LSE: ECOR | TSX: ECOR | OTCQX: ECRAF
Recorded: February 23, 2026
Ecora Royalties CEO Marc Bishop Lafleche joins Andy Millette to explain how Ecora has shifted from a legacy coal-heavy mix to a copper-led, critical-minerals royalty portfolio. Marc breaks down why copper is ~50% of portfolio value today (estimated NAV), what made 2025 a “landmark year” (including ~$57M portfolio contribution), and how the company thinks about “layering” growth through producing royalties/streams plus upcoming milestones. We also cover why royalties can benefit from top-line growth even as mine build costs inflate—and what operating leverage looks like in a lean royalty business. #Millettian
Company links
Website: https://www.ecoraroyalties.com/
Key topics
Copper exposure (~50% by estimated NAV)
2025 performance + portfolio contribution breakdown
Critical minerals strategy and growth “layering”
Royalty model vs. inflation in mine build costs
Scalability and operating leverage
Chapters
00:00 Copper exposure by NAV
02:16 2025 update + portfolio mix
04:18 Portfolio contribution breakdown
05:19 Layering strategy + catalysts
09:34 Copper demand drivers
12:16 Scalability recap
Host: Andy Millette — Natural Resource Stocks
Website: https://www.NaturalResourceStocks.net
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Disclaimer: This content is for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation to buy any securities. Views are the speakers’ own and may include forward-looking statements subject to risks and uncertainties; actual results may differ materially. Always do your own due diligence and consult a licensed financial professional.
