What Ecora Royalties does

Ecora Royalties PLC is a London-listed royalty and streaming company that acquires and holds passive economic interests in mining operations, primarily Net Smelter Return royalties, Gross Revenue Royalties, and metal streams. The company was founded in 1984 as Anglo Pacific Group PLC with a coal-focused book, was rebranded to Ecora Resources PLC in October 2022, and was renamed Ecora Royalties PLC in January 2026 to mark its transformation into a critical-minerals-focused royalty platform. It is incorporated and headquartered in England, with primary listings on the London Stock Exchange (LSE: ECOR) and Toronto Stock Exchange (TSX: ECOR) and a secondary listing on the US OTCQX Best Market (ECRAF).

Ecora's portfolio comprises 23 principal royalty and streaming-related assets across 5 continents and 11 commodities, with copper at the core and supplementary exposure to cobalt, nickel, vanadium, rare earths, uranium, gold, and iron ore. Key producing assets include the Mantos Blancos copper royalty (Chile, operated by Capstone Copper), the Mimbula copper stream (Zambia, operated by Moxico Resources), the Voisey's Bay cobalt stream (Canada, operated by Vale), the Maracás Menchen vanadium royalty (Brazil), the Kestrel coal royalty (Australia), and the McClean Lake Mill toll revenue interest (Canada). Development-stage royalties, including West Musgrave (BHP), Piauí nickel-cobalt, Phalaborwa rare earths, and Patterson Corridor East uranium, provide a long-dated pipeline.

The company generates revenue as a percentage of underlying mine output or revenue, with no operational mining risk and limited inflation exposure. It serves institutional and retail investors seeking diversified critical-minerals exposure through a publicly traded vehicle, distributing semi-annual cash dividends of 25-35% of free cash flow. Major transactions include the $300m acquisition of the Voisey's Bay cobalt stream (2021), the $185m South32 portfolio acquisition (2022), the $50m Mimbula copper stream (January 2025), and the $8.5m Phalaborwa rare earths royalty (July 2024). FY2025 royalty and metal-stream revenue was $55.9m with $27.4m of free cash flow, against $85.5m of net debt and $86.7m of available undrawn revolving credit.

Name

Ecora Royalties

Legal name

Ecora Royalties PLC

Website

https://ecoraroyalties.com

Company type

Public

Founded year

1984

Operating status

Operating

Short description

Ecora Royalties PLC is a London-listed royalty and streaming company holding 23 passive economic interests in mining operations across 5 continents and 11 commodities, primarily copper, cobalt, nickel, vanadium, rare earths, and uranium, serving institutional and retail investors seeking diversified critical-minerals exposure.

Ownership category

akta.pro rank

Product category

Mining Royalties and Metal Streaming

NAICS

Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) (533110)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

akta.pro secondary industry

Iron Ore Royalties, Streaming & Mineral Rights (IMAKAAAH)

Keywords

• Mining royalties
• Metal streaming
• Critical minerals
• Royalty financing
• Commodity investments

Headquarters

HQ city

City Of London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Royalties and Metal Streams: Ecora generates revenue through royalties (typically Net Smelter Return or Gross Revenue Royalties) and metal streams on mining operations. Royalties provide upstream commodity price exposure with significantly lower operational and capital risk relative to direct mining investments. Revenue is tied to commodity production volumes and prices at underlying mines.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Ecora Royalties is a royalty and streaming company that finances mining operators in exchange for long-term contractual rights to a percentage of revenue or physical metal produced. The company holds 23 principal royalty and streaming-related assets spanning 5 continents and 11 commodities, with strategic focus on critical minerals (copper, cobalt, nickel, vanadium, rare earths, uranium) supporting the energy transition, alongside select gold, iron ore, and coal exposure. Ecora generates revenue of $55.9 million (2025) without operating any mines itself.

Product overview

Ecora Royalties is a critical minerals focused royalty company with a diversified portfolio of 23 principal royalty and streaming-related assets across 5 continents and 11 commodities. The company operates a single unified product offering: acquiring and holding royalty and streaming interests in mining operations. Copper is at the core of the portfolio, supplemented by other commodities linked to electrification including cobalt, nickel, vanadium, rare earths, uranium, gold, and iron ore. The company generates cash flow from producing assets while maintaining development-stage royalties for future growth. Key producing assets include the Mantos Blancos copper royalty (Chile), Mimbula copper stream (Zambia), Voisey's Bay cobalt stream (Canada), and Maracás Menchen vanadium royalty (Brazil).

Differentiator

Problem solved

Functional benefit

Products and services

• Mantos Blancos Copper Royalty

Quantifiable outcome

• Portfolio contribution from top 2 producing royalties/streams: 58% of portfolio contribution in 2025 (down from 73% in 2024, showing diversification progress)
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered minor and core.

• Orion Mineral Royalty FundminorStrategic or Co-development Partner · 1 January 2020Together with Orion Mineral Royalty Fund, Ecora entered into a financing agreement with Incoa Performance Minerals LLC in 2020. Under this agreement, Ecora may contribute $20m to Incoa's calcium carbonate mine in the Dominican Republic and processing facility in Alabama, US, in exchange for approximately 1.23% of gross revenue from the project.
• Denison MinescoreStrategic or Co-development Partner · 1 January 2017In 2017, Ecora provided Denison Mines with a C$40.8m, 13-year loan bearing interest at 10% per annum. The interest payments are payable from cash flows received by Denison from toll revenue generated from its 22.5% interest in the McClean Lake Mill. Additionally, Ecora entered into a stream with Denison to purchase the entire share of its toll receipts received from Cigar Lake for C$2.7m.

Scale indicators11 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Gold Royalty Corp: Gold Royalty Corp is a royalty company built through roll-ups (formerly Genesis Metals, after combinations with Ely Gold and others). It competes with Ecora in royalty acquisition markets and offers a comparable model of building a royalty portfolio through M&A and direct deal origination.
• Sandstorm Gold Royalties: Sandstorm Gold Royalties holds a diversified portfolio of gold and base metals royalties and streams. It directly competes with Ecora for streaming transactions and shares the royalty/streaming business model with comparable geographic and commodity diversification.
• Osisko Gold Royalties: Osisko Gold Royalties is a mid-tier royalty company focused on precious metals with a portfolio of over 150 royalties, streams, and offtakes. It is a direct competitor in the royalty acquisition market and competes with Ecora for streaming/royalty deals on producing and development-stage mines.
• EMX Royalty Corporation: EMX Royalty is a royalty and mineral asset generator with a portfolio spanning gold, base metals, and battery metals. It is comparable to Ecora through its royalty acquisition and generation model, with similar exposure to copper and other critical minerals though with a smaller and earlier-stage portfolio.
• Metalla Royalty & Streaming: Metalla Royalty & Streaming is a smaller growth-oriented royalty and streaming company focused on precious metals and base metals. It is a direct peer in the royalty acquisition space, with a similar deal-sourcing approach to Ecora though with a different commodity mix.
• Vox Royalty Corp: Vox Royalty is an emerging royalty company with a portfolio of over 50 royalties primarily across gold, copper, and other commodities. It competes with Ecora for smaller and mid-sized royalty transactions and shares a comparable diversified small-mid cap royalty model.
• Royal Gold, Inc. Royal Gold is a major precious metals royalty and streaming company with a portfolio including Mount Milligan copper-gold and Voisey's Bay (a direct overlap with Ecora's Voisey's Bay cobalt stream). Royal Gold's mix of royalties, streams, and royalty equivalents makes it one of the closest direct comparables to Ecora's diversified royalty model.
• Triple Flag Precious Metals: Triple Flag is a precious metals-focused streaming and royalty company that completed an IPO in 2021. It is a direct peer operating the same royalty/streaming business model as Ecora with comparable deal-making capability, though more focused on precious metals than critical minerals.
• Wheaton Precious Metals: Wheaton Precious Metals operates a pure precious metals streaming model with major partnerships (Vale, Glencore, First Quantum). It is a direct peer to Ecora in business model (streaming/royalty agreements with miners), though Ecora is more diversified across critical minerals rather than concentrated in precious metals.

Broad incumbents

• Franco-Nevada Corporation: Franco-Nevada is the largest gold-focused royalty and streaming company globally with a diversified portfolio across precious metals, base metals, and energy. It is the gold-standard comparable for Ecora's royalty/streaming business model, though Franco-Nevada is far larger and more gold-weighted than Ecora's critical minerals focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/EcoraResources
• LinkedInlinkedin.com/company/ecora-royalties-plc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ecora Royalties