Markets – pathway to a sustainable future.PNG

Mining has a critical role to play in the energy transition

The energy transition will be metal intensive and without the mining industry it will be impossible (ex-revolutionary technology breakthrough) to fully transition to a carbon neutral world.

We have a portfolio of 19 assets, in 5 continents across 10 of these key commodities. Our strategy is to continue to acquire royalties and streams over low cost operations and projects with strong management teams, in well-established jurisdictions in the commodities required for a sustainable future.

The Company’s royalty portfolio has been constructed to provide exposure to commodities directly required for the decarbonisation of energy supply and consumption, as well as commodities which are produced in a relatively more sustainable way.

Following the run-off of our steelmaking coal exposure in 2026, we expect over 90% of the portfolio’s contribution will be derived from copper, cobalt, nickel, vanadium and uranium royalty assets. 

1. Illustrative proforma breakdown by assets based on book value of Ecora assets as at 31 December 2022

Commodity overview

Click on each commodity to find out more about its benefits and to view where it is mined.

Our portfolio



Copper is recyclable without any loss of quality, both from raw state and from manufactured products


An estimated 80% of all copper ever mined is still in use today


Copper is an efficient conductor of electricity and therefore is used in electrical equipment as well as in construction and industrial machinery


It would be difficult to imagine a successful transition to green energy production and consumption, smart electricity grids and electric vehicles without copper


Our portfolio



Cobalt is a key stabilising element used in high energy nickel based batteries for electric vehicles

Responsible sourcing

70% of cobalt is sourced from the DRC

Our exposure to Voisey’s Bay

Voisey’s Bay is one of the largest providers of cobalt outside the DRC

Carbon emissions

Voisey’s Bay is ranked as one of the lowest CO2 emitters per unit of payable metal in the world, due to its sulphide ore type, and access to clean energy


Our portfolio



Nickel is used in various battery types due to its high energy density, safety and relative low cost

Electric vehicles

75% of electric vehicles are powered by a nickel based battery

Not all nickel is created equal

Nickel sulphide deposits found in Canada and Australia require significantly less carbon to create battery grade products compared to Indonesian laterite deposits

Stainless steel

80% of nickel is used in the stainless steel or alloy industries, preventing corrosion and improving product longevity


Our portfolio


Use in steel

Vanadium is vital for the production of high strength steels needed for infrastructure, automotive parts and wind turbines


Adding one pound of vanadium to one tonne of steel increases its tensile strength by ~40%


Vanadium Redox Flow batteries are a key tool in storing energy for long durations, and can be used to support renewable energy systems to cope with peak demand periods

High purity alloys

Increased strength-to-weight of vanadium-bearing alloys is used in the aerospace industry, increasing fuel efficiency and reducing the sector’s environmental footprint


Our portfolio



Nuclear power is carbon-free and vital to achieving net-zero targets


In addition to serving as fuel for nuclear power plants, uranium is essential in medical applications and other industrial applications


Nuclear power is one of the most reliable sources of energy, forming a baseload of carbon-free energy for more variable renewable sources to build upon 


One uranium fuel pellet – about the size of a gummy bear—creates as much energy as one ton of coal, 149 gallons of oil or 17,000 cubic feet of natural gas


Our portfolio


Superior quality

Unlike thermal coal used for electricity generation, metallurgical coal is used in steelmaking due to its superior quality measured by higher carbon content, less ash and less moisture

Not yet replaceable

~70% of steel production relies on metallurgical coal as the only commercially viable option due to technological constraints 

Lower carbon

High quality coking coal is ideal for serving more modern, highly efficient, lower carbon intensity steel mills

Key for energy transition

Steel from metallurgical coal is also required for a variety of end products from clean energy projects to hybrid and electric vehicles


Our portfolio


Lower Scope 3 carbon emissions

Pellet products typically result in lower Scope 3 carbon emissions in steel production relative to sinter feed products

High purity 65% iron ore

Higher grade iron ore increases the energy efficiency of steelmaking, and can also be used in modern direct-reduction iron (DRI) furnaces

Energy generation and networks

Steel holds a crucial role in building out renewable energy systems and associated infrastructure – 90% of the mass of an off-shore wind turbine is steel based

Carbon intensive sector

Direct emissions from the steel sector in 2020 accounted for ~8% of total CO2 emissions globally. High grade iron ore feedstock and improved furnace efficiency are vital to reach the stated Paris Agreement goals