Joseph de la Plante

Evolve Royalties Focused on Copper | Joseph de la Plante and Jimmy Connor

• Top takeaway The guest argues copper royalties are uniquely positioned because copper mines can have 25-75 year lives, allowing a single royalty to capture multiple commodity price cycles in a way shorter-life gold royalties cannot.
• He frames applying the proven royalty playbook — previously used at Nomad Royalty — to copper and other critical minerals as a significant market opportunity over the next few years.
• He is building Evolve Royalties around cash-flowing or near-cash-flowing royalties on assets run by large, well-capitalised operators so that mine-life extensions, expansions, and exploration success flow through to royalty value.
• He plans to grow the company quickly using revolving credit facilities to pursue acquisitions in the $25-50M range, then refinance opportunistically as the portfolio scales.
• He is bullish on the long-term cash-flow potential of the Highland Valley, McIlvana Bay, Copper Mountain, Uis, and Salar de los Angeles royalties, calling McIlvana Bay a future 'major royalty' within three to five years.

A copper-focused royalty company with ~$120M market cap, Evolve Royalties expects $5-7M in revenue this year rising to $10M+ next. Highland Valley Copper royalty — on Canada's largest copper mine operated by Teck — anchors Evolve Royalties' portfolio at $2-3M annual cash flow. McIlvana Bay gains under Eldorado Gold ownership, with expansion studies brought forward and a maiden resource on the Tesla zone expected this year. Uis tin in Namibia and Copper Mountain under Hudbay add cash-flow diversification, while Salzales Angeles lithium royalty provides optionality. Evolve's ~$10M cash position and new revolving credit facility position the company to pursue $25-50M royalty acquisitions.

FREE Master Class on Investing in Copper and Copper Stocks | Jimmy Connor

• Top takeaway Joseph de la Plante argues copper royalties are uniquely compelling because copper mines typically have 25-75+ year mine lives, allowing exposure to many commodity cycles through one asset.
• He describes the McIlvana Bay royalty acquisition as having played out quickly, with Eldorado now pursuing expansion studies that could potentially double plant throughput.
• Joseph notes the Salar de los Angeles lithium royalty could pay $15 million per year at current prices, representing outsized value relative to Evolve's $120 million market cap.
• He explains that Evolve's portfolio includes Highland Valley (copper), McIlvana Bay (copper-gold), Copper Mountain (copper), Wistin (tin), and Salar de los Angeles (lithium).
• Joseph says Evolve is actively pursuing revolving credit facilities to fund acquisitions in the $25-50 million bracket.

UBS projects a 520,000-ton copper deficit by 2027 and a $15,000/ton price, framing the supply-demand squeeze that drove this conference. Chile produces roughly a quarter of global copper but output peaked in 2018, as falling ore grades and longer development timelines pressure new supply. AI data centers, EVs (150 lbs vs 50 lbs in gas cars), and renewable build-out are reshaping demand — together already making up 32% of copper use. Major supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula hit at the same time as demand acceleration, exposing the fragility of the supply base. Eight copper-focused company conversations cover developers (ATEX, Faraday, Highland, Lumina), a tailings processor (Amerigo), a royalty platform (Evolve), and Sprott's physical and ETF vehicles.