay.
Voisey’s Bay cobalt – higher prices, lower Q4 volumes, bigger 2026 guide
- Q4 2025 contribution: $5.3m (Q3 2025: $6.0m; Q4 2024: $2.3m), with an average realised price of $23.43/lb (Q3 2025: $18.13/lb).
- Volumes: 126 tonnes received in Q4 versus 182 tonnes in Q3 due to planned maintenance at the mine and the Long Harbor processing plant.
- Full year: 448 tonnes of attributable cobalt received in 2025, the top end of guidance (434-448t).
