Ecora Resources

Website: Ecora Resources
Index: FTSE Small Cap
EPIC: ECOR
Supersector: Basic Resources
Sector: Industrial Metals and Mining
Subsector: General Mining
Market Cap: £272.94M
Payout Frequency: Semi-Annual

Next Ecora Resources Dividend

Ecora Resources next goes ex-dividend on 08/01/2026. This will be the Interim dividend for 2026.

The dividend per share amount is 0.60¢ (USD) and the payment date is 30/01/2026.

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.

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): 2.10p (Using exchange rate on 12/12/2025 $ = £0.74878)

Dividend Yield = Annual Dividends Per Share (2.10p) ÷ Share Price (111.2p) = 1.89%

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

Number of Shares:

Payment	Paid	Amount
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