Ecora Resources PLC Announces Q4 Trading Update

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Algemeen advies 01/02/2024 08:52
LONDON, UK / ACCESSWIRE / January 31, 2024 / Ecora Resources PLC (LSE:ECOR)(TSX:ECOR) issues the following trading update for the period 1 October 2023 to 31 December 2023. This update is released ahead of the Group's audited full year results on 27 March 2024.

Fourth Quarter and Full Year 2023 Portfolio Contribution

FY23 portfolio contribution of $63.6m (2022: $143.2m), with the YoY decline primarily a result of expected lower production within the Group's private royalty area at Kestrel as well as a normalisation of commodity prices in 2023 from near record levels the previous year. Q4 portfolio contribution was $14.4m (including $5.4m of accrued income). Net debt as at 31 December 2023 was $75m (2022: $36m).

Marc Bishop Lafleche, Chief Executive Officer of Ecora, commented:
"In-line with our expectations, portfolio contribution rebounded from third quarter levels as operations at Kestrel moved back within the Group's private royalty area and a higher weighting of quarterly cobalt deliveries from Voisey's Bay.

"This momentum has continued into 2024. Kestrel production within the Group's private royalty area is expected to increase 15-25% compared to 2023. The Voisey's Bay underground ramp-up is expected to accelerate in H2, and other volumes across the portfolio expected to be ahead or in-line with last year. Current commodity price levels would imply year-on-year portfolio contribution growth in the year ahead.

"In the fourth quarter, we acquired an incremental royalty interest over the PiauĂ­ project for $7.5m. Brazilian Nickel will primarily use these funds to de-risk the project by undertaking detailed engineering studies prior to project construction. This was financed by recycling a portion of our LIORC holding in the quarter, which realised a c. 110% total pre-tax return on the investment.

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