Ecora Resources PLC (LSE/TSX: ECOR) announces full year results for the year ended 31 December
2023. The Company will publish its audited 2023 Annual Report and Accounts later today, which will
be available on the Group's website at www.ecora-resources.com and on SEDAR at www.SEDAR.com.
Ecora is the leading royalty company focused on supporting the supply of commodities essential to
creating a sustainable future. The Group has a portfolio which combines near term volume growth in
2024 and 2025 from operations underlying its producing royalty portfolio with a pipeline of
development projects that should drive material medium term revenue growth.
Marc Bishop Lafleche, Chief Executive Officer of the Company, commented:
"Against a backdrop of shifting markets, we're pleased to have achieved a set of results in line with
expectations, underlining the robustness of our business at every point of the commodity cycle.
"Looking ahead, we anticipate year-on-year volume growth across the producing portfolio in 2024
and 2025. We also expect our operating partners to provide further updates on the timeline to first
production from our near term development royalties, which combined with our currently producing
royalties, have the potential to generate a portfolio contribution annual run-rate in excess of $100
million.
"Following rigorous consideration by the Board, we are today announcing an updated capital
allocation framework. The framework consists of four pillars: growth, post-acquisition balance sheet
deleveraging, cash dividends, and share buybacks. By adopting this framework, we are prioritising
accelerated diversification and scale, both crucial prerequisites for a royalty company to achieve a
premium equity rating.
"The current market environment has presented us with the opportunity to buyback Ecora shares at
a substantial discount to net asset value. Consistent with our updated capital allocation framework
to consider share buybacks, we have today announced a $10 million share repurchase which will be
accretive to our per share metrics.
"On behalf of the Ecora team and the Ecora Board of Directors, I would also like to take this
opportunity to thank Patrick Meier, who will be stepping down as Chair at our upcoming AGM, for his
dedication and unwavering commitment towards transforming Ecora into the leading future facing
commodity royalty company. I am grateful for his support and guidance, and we wish Patrick all the
very best for the future."
Financial Highlights:
? Portfolio contribution of $63.6m (2022: $143.2m) due to lower commodity
prices and reduced levels of production from the Group's private royalty area at
Kestrel
? Royalty and metal stream-related revenue of $61.9m (2022: $141.9m)
? Profit before tax of $4.6m (2022: $135.4m)
? Adjusted earnings of $30.5m (2022: $87.9m), and adjusted earnings per share
of 11.82c (2022: 37.55c)
? Net debt as at 31 December 2023 of $75m (31 Dec 22: $36m), reflecting
$27.5m invested in new royalties and $37m of deferred payments to S32 during
the year
? Refinanced the Group's $150m debt facility, increasing the size of the
incremental accordion to $75m (previously $50m)
? Updated capital allocation framework which seeks to maintain balance sheet
strength, provide an attractive dividend yield relative to the royalty sector and
retain the flexibility to allocate capital for growth
? Announcement today of a $10m share buyback at substantial discount to NAV,
primarily funded by recycling capital from recent LIORC share sales

see & read more on
https://ir.design-portfolio.co.uk/pdf/105/62024

AND
Ecora Resources PLC (LSE/TSX: ECOR), the leading royalty company focused on supporting the supply of commodities essential to creating a sustainable future, today announces the initiation of a share buyback programme to purchase ordinary shares of 2 pence each in the Company ("Ordinary Shares") for up to a maximum aggregate consideration of US$10 million (£7.9 million) from the date of this announcement (the "Buyback Programme").
Ecora has a portfolio of high-quality royalties located in established mining jurisdictions with leading
operating partners. The portfolio combines near term volume growth with a pipeline of development projects that should drive material revenue growth and offers a compelling expected returns profile.
The purpose of the buyback is to take advantage of a capital allocation opportunity as the Board is of the view that the shares are trading at a substantial discount to net asset value offering a compelling expected returns profile underpinned by a portfolio of high-quality royalties. The capital outlay will primarily be funded by the proceeds of from the Company's recent partial LIORC stake sale.
The Buyback Programme is in line with the newly announced capital allocation framework which is designed to directly link dividends to free cash flows, maintain balance sheet strength, provide an attractive dividend yield, and retain the flexibility to allocate capital to enhance the Company's royalty portfolio via. accretive royalty acquisitions. see & read more on
https://ir.design-portfolio.co.uk/pdf/105/62029
or
https://www.ecora-resources.com/investor-relations/regulatory-news/