Ecora Resources (TSX: ECOR) Portfolio Update: Expansion of Voisey's Bay Mine and FTSE Index Inclusion

2 min read | December 12, 2024 03:02 AM EST | By Team Kalkine Media

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Ecora Resources (TSX: ECOR) Portfolio Update: Expansion of Voisey's Bay Mine and FTSE Index Inclusion — Image source: shutterstock

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Highlights

Ecora Resources to be included in the FTSE UK SmallCap and FTSE UK All-Share Index.

Voisey’s Bay mine expansion completed, increasing cobalt production.

Ecora expects significant increase in cobalt deliveries from Voisey’s Bay in 2025.

Ecora Resources PLC (TSX:ECOR), a leading royalty company supporting the supply of essential commodities for a sustainable future, has issued a portfolio update following recent developments from key operators within its royalty and stream portfolio.

Corporate Announcement
On 4 December 2024, FTSE Russell confirmed that Ecora Resources will be included in the FTSE UK SmallCap Index and the FTSE UK All-Share Index. The change is scheduled to take effect after the close of business on Friday 20 December 2024, with the inclusion being officially applied on Monday 23 December 2024. This marks a significant milestone for Ecora, further validating its position in the market.

Producing Royalties: Voisey's Bay Expansion
On 3 December 2024, Vale Base Metals announced the successful completion of the Voisey's Bay Mine Expansion Project, which is expected to enhance cobalt production from this key asset in Ecora’s portfolio. Ecora has a stream agreement with Vale, entitling the company to receive 22.82% of all cobalt production from the Voisey's Bay mine.

The completion of the expansion, which involved the transition from open-pit to underground mining with the development of two underground mines—Reid Brook and Eastern Deeps—will ensure consistent production of cobalt concentrate. This material will be processed at Vale's Long Harbour Processing Plant, renowned for its low-emission nickel processing technology. Over the life of the mine, the expansion is expected to produce an average of 2.6 ktpa of cobalt.

Ecora Resources has already received 196 tonnes of cobalt in 2024, marking a significant increase from the 56 tonnes received in the first half of the year. The company expects to receive an additional 14 tonnes of cobalt by the end of 2024. In 2025, as underground operations ramp up, Ecora anticipates receiving between 280 and 392 tonnes of cobalt, with 20-28 deliveries expected. Full production guidance will be updated with the Group's Q4 Trading Update.

Outlook
Ecora continues to benefit from its strong position in key projects such as Voisey's Bay, which are critical to the global transition towards sustainable energy. The company is poised for significant growth in its cobalt deliveries in 2025, aligning with the rising demand for this key commodity.

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