Ecora Resources

Website: Ecora Resources
Index: FTSE Small Cap
EPIC: ECOR
Supersector: Basic Resources
Sector: Industrial Metals and Mining
Subsector: General Mining
Market Cap: £342.95M
Payout Frequency: Semi-Annual

Next Ecora Resources Dividend

Ecora Resources next goes ex-dividend on 02/07/2026. This will be the Final dividend for 2026.

The dividend per share amount is 1.40¢ (USD) and the payment date is 31/07/2026.

Headline Dividend Details

Declared final dividend: 1.40 US cents per share (subject to approval at the AGM on 04/06/2026).
Ex-dividend date: 02/07/2026 (derived from record date).
Record date: 03/07/2026.
Payment date: 31/07/2026.
Total dividend for FY2025: 2.00 US cents per share (interim of 0.60c paid 30/01/2026 + proposed final of 1.40c).
Policy: Semi-annual payout of 25–35% of average free cash flow from the two preceding half-years; final dividend implies ~25% payout for H2 2025.
Indicative cash cost: c.$3.5m for the final dividend (1.40c x ~249m shares).

Dividend Sustainability and Coverage

Free cash flow (FY2025): $27.4m (+21% YoY). FY2025 DPS of 2.00c (~$5.0m) is covered ~5.5x by FCF.
Adjusted EPS: 8.86c vs FY DPS 2.00c — earnings cover ~4.4x.
Balance sheet: Net debt $85.5m, leverage ratio 2.0x (RCF covenant max 3.5x); company guides for further deleveraging in 2026 absent new deals.
Policy discipline: Final payout set at the low end (25%) of the 25–35% range, giving headroom if cash flows soften.

Growth Trajectory and Support from Operations

Portfolio mix shifting toward long-life critical minerals: base metals contribution up 150% to $28.5m, now 50% of portfolio contribution; Kestrel (steelmaking coal) reduced to $17.5m and declining into 2030.
Near-term volume outlook:
- Voisey’s Bay cobalt: FY2026 guidance 500–560t; mine life extended to 2044 (supportive for medium-term cash flows).
- Mimbula copper stream: FY2026 copper production 30–35kt (Ecora expects 1,080–1,130t attributable under the stream) after first contributions in 2025.
- Mantos Blancos copper: FY2026 guidance 48–56kt (lower grades for one year), with Phase II study due mid-2026.
Capital allocation supportive: Sold non-core Dugbe royalty for $16.5m (cash in) and acquired Mimbula stream for $50m (immediately accretive), balancing growth with deleveraging.

Structural Changes / Corporate Actions Relevant to Dividends

Acquisition: $50m producing Mimbula copper stream (March 2025) — increases base metals cash flow and diversification.
Disposal: Non-core Dugbe gold royalty for $16.5m upfront (+ up to $3.5m contingent) — improved liquidity and deleveraging.
Project operators’ actions:
- Capstone progressing Santo Domingo toward FID (H2 2026).
- Fortescue acquired Alta Copper (Cañariaco) in March 2026 — potentially accelerates development.
- West Musgrave under review/sale by BHP; a sale could accelerate restart timing.
No share consolidation disclosed; prior (2024) buyback noted but no current buyback programme highlighted.

Risks and Flags to Dividend Stability

Kestrel decline: 2026 volumes expected to halve vs 2025 and royalty life ends by 2030; reliance shifts further to base metals performance.
Commodity price volatility: Copper/cobalt/uranium price swings (and geopolitical factors) directly affect royalty/stream cash flows.
2026 asset-specific headwinds: Mantos Blancos one-year grade dip; McClean Lake toll rate step-down (and a further ~15% decrease expected in 2026).
Execution risk: Timing of de-risking/FID milestones (Santo Domingo, Nifty, Phalaborwa) and ramp-ups affects medium-term FCF.
Leverage: Net debt 2.0x EBITDA is manageable but constrains flexibility if prices weaken and new acquisitions proceed.
Policy approval: Final dividend remains subject to shareholder approval at the 2026 AGM.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
08/01/2026	30/01/2026	Interim	0.60¢	USX
02/07/2026	31/07/2026	Final	1.40¢	USX

Total (Annual Dividends Per Share): 1.47p (Using exchange rate on 30/04/2026 $ = £0.73627)

Dividend Yield = Annual Dividends Per Share (1.47p) ÷ Share Price (134.6p) = 1.09%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/07/2026	31/07/2026	Final	1.40¢	USX
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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