Ecora Resources (ECOR) AI Stock Analysis

• Market Cap: £270.95M
• Dividend Yield: 1.75%
• Average Volume (3M): 447.87K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.50
• Revenue Growth: -63.09%
• EPS Growth: -253.25%
• Country: UK
• Employees: 12
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): <0.01
• Shares Outstanding: 249,034,670
• 10 Day Avg. Volume: 583,715
• 30 Day Avg. Volume: 447,871
• PEG Ratio: 0.02
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 3.39
• P/FCF Ratio: 10.68
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £151.67
• Price Target Upside: 38.89% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: 116.00p ▲(6.23% Upside)

Ecora Resources' overall stock score is driven by strong technical indicators and positive corporate events, which are offset by valuation concerns due to recent losses. The company's strategic focus on critical minerals and positive earnings call sentiment provide a favorable outlook, but financial performance challenges, particularly declining revenue and profitability, weigh on the score.

Positive Factors

Base Metals Growth

The significant growth in the base metals segment, particularly copper, indicates strong market demand and strategic positioning, enhancing long-term revenue potential.

Cash Flow Generation

Strong cash flow generation despite net losses highlights operational efficiency and provides financial flexibility for future investments and debt management.

Strategic Asset Management

The strategic sale of non-core assets like Dugbe Gold Royalty supports deleveraging and allows for better capital allocation, strengthening the company's financial position.

Negative Factors

Declining Revenue

The significant decline in revenue poses a risk to financial stability and growth, necessitating strategic adjustments to reverse the trend and sustain operations.

High Effective Tax Rate

The high tax burden on key assets like Kestrel reduces net cash flow, limiting reinvestment potential and impacting overall profitability.

Nickel Market Challenges

Ongoing challenges in the nickel market, including pricing pressures, could hinder project viability and revenue from this segment, affecting diversification efforts.

Ecora Resources Business Overview & Revenue Model

Company Description

Ecora Resources PLC operates as a natural resource royalty and streaming company in Australia, North and South America, Europe, and internationally. It has royalties and investments in mining and exploration interests in cobalt, steelmaking coal, iron ore, copper, nickel, vanadium, uranium, coking coal, calcium carbonate, chromite, gold, and silver. The company was formerly known as Anglo Pacific Group plc and changed its name to Ecora Resources PLC in October 2022. Ecora Resources PLC was incorporated in 1967 and is headquartered in London, the United Kingdom.

How the Company Makes Money

Ecora Resources generates revenue through a combination of mineral royalties, asset management, and the sale of exploration data. The company primarily earns money by receiving royalties from mining operations on properties where it holds rights. These royalties are typically a percentage of the revenue or profits generated from the extraction of minerals. Additionally, Ecora may engage in joint ventures or partnerships with other mining companies to explore and develop mineral resources, which can provide additional income streams. The company's focus on acquiring high-potential assets in favorable mining regions further enhances its revenue potential, as successful exploration can lead to increased production and higher royalty payments.

Ecora Resources Financial Statement Overview

Summary

Ecora Resources faces challenges with declining revenue and profitability, impacting its income statement. Despite this, the balance sheet remains solid with low leverage and a strong equity position, offering some stability. Cash flow conditions are favorable in terms of cash generation, but past volatility poses risks. The company needs to address its revenue and profitability issues to improve its financial health.

Income Statement

Ecora Resources shows a concerning trend with declining revenues from $115.17 million in 2022 to $59.61 million in 2024, a significant drop. Gross profit margin remains high at 84.7% for 2024 but the net profit margin has turned negative due to a net loss. EBIT margin is robust at 66.2%, indicating operational efficiency. However, the overall decline in revenue and a net loss are major concerns.

Balance Sheet

The balance sheet is relatively strong with a debt-to-equity ratio of 0.21, indicating low leverage. The equity ratio is 78.4%, showcasing a solid equity position. Return on equity has deteriorated due to recent losses. The company maintains a healthy asset base with a total of $553.97 million, though declining equity and increasing liabilities are potential concerns.

Cash Flow

Cash flow analysis reveals a positive operating cash flow to net income ratio, highlighting good cash generation capabilities despite a net loss. Free cash flow is positive, indicating the company generates sufficient cash flow after capital expenditures. However, the volatility in free cash flow growth and past negative figures are areas to watch.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	20.91M	59.61M	61.90M	141.87M	85.30M	34.01M
Gross Profit	10.31M	50.49M	53.09M	99.25M	43.83M	22.09M
EBITDA	10.42M	22.61M	18.52M	126.80M	66.66M	35.45M
Net Income	-19.69M	-9.83M	847.00K	94.64M	27.25M	-18.60M
Balance Sheet
Total Assets	590.76M	553.97M	636.28M	564.42M	384.26M	286.20M
Cash, Cash Equivalents and Short-Term Investments	7.94M	7.88M	7.85M	4.86M	21.99M	27.51M
Total Debt	135.63M	93.29M	85.76M	45.60M	112.77M	45.28M
Total Liabilities	160.85M	119.33M	154.26M	145.76M	120.61M	71.20M
Stockholders Equity	429.91M	434.64M	378.11M	503.60M	263.65M	293.49M
Cash Flow
Free Cash Flow	-16.08M	18.92M	-23.57M	55.52M	32.62M	14.50M
Operating Cash Flow	10.23M	29.59M	33.54M	104.15M	32.65M	15.72M
Investing Cash Flow	-23.55M	-6.26M	-43.17M	-54.01M	-136.61M	14.44M
Financing Cash Flow	9.96M	-22.70M	11.72M	-92.74M	76.63M	-18.28M

Ecora Resources Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 109.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ECOR, the sentiment is Positive. The current price of 109.2 is above the 20-day moving average (MA) of 104.33, above the 50-day MA of 96.63, and above the 200-day MA of 73.29, indicating a bullish trend. The MACD of 4.18 indicates Positive momentum. The RSI at 67.06 is Neutral, neither overbought nor oversold. The STOCH value of 48.30 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:ECOR.

Ecora Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CAPD	78 Outperform	£264.73M	13.01	8.44%	1.44%	-1.46%	-24.05%
ECOR	66 Neutral	£270.95M	-11.57	-6.87%	1.75%	-63.09%	-253.25%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JLP	61 Neutral	£95.96M	―	―	―	―	―

Ecora Resources Corporate Events

Ecora Resources Strengthens Portfolio with High-Grade Uranium Assay Results

Ecora Resources, a critical minerals royalty company, announced significant assay results from the Patterson Corridor East project, where it holds a 2% Net Smelter Return royalty. The results, reported by NexGen Energy, indicate high-grade uranium deposits, which could enhance Ecora’s portfolio value and strengthen its position in the critical minerals market. This development aligns with Ecora’s strategy to focus on commodities that support the energy transition, potentially increasing shareholder returns and market influence.

Ecora Resources Updates on Phalaborwa Rare Earths Project

Ecora Resources announced that Rainbow Rare Earths Limited has chosen solvent extraction as the method for separating rare earth oxides at the Phalaborwa project, achieving high purity levels. Ecora holds a 0.85% Gross Revenue Royalty on this project, which aligns with its strategy to diversify its portfolio in critical minerals, potentially enhancing its market position and shareholder returns.

Ecora Resources Boosts Phalaborwa Project’s Value with Yttrium Inclusion

Ecora Resources has announced that the inclusion of yttrium in the Phalaborwa Rare Earths Project’s SEG+ mixed rare earth product could increase the project’s estimated EBITDA by over US$30 million. Ecora holds a 0.85% Gross Revenue Royalty on this project, highlighting its strategic investment in critical minerals that support sustainable energy solutions and potentially enhancing its market position and shareholder value.

Ecora Resources Updates on Nifty Copper Project Restart

Ecora Resources PLC announced an update on the Nifty Copper Project, where Cyprium Metals Limited has approved the restart of the Cathode Project with production expected in mid-2026. Ecora holds a 1.5% royalty on the project, but payments will not commence until 800kt of copper is produced, a threshold anticipated to be reached five years after production restarts. This development aligns with Ecora’s strategy to enhance its portfolio with commodities crucial for a sustainable future, potentially increasing the value of its royalty portfolio.

Ecora Resources Reports Director-Linked Share Acquisition

Ecora Resources PLC, a company listed on the London Stock Exchange and Toronto Stock Exchange, has reported a transaction involving CH Invest GmbH, which is closely associated with Non-Executive Director Christine Coignard. On November 14, 2025, CH Invest GmbH acquired 11,400 ordinary shares of Ecora at approximately £0.922 per share on the London Stock Exchange. This transaction reflects internal movements within the company’s shareholder structure, potentially indicating confidence in Ecora’s market position and future prospects.

Ecora Resources Updates on Phalaborwa Project with Yttrium Inclusion

Ecora Resources PLC has announced an update from Rainbow Rare Earths Limited regarding the Phalaborwa Rare Earths Project, which now includes yttrium in its Mineral Resource Estimate. This update is significant as yttrium has been subject to Chinese export controls, and its inclusion reflects the growing market demand for a comprehensive range of economic rare earth elements, potentially enhancing the project’s economic viability and Ecora’s royalty interests.

Ecora Resources Executives Increase Shareholdings

Ecora Resources PLC, a company listed on the London Stock Exchange and Toronto Stock Exchange, announced recent share acquisitions by its top executives. CEO Marc Bishop Lafleche and CFO Kevin Flynn purchased 32,000 and 21,175 shares respectively, at prices of approximately £0.931 and £0.954 per share. These transactions, conducted on the London Stock Exchange, reflect the executives’ confidence in the company’s future prospects and may positively influence stakeholder sentiment.

Ecora Resources Achieves Record Q3 2025 Performance with Strong Base Metals Growth

Ecora Resources reported a record-breaking Q3 2025, with a total portfolio contribution of $25 million, driven by strong performance in its base metals portfolio, particularly from the Mantos Blancos copper royalty and Voisey’s Bay cobalt stream. The company reduced its net debt by 30% and anticipates further growth milestones in the coming year, enhancing its position in the critical minerals market. The sale of the Dugbe gold royalty and resumed mining at Kestrel contributed to the company’s financial strength, while developments in the Santo Domingo project and cobalt export regulations in the Democratic Republic of Congo are expected to impact future operations.

Ecora Resources Announces Strategic Partnership in Santo Domingo Project

Ecora Resources has announced that Orion Resource Partners LP will acquire a 25% stake in the Santo Domingo and Sierra Norte Projects for up to $360 million. Ecora holds a 2.0% Net Smelter Return royalty on the Santo Domingo project, expected to generate $30-35 million annually over the first seven years, aligning with its strategy to focus on critical minerals supporting electrification.

Ecora Resources Reports Positive Developments in Phalaborwa Rare Earths Project

Ecora Resources PLC announced that Rainbow Rare Earths Limited has reported successful results from ongoing test work at the Phalaborwa rare earths project in South Africa, where Ecora holds a 0.85% Gross Revenue Royalty. This development could enhance Ecora’s revenue streams and strengthen its position in the critical minerals market, potentially benefiting stakeholders by contributing to the supply of essential rare earth elements.

Ecora Resources Completes $20M Royalty Sale of Dugbe Gold Project

Ecora Resources PLC has completed the sale of a wholly-owned subsidiary that holds a 2% Net Smelter Return royalty over the Dugbe Gold Project in Liberia to a subsidiary of Elemental Altus Royalties Corp. The transaction is valued at up to $20 million, with $16.5 million received upon completion. This sale is part of Ecora’s strategic focus on optimizing its portfolio, potentially enhancing its financial position and allowing it to concentrate on other critical mineral projects.