Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR) CEO Marc Bishop Lafleche talked with Proactive's Stephen Gunnion about a pivotal period for the company as it enters a new phase of growth driven by base metals and critical minerals.
Lafleche explained that 2025 marked an inflection point for Ecora Royalties, with base metals and critical minerals representing the majority of portfolio revenue for the first time in at least 25 years. He described the year as a “landmark year,” highlighting that the performance was underpinned by a 150% increase in base metals revenue compared with 2024.
The CEO outlined how this momentum was driven by a combination of higher production volumes and favourable commodity prices. Strong volume growth was recorded at the Voisey’s Bay cobalt stream, as the mine continued to ramp up, with further increases expected. Additional growth came from the Mimbula copper stream, acquired in March last year, which is now operating at an annualised rate of around 20,000 tonnes of copper and is expected to expand further through 2026. Mantos Blancos also delivered a standout performance following debottlenecking initiatives completed in 2024.
Discussing the balance sheet, Bishop Lafleche noted that despite acquiring a US$50 million producing copper stream, net debt had reduced from nearly US$130 million to approximately US$85 million by the end of Q4, supported by strong cash flow generation. He said, “that really strong deleveraging is in part a function of the strong cash flow generation of this portfolio.”
Looking ahead, the CEO highlighted layered growth opportunities, including production increases at existing assets, brownfield expansions, near-term development projects such as Santo Domingo and West Musgrave, and longer-term catalysts across the portfolio. With supportive commodity prices for copper, cobalt and uranium, he said the outlook for Ecora Royalties remains very positive.
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