Ecora Resources
Website:
Ecora Resources
Index:
FTSE Small Cap
EPIC: ECOR
Supersector:
Basic Resources
Sector:
Industrial Metals and Mining
Subsector:
General Mining
Market Cap:
£311.6M
Payout Frequency: Semi-Annual
Ecora Resources Dividend Analysis and Summary
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.
Read more
Ecora Resources Annual Dividend Yield - 1.16%
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):
1.48p
(Using exchange rate on 16/07/2026
$ = £0.74134)
Dividend Yield =
Annual Dividends Per Share (1.48p)
÷ Share Price (128p)
= 1.16%
Ecora Resources Dividend History
| 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 |
|
Ecora Resources Dividend Calculator
Ecora Resources Dividend Growth
| Dividend Growth (1Y) |
-31.39%
|
| Dividend CAGR (5Y) |
-22.94%
|
| Years of Growth |
–
|
| Payout Ratio |
31.3%
|
| Buyback Yield |
1.03%
|
| Shareholder Yield |
2.21%
|
| P/E Ratio (TTM) | 18.92 |
|---|
| Forward P/E | 10.03 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 5.29% |
|---|
| FCF Yield | -3.82% |
|---|
| ROE | 4.93% |
|---|
| ROCE | 4.43% |
|---|
| Profit Margin | 39.68% |
|---|
| Operating Margin | 45.27% |
|---|
| Gross Margin | 69.72% |
|---|