Ecora Royalties Surges 509% in First Half as Cobalt and Copper Fuel Growth

Ecora Royalties posted significant earnings growth in the first half of 2026, driven by its shift towards critical minerals such as cobalt and copper. The company's total portfolio contribution climbed 75% to £31.3 million from £17.9 million a year earlier, while adjusted earnings increased 509%.

The strongest growth came from base metals, where portfolio contribution rose 159% year over year. Voisey's Bay and Mantos Blancos were key drivers, while Mimbula also benefited from a fuller contribution period and higher copper prices.

Ecora's balance sheet has also improved, with net debt declining to £75 million at June 30 from £125 million a year earlier. Management expects further reduction to about £50 million by year-end if commodity prices remain supportive.