Ecora Royalties PLC (ECOR:CA) Q4 2025 Earnings Call Transcript

SA Transcripts159.12K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Ecora Royalties PLC (ECOR:CA) Q4 2025 Earnings Call March 26, 2026 10:00 AM EDT Company Participants Geoff Callow - Head of Investor RelationsMarc Lafleche - CEO & Executive DirectorKevin Flynn - CFO & Executive Director Conference Call Participants Laura Chan - RBC Capital Markets, Research DivisionRiley Venton - Atrium Research Corporation Presentation Geoff CallowHead of Investor Relations Good afternoon, everybody, and welcome to the Ecora Royalties 2025 Full Year Results Conference Call. My name is Geoff Callow, the Head of Investor Relations. I'm joined today by Marc Bishop Lafleche, our Chief Executive Officer; and Kevin Flynn, our CFO. We'll run through a short presentation, after which there'll be an opportunity to ask questions. And before I hand over to Marc, can I draw your attention to Page 2 of the presentation. We have some forward-looking statements, and there's a disclaimer on there relating to these. And with that, I'll hand over to Marc. Marc LaflecheCEO & Executive Director Thank you, Geoff, and thank you all for joining us today. 2025 marked a year of delivery on a number of fronts. First, this represents an inflection point for Ecora's critical minerals portfolio, which achieved a record level of portfolio contribution. This was driven primarily by Ecora's base metals exposures, which grew 150% year-on-year. And we are truly delighted to see our critical minerals royalties demonstrate only a small portion of their true underlying cash flow generation potential. During the year, we acquired the producing Mimbula copper stream. That was for an upfront consideration of USD 50 million, and that acquisition contributed to the year-on-year base metals growth, which saw Ecora partner with Moxico's exceptional management team while also cementing copper at the core of Ecora's commodity exposures. The portfolio also delivered rapid deleveraging following the Mimbula acquisition. This was