Ecora Resources, a critical mineral-focused royalty company, has finalised the sale of a wholly owned subsidiary, which holds a 2% net smelter return (NSR) royalty on the Dugbe Gold Project in Liberia, to Elemental Altus Royalties.

The sale agreement is valued at up to $20m, with $16.5m received upon completion. It also includes up to $3.5m in contingent payments.

These payments are structured around project milestones, with $700,000 due at the commencement of construction and $2.8m payable upon the initiation of commercial production.

Should the project be reduced in scope from what was outlined in the feasibility study, the entire sum of $3.5m becomes payable once production has yielded 150,000oz of gold.

As of December 2024, the Dugbe NSR royalty, which Ecora acquired in 2012, had a carrying value of $5.9m.

Additionally, Ecora, in partnership with Vale Base Metals, reported successful cobalt processing tests at the Voisey’s Bay mine, with an average throughput rate of 93.7% over 90 days.

Ecora holds a 70% interest in the cobalt stream from this mine, with entitlements to 22.82% of cobalt production until specific delivery thresholds are met.

Furthermore, Ecora expanded its copper interests in February, securing a $50m agreement with Moxico Resources for the Mimbula copper mine in Zambia.

This transaction supports Ecora's strategy to boost its copper growth profile and drive earnings across various time frames.

The deal covers the reserve-based life of mine estimated at 11 years, with potential for this duration to be extended.