Tickers: LSE: ECOR | TSX: ECOR | OTC: ECRAF
Recorded: October 6 2025
In this in-depth interview, Marc Bishop Lafleche, CEO of Ecora Resources, joins Andy Millett of NaturalResourceStocks.net to discuss how Ecora evolved from a coal-based royalty business into a critical-minerals royalty leader leveraged to copper, cobalt, and rare earth elements — metals vital to electrification and energy security. #Millettian
Ecora’s model provides investors with exposure to the revenue line of high-quality mining operations without bearing the costs or risks of mine construction and operation. Marc explains how royalties and streams allow Ecora to deliver inflation-resistant cash flows and compounding growth through the entire commodity cycle.
Key Topics
1️⃣ Global Copper Squeeze – Falling grades, tight inventories, and limited new supply drive a decade-long shortage. Ecora rotated early toward copper exposure (2019 onward).
2️⃣ Royalty Advantage – Revenue exposure instead of opex or capex; 80% of assets in the industry’s low-cost half.
3️⃣ Cash-Flow Drivers – Mantos Blancos (copper NSR on Capstone Copper) and Voisey’s Bay (cobalt stream from Vale) anchoring current cash flow.
4️⃣ Pipeline Growth – Santo Domingo royalty next in line, plus nickel, zinc, and iron ore exposure for diversification.
5️⃣ Rare Earths & Geopolitics – Ecora’s waste-to-value REE project supports Western supply-chain resilience for EVs and wind turbines.
6️⃣ Cobalt Inflection – 2025 DRC export ban becomes quota system; supply tightens, prices recover.
7️⃣ Corporate Transformation – From coal runoff to sustainable critical-minerals royalties; positioned for ESG institutional capital.
8️⃣ Compounding Flywheel – Price + volume growth drive royalty revenue without new capital spend.
Why Investors Should Watch
Learn how Ecora’s royalty model offers a low-risk path to participate in the next metals supercycle and capture the financial benefits of global electrification — without the drawbacks of operating mines.
