Ecora Royalties PLC (LSE/TSX: ECOR; OTCQX: ECRAF), a London and Toronto-listed critical minerals royalty and streaming company, has published its Q3 2026 trading update covering the period 1 July to 30 September 2026. The group reported a total portfolio contribution of $24.8m for the quarter, broadly flat against the $25.0m recorded in Q3 2025, while nine-month year-to-date portfolio contribution rose 32% to $56.2m. Net debt stood at $71.6m at 30 September 2026, down from $74.9m at the end of June, with further deleveraging expected through the remainder of the year absent any royalty or stream acquisitions.

Key Points

  • Ecora Royalties PLC (LSE/TSX: ECOR; OTCQX: ECRAF)
  • Q3 2026 total portfolio contribution of $24.8m, with nine-month YTD contribution up 32% to $56.2m versus $42.6m in the prior year period
  • Net debt at 30 September 2026 was $71.6m, excluding royalty receivables due in October 2026; Kestrel FY 2026 saleable production guidance maintained at 1.0–1.2 million tonnes from the group's private royalty area
  • Progress at Mantos Blancos Phase II Pre-Feasibility Study and Phalaborwa Definitive Feasibility Study milestones will be closely followed by the market

Base Metals Drive 17% Quarterly Uplift as Cobalt Price Supports Voisey's Bay Contribution

Ecora's base metals portfolio delivered a $11.6m contribution in Q3 2026, up 17% from $9.9m in Q3 2025. The Voisey's Bay cobalt stream was a key driver, with 154 attributable tonnes received generating $7.2m at an average realised price of $26.20 per pound, compared with $18.13 per pound in Q3 2025 despite lower volumes of 182 tonnes a year earlier. The Mimbula copper stream contributed $1.7m, up from $1.1m, and the group disclosed a Q4 2026 net portfolio contribution of $2.5m from a 250-tonne copper entitlement. Mantos Blancos held steady at $2.6m, matching its Q3 2025 contribution.

Capstone Copper Advances Mantos Blancos Phase II Study Targeting Concentrator and Cathode Expansion

Operator Capstone Copper Corp. is progressing a Phase II expansion Pre-Feasibility Study at the Mantos Blancos copper mine, which Ecora holds a royalty interest in. The study is aimed at outlining increased throughput from the concentrator plant alongside increased cathode production through historical tailings re-leaching, with publication targeted towards the end of 2026. Separately, at the Phalaborwa Rare Earths project, Rainbow Rare Earths Limited announced that 75% of the flowsheet has entered the engineering phase of a Definitive Feasibility Study, with an updated Pre-Feasibility Study intended for Q4 2026 ahead of a full Definitive Feasibility Study planned for H1 2027.

Maracás Menchen Vanadium Mine Secures $60.1m US Defence Delivery Order

A notable development during the quarter came at the Maracás Menchen vanadium operation in Brazil, where Largo Resources USA Inc. received a $60.1m firm fixed price delivery order from the US Defense Logistics Agency Strategic Materials for high-purity vanadium pentoxide destined for the US National Defense Stockpile. The announcement states this highlights Maracás Menchen's strategic role as a supplier of premium vanadium outside China and Russia. Ecora holds a royalty over the asset, which generated a $0.5m portfolio contribution in Q3 2026, in line with the prior year period.

Kestrel Coal Royalty Delivers $10.2m as Group Maintains Full-Year Production Guidance

The Kestrel steelmaking coal royalty in Australia contributed $10.2m in Q3 2026, with mining operations remaining within Ecora's private royalty area throughout the quarter and producing 0.9 million tonnes of saleable coal. With 1.0 million tonnes achieved year to date, full-year guidance of 1.0–1.2 million tonnes from the private royalty area remains unchanged. Kestrel remains the single largest contributor to group portfolio contribution, though its coal classification represents a concentration and commodity-transition risk as the energy sector evolves. The ex-Kestrel portfolio contribution for the nine months reached $44.7m, up 66% year on year.