In short: The third name in the same sentence — "the Elementals, even the third tier royalty companies, will have the ability to participate in syndicated interests" — as the copper funding gap forces facilities to be shared out beyond the two giants.
Elemental Altus is a small royalty company — it owns fractions of the revenue of mines run by other people. Rick names it third in the group he expects to be drawn into syndicated copper stream and royalty facilities, alongside Ecora and Altius.
For a company this size, participating in a facility arranged by Franco-Nevada or Wheaton is access it could not have bought on its own: institutional-quality assets, negotiated by a larger counterparty, in tickets small enough for its balance sheet. That access is the investment case here — not any specific asset he discusses.
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.
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