Ecora Resources
Website:
Ecora Resources
Index:
FTSE Small Cap
EPIC: ECOR
Supersector:
Basic Resources
Sector:
Industrial Metals and Mining
Subsector:
General Mining
Market Cap:
£361.6M
Payout Frequency: Semi-Annual
Ecora Resources Dividend Analysis and Summary
Dividend announcement and key dates
- Declared dividend: 0.60 cents per share (USD) interim dividend for H1 2025.
- Record date: 09/01/2026.
- Ex-dividend date: 08/01/2026 (one business day before the record date).
- Payment date: 30/01/2026.
- Policy basis: ~25% of average free cash flow from H2 2024 and H1 2025 (average FCF: $5.7m).
- Estimated cash outlay: c.$1.5m (0.60c x ~249m shares), implying a payout at the bottom of the 25–35% target range.
Context from results
- H1 2025 portfolio contribution: $17.9m (down from $51.3m YoY) due to Kestrel timing.
- H1 2025 adjusted EPS: 1.27c; loss before tax: -$10.9m.
- H1 2025 free cash flow: $2.0m (vs. H2 2024: $9.5m).
- Net debt (30 Jun 2025): $124.6m; leverage ratio: 2.5x (covenant max 3.5x).
- Post-period disposal agreed: Dugbe royalty for $16.5m upfront (up to $20m consideration), supporting deleveraging.
Comparison with prior dividends
- Prior distributions (FY 2024): interim 1.70c (paid 31 Jan 2025) and final 1.11c (paid 25 Jul 2025) = total 2.81c.
- The new interim 0.60c is materially lower YoY, reflecting lower H1 2025 FCF and a cautious stance at the 25% payout threshold.
Analysis: sustainability and growth
- Coverage and sustainability:
- Dividend set explicitly at ~25% of averaged FCF, providing built-in coverage. On the two-period average FCF of $5.7m, coverage is comfortable; on H1 alone ($2.0m), coverage is tighter but still positive.
- Policy smooths Kestrel volatility by averaging two periods, mitigating near-term cash flow swings.
- Growth trajectory:
- Interim down sharply vs prior year, but management guides to a stronger H2 2025 as Kestrel mining returns to royalty lands and base metals (Voisey’s Bay, Mantos Blancos, Mimbula) continue to ramp.
- Medium term, a higher proportion of critical minerals revenues (notably copper and cobalt) should reduce reliance on Kestrel timing and support a more stable platform for dividends.
- Balance sheet and capital allocation:
- Leverage at 2.5x is elevated but within covenants; the $16.5m Dugbe proceeds and H2 cash generation are earmarked for deleveraging, which is supportive for the dividend’s durability.
- RCF expanded to $180m and extended to 2028, improving liquidity headroom; however, higher debt service costs continue to pressure FCF.
Structural changes and policy signals
- Disposal: Sale of the non-core Dugbe gold royalty (up to $20m consideration, $16.5m upfront) post period-end—positive for near-term deleveraging.
- Acquisition: $50m Mimbula copper stream (Feb 2025) adds copper exposure and FCF potential as ramp-up progresses.
- Financing: RCF maturity extended to Jan 2028 with expanded commitments; covenant framework adjusted. No share consolidation or demerger activity reported.
- Dividend policy: Reaffirmed semi-annual payout of 25–35% of two-period average FCF; current interim at the lower bound signals capital discipline while leverage normalises.
Risks and flags for dividend stability
- Cash flow volatility: Heavy dependence on mining geometry at Kestrel drives period-to-period swings.
- Commodity price sensitivity: Exposure to cobalt, copper, coal, uranium and vanadium prices; revaluation loss at Kestrel underlines price risk.
- Leverage: Net debt $124.6m and interest costs constrain FCF until deleveraging advances.
- Operational timing: Voisey’s Bay and Long Harbour planned maintenance in H2 2025; development timelines (e.g., Santo Domingo, West Musgrave) remain uncertain.
- Operator dependence: Performance and capital plans of counterparties (e.g., Capstone, BHP, NexGen) affect royalty timing and receipts.
Read more
Ecora Resources Annual Dividend Yield - 1.47%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 02/01/2025 |
31/01/2025 |
Interim |
1.70¢ |
USX |
| 26/06/2025 |
25/07/2025 |
Final |
1.11¢ |
USX |
Total (Annual Dividends Per Share):
2.05p
(Using exchange rate on 30/01/2026
$ = £0.72886)
Dividend Yield =
Annual Dividends Per Share (2.05p)
÷ Share Price (139.2p)
= 1.47%
Ecora Resources Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 08/01/2026 |
30/01/2026 |
Interim |
0.60¢ |
USX |
| 26/06/2025 |
25/07/2025 |
Final |
1.11¢ |
USX |
| 02/01/2025 |
31/01/2025 |
Interim |
1.70¢ |
USX |
| 09/05/2024 |
05/06/2024 |
Final |
2.13¢ |
USX |
| 11/01/2024 |
14/02/2024 |
Q3 |
2.13¢ |
USX |
| 28/09/2023 |
25/10/2023 |
Q2 |
2.13¢ |
USX |
| 15/06/2023 |
26/07/2023 |
Q1 |
2.13¢ |
USX |
| 11/05/2023 |
07/06/2023 |
Q4 |
1.75¢ |
USX |
| 12/01/2023 |
15/02/2023 |
Q3 |
1.75¢ |
USX |
| 06/10/2022 |
26/10/2022 |
Q2 |
1.75¢ |
USX |
| 16/06/2022 |
31/08/2022 |
Q1 |
1.75¢ |
USX |
| 19/05/2022 |
31/05/2022 |
Final |
1.75¢ |
USX |
| 06/01/2022 |
17/02/2022 |
Q3 |
1.75¢ |
USX |
| 25/11/2021 |
22/12/2021 |
Q2 |
1.75¢ |
USX |
| 07/10/2021 |
10/11/2021 |
Q1 |
1.75¢ |
USX |
| 08/07/2021 |
18/08/2021 |
Final |
3.75¢ |
USX |
| 07/01/2021 |
17/02/2021 |
Q3 |
1.75¢ |
USX |
| 01/10/2020 |
13/11/2020 |
Q2 |
1.75¢ |
USX |
| 02/07/2020 |
14/08/2020 |
Q1 |
1.75¢ |
USX |
| Year |
Final |
Currency |
Total |
Change |
| 2024 |
2.125 |
USX |
4.250 |
-45.160 |
| 2023 |
|
USX |
7.750 |
10.710 |
| 2022 |
1.750 |
USX |
7.000 |
-22.220 |
| 2021 |
3.750 |
USX |
9.000 |
157.140 |
| 2020 |
|
USX |
3.500 |
|
Ecora Resources Dividend Calculator
Ecora Resources Dividend Growth
| Dividend Growth (1Y) |
-59.05%
|
| Dividend CAGR (5Y) |
-33.1%
|
| Years of Growth |
–
|
| Payout Ratio |
–
|
| Buyback Yield |
3.63%
|
| Shareholder Yield |
4.24%
|
| P/E Ratio (TTM) | – |
|---|
| Forward P/E | 19.16 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | -6.13% |
|---|
| FCF Yield | -6.49% |
|---|
| ROE | -6.76% |
|---|
| ROCE | 0.51% |
|---|
| Profit Margin | -116.79% |
|---|
| Operating Margin | 11.34% |
|---|
| Gross Margin | 47.49% |
|---|