Ecora Royalties (ECOR) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 portfolio contribution rose 105% year-over-year to $12.3m, driven by strong base metals performance.

• Voisey's Bay cobalt production ramped up, with significant volumes deferred to Q2 due to shipping timelines.

• Specialty metals and uranium portfolio contribution increased 35% year-over-year, supported by normalized sales at Four Mile.

• No contribution from Kestrel coal royalty in Q1; mining expected to return in Q3 2026.

Financial highlights

• Net debt at March 31, 2026 was $84.4m, slightly down from $85.5m at year-end 2025.

• Voisey's Bay contributed $3.6m, up 177% year-over-year, with 70 tonnes of cobalt received at an average price of $28.66/lb.

• Mimbula contributed $2.1m, with 150 tonnes of copper entitlement for Q1 2026.

• Mantos Blancos portfolio contribution was $2.4m, up from $1.8m in Q1 2025, benefiting from higher copper prices.

• Four Mile uranium contribution normalized to $1.1m versus $0.1m in Q1 2025.

Outlook and guidance

• 98 tonnes of cobalt set to be received in April, exceeding Q1 total; FY 2026 cobalt guidance remains at 500-560 tonnes.

• Strong commodity price environment and deferred shipments position the portfolio for a robust Q2.

• Cañariaco project expected to deliver average annual production of 158kt copper, 70koz gold, and 1.5Moz silver over the first ten years.