Ecora Royalties PLC (LSE:ECOR, TSX:ECOR, OTCQX:ECRAF, FRA:HGR) this week outlined a strong start to 2026, with CEO Marc Bishop Lafleche highlighting significant growth in its base metals portfolio and a pipeline of catalysts to drive further upside.
Speaking to Proactive, Lafleche said the company had delivered a “very strong quarter,” underpinned by a 152% increase in base metals royalties compared with the same period in 2025. This performance was primarily attributed to volume growth, supported by favourable pricing conditions, alongside additional contributions from uranium exposure at the Four Mile royalty.
Lafleche indicated that this momentum is expected to continue, noting that Ecora remains on track to deliver year-on-year volume growth across 2026, particularly from key assets such as Voisey’s Bay and Mimbula.
Here, we take a closer look at what was said when the Ecora boss joined the Proactive studio.
Proactive: Marc, very good to speak with you again. The base metals portfolio performance has been very strong in the first quarter, relative to last year. What’s driving that and is it sustainable for the full year?
Marc Bishop Lafleche: Yeah, it was a very strong quarter to start the year. And that's really a continuation of the strong volume growth that we've seen over the course of 2025, carrying into 2026, primarily our base metals royalties, where we saw 152% uplift on Q1 2025, primarily volume growth, with some pricing tailwinds as well. But we've also benefited in our portfolio from quarter-on-quarter growth from our uranium exposure at the Four Mile uranium royalty.
In terms of your second question, I think we're very much on track over the course of 2026 to deliver year-on-year volume growth, in particular Voisey’s Bay and Mimbula.
Proactive: Last time we spoke, you outlined a number of catalysts expected in 2026. Can you remind us of those and are they still on track?
Marc Bishop Lafleche: Yes, we absolutely have a number of potential catalysts in the year ahead. It should be a very busy year. One of the things we’re excited about is the layered nature of these growth catalysts.
The first layer is assets already in production ramping up toward full capacity, demonstrating their cash generation potential. The next layer is growth from brownfield expansions or restarted operations, including the Mantos Blancos Phase two expansion study and developments at the Nifty restart.
The third layer relates to greenfield projects moving toward final investment decisions and first production, such as Santo Domingo and the Phalaborwa rare earths project.
The final layer includes earlier-stage assets with potential de-risking events, such as NexGen’s Patterson Corridor East, where drilling continues to deliver very strong results.
Proactive: Can you talk us through the timing delays at Voisey’s Bay?
Marc Bishop Lafleche: Voisey’s Bay is a stream settled with delivery of physical material. There can be timing differences between production, shipment, and receipt. On a quarter-to-quarter basis, volumes can shift between reporting periods.
However, based on material already in transit and expected deliveries, we are very confident in year-on-year growth at Voisey’s Bay. There’s been no change in expected volumes on a half-year or full-year 2026 basis.
Proactive: The conflict in Iran has raised concerns about commodity demand and prices, particularly copper. How do you see it?
Marc Bishop Lafleche: The conflict has introduced short-term uncertainty and some volatility. Copper prices have pulled back slightly but remain close to historic highs, supported by tight supply-demand fundamentals.
Looking further out, medium- and long-term fundamentals remain robust. Some commodities have even seen improvements, for example uranium, partly due to sulfur shortages affecting supply chains. Overall, the portfolio and commodity pricing have been resilient.
Proactive: For viewers less familiar with the royalty model, can you explain the benefits of investing in Ecora?
Marc Bishop Lafleche: Ecora is a royalty and streaming business, not a mining operator. We receive a percentage of revenue from minerals produced by our partners.
We have a diversified portfolio focused on critical minerals, especially copper, across strong jurisdictions and operators. Over 50% of our net asset value is in producing assets, with the remainder in near-term and longer-term growth opportunities.
Proactive: To sum up, despite geopolitical uncertainty, are you still bullish on 2026?
Marc Bishop Lafleche: Yes. While there is uncertainty, the outlook remains very exciting. We expect key milestones and de-risking events across the portfolio.
We also expect continued debt reduction following last year’s progress after the Mimbula stream acquisition. Additionally, we continue to evaluate new royalty and streaming opportunities to grow and diversify the portfolio.