11:49 AM EDT, 03/27/2024 (MT Newswires) -- Ecora Resources PLC ( ECRAF ) , a royalty company, earlier on Wednesday reported full-year 2023 adjusted earnings of $30.5 million, or $0.1182 per share, down from $87.9 million, or $0.3755 per share, a year ago.

Portfolio contribution amounted to $63.6 million, down from $143.2 million in 2022. The decrease was attributed to lower commodity prices and reduced levels of production from the group's private royalty area at Kestrel.

Royalty and metal stream-related revenue also fell to $61.9 million from $141.9 million in 2022.

The company proposed a final dividend of US$0.02125 per share, bringing the total dividend for the year to US$0.085 per share.

Ecora has approved an updated capital allocation framework that aims to maintain balance sheet strength, provide an attractive dividend yield relative to the wider royalty sector, and retain the flexibility to allocate capital to enhance its royalty portfolio via accretive acquisitions.

The approach will also align dividend payout to free cash flow, which is expected to grow as near term development royalties come into production, the company said.

Separately, the company initiated a share buyback program to buy ordinary shares of 2 pence each for up to a total of US$10 million.

Ecora said the program is in line with its new capital allocation framework. The program will commence March 27 and end no later than Sept. 27.

The purchases will only take place on the London Stock Exchange.

Ecora at last look gained 4.6% in early Wednesday trading.

Price: 1.37, Change: +0.06, Percent Change: +4.58