In short: One of the three copper-royalty names he expects to be pulled into the syndicates — "the Ecoras and the Altiuses and the Elementals… will have the ability to participate in syndicated interests" — in a market where he is "bullish on the whole copper industry."
Altius is a Canadian royalty company with interests spread across base metals, potash and bulk commodities. It appears in Rick's short list — "the Ecoras and the Altiuses and the Elementals" — of second-tier royalty houses that get to participate in the syndicated financing of copper's capital shortfall.
The general point behind the name: when an industry must raise far more money than the obvious lenders can supply, the constraint stops being deal quality and starts being capacity. In that world, smaller specialist financiers see deals that would normally never reach them.
40:08— Well, I'm bullish on the whole copper industry. I think one of the things that's going to happen in the context of this funding need that I see is that the funding need will be so great that the Ecoras and the Altiuses and the Elementals, even the third tier royalty companies will have the ability to participate in syndicated interests.
In short: Named in its own right as the proof of his royalty-manager quality screen: "I look back to Brian Dalton, who built Altius. I've owned Altius since it was a 10 cent stock. Now it's a $55 stock. When I compare Brian with the young entrepreneurs that I met at the same time that he was coming into the business, I'm struck with the uniformly high quality of the entrepreneurs and managers in the royalty space." The generalisation is the takeaway: "the managers who are attracted to the royalty business relative to the higher rhetoric exploration business tend to be higher quality people… it's a better business and I think it attracts better businessmen and women than other parts of the industry."
Altius is another royalty owner, and it appears here as Rick's proof of a hiring rule rather than as a fresh recommendation. He has owned it "since it was a 10 cent stock. Now it's a $55 stock" — a roughly five-hundred-fold outcome he attributes to founder Brian Dalton.
The generalisation is the useful part. Exploration companies sell a story; royalty companies buy contracts. That difference, he argues, sorts people: "the managers who are attracted to the royalty business relative to the higher rhetoric exploration business tend to be higher quality people." Comparing Dalton with every other young entrepreneur he met in that era, he is "struck with the uniformly high quality of the entrepreneurs and managers in the royalty space."
Practically, that is a screen you can run before looking at a single asset: in the royalty niche, the base rate of competent, unpromotional management is simply higher — "it's a better business and I think it attracts better businessmen and women than other parts of the industry."
17:35— Yeah. — And I look back to Brian Dalton, who built Altius. I've owned Altius since it was a 10 cent stock. Now it's a $55 stock. When I compare Brian with the young entrepreneurs that I met at the same time that he was coming into the business, I'm struck with the uniformly high quality of the entrepreneurs and managers in the royalty space, including at Acora, relative to the rest of the mining industry.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.