Ecora Royalties PLC (ECOR) Q4 2025 Earnings Call

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WEBVTT 00:00:01.465 -- 00:00:06.712 Good afternoon, everybody, and welcome to the Cora Royalties 2025 Full Year Results 00:00:06.712 -- 00:00:10.697 Conference Call. My name is Geoff Callow, the Head of Investor Relations. 00:00:10.697 -- 00:00:15.102 I'm joined today by Mark Bishop-LeFleche, our Chief Executive Officer, and Kevin Flynn, 00:00:15.102 -- 00:00:16.785 our CFO. 00:00:16.785 -- 00:00:21.350 We'll run through a short presentation, after which there'll be opportunity to ask questions. 00:00:21.350 -- 00:00:25.916 Before I hand over to Mark, can I draw your attention to page two of the presentation? 00:00:25.916 -- 00:00:29.120 We have some forward-looking statements, and there's a disclaimer on there relating to 00:00:29.120 -- 00:00:33.003 these. And with that, I'll hand over to Mark. 00:00:33.005 -- 00:00:35.589 Thank you, Jeff, and thank you all for joining us today. 00:00:35.589 -- 00:00:37.589 2025 00:00:38.013 -- 00:00:42.099 marked a year of delivery on a number of fronts. 00:00:42.099 -- 00:00:48.089 First, this represents an inflection point for ECORA's critical minerals portfolio, 00:00:48.089 -- 00:00:52.593 which achieved a record level of portfolio contribution. 00:00:52.796 -- 00:00:59.110 This was driven primarily by ECORA's base metals exposures, which grew 150% year on year. 00:00:59.110 -- 00:01:03.977 and we are truly delighted to see our critical minerals royalties demonstrate only a 00:01:03.977 -- 00:01:09.382 small portion of their true underlying cash flow generation potential. 00:01:10.005 -- 00:01:14.211 During the year, we acquired the producing Mimbula Copper Stream. 00:01:14.211 -- 00:01:19.498 That was for an upfront consideration of US$50 million, and that acquisition 00:01:19.498 -- 00:01:22.883 contributed to the year-on-ye...