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

Jimmy Connor Jun 16, 2026 22:35

Summary

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.

Eldorado Gold recently acquired the McIlvana Bay project, and the guest argues this brings a much larger, well-capitalised operator to a royalty Evolve bought late last year.
Under Eldorado's ownership the guest expects a new regional exploration push and a maiden resource on the Tesla zone later this year.
Expansion studies being brought forward under Eldorado could roughly double plant throughput, which the guest says would lift both the duration and magnitude of royalty payments.
The Canadian government designated McIlvana Bay as a major nation-building project earlier in 2026, raising the project's visibility.

Top takeaway Hosts the Copper Conference interview on his channel, framing the discussion around copper-focused royalty opportunities and walking the guest through Evolve Royalties' portfolio asset by asset.

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.