There are lots of growth shares listed on the London Stock Exchange, yet few look as promising in 2026 as the newly-renamed Ecora Royalties (LSE:ECOR). The former Ecora Resources is an alternative financing business for the mining industry and has erupted over the last 12 months, climbing by almost 160% since early April last year. But if my hunch is correct, it’s only just getting started.
That’s why I’ve recently invested thousands more into this niche under-the-radar player. So let’s talk about the copper stock that most investors are ignoring.
Massive growth potential
As a quick introduction, Ecora’s a royalties business. In oversimplified terms, it helps mining giants such as Rio Tinto and Capstone Copper cover the initial costs of getting shovels into the ground at new projects. In exchange, Ecora receives a small portion (normally 1%-2%) of the revenue generated over the lifetime of a mine.
Today, it has 23 projects in its portfolio, nine of which are already in commercial production, generating high-margin royalty income across a diversified collection of metals. This includes copper, cobalt, vanadium, uranium, steelmaking coal, and a bit of gold.
But copper’s the group’s flagship metal. And in 2026, three of its copper-producing projects are on track to ramp up production volumes considerably. And the timing’s somewhat impeccable.
With demand for copper surging to support the build-out of new energy infrastructure, electric vehicles, and AI data centres, predictions of massive supply shortages have emerged.
Just recently, the International Copper Study Group (ICSG) has estimated a 150,000-tonne deficit will surface later this year. And due to limited new discoveries, the analysts at S&P Global have estimated this could grow to 10m tonnes by 2040!
Consequently, copper prices have begun surging and have reached a new all-time record high. Needless to say, sky-high copper prices combined with production ramp ups are major positives for Ecora’s bottom line. And with other commodities in its portfolio also marching higher, 2026 looks like it’s on track to be a bumper year for this business.
What to watch
As noted, Ecora isn’t involved in any direct mining operations. So since it only gets paid for what comes out of the ground, any unexpected disruptions, such as power cuts or equipment failures, have an indirect impact on the group’s revenue stream.
Even if production runs smoothly, delays in expansion efforts or regulatory permits by operators could still prevent Ecora from capitalising on rapidly rising commodity prices. Furthermore, while most investors are focused on gold, the rise of copper hasn’t gone unnoticed by the mining industry.
Giants like Glencore are already seeking to ramp up their copper production efforts to capitalise on the price tailwind. And if demand falters or new discoveries allow supply to catch up, copper prices could start to change course.
Don’t forget, commodities are notoriously cyclical. And Ecora has seen significant volatility within its earnings over the years as a result.
The bottom line
Ecora’s far from a risk-free investment. But it’s hard not to get excited about what’s on the horizon. And with several of its development-stage projects on track to enter commercial production across 2027 and 2028, the company looks well-positioned for a sustained multi-year growth trajectory.
That’s why, despite the risks, it’s now the second-largest position in my UK-focused portfolio.
