Ahead of Boca: our independent read on three Rule Symposium names

Each year, ahead of the Rule Symposium, Rick Rule releases interviews with the CEOs of presenting companies. He gets the access; our job is to look past the pitch and weigh the investment case. Here is our independent read on three names that fit how we invest, and what we’ll verify when we meet management in Boca Raton.

We link to the original interviews rather than reposting them. This is our opinion and not investment advice, please see our disclaimer.

Ecora Resources (LSE/TSX: ECOR)

Royalty & Streaming

The pitch: a capital-light royalty model pivoting from coal into copper and critical minerals.

What we like: recurring, capital-light royalty revenue. A new Mimbula copper stream (guided to 30–35kt in 2026) and a doubling of Voisey’s Bay cobalt put copper and critical minerals at the core of the portfolio.

What we’ll verify: total contribution dipped around 10% as coal royalties roll off; portfolio concentration in a few key assets; and the pace of deleveraging.

Beaver Fund status: the closest structural fit to how we invest — researching. Watch the interview

McEwen Inc. (NYSE/TSX: MUX)

Gold & silver, with copper optionality

The pitch: founder Rob McEwen, who built Goldcorp, aims to double gold and silver output by 2030 — with significant copper optionality.

What we like: an aligned, recognizable founder; and a 46%-owned stake in McEwen Copper, whose Los Azules project in Argentina has won RIGI incentive status and could become a top-tier copper mine.

What we’ll verify: producing mines have historically run at higher cost; Los Azules is pre-production (financing, construction and Argentina jurisdiction risk); and the copper stake is a minority position in a private vehicle.

Beaver Fund status: on our watch-list. Watch the interview

Arizona Sonoran Copper (TSX: ASCU)

Copper developer, United States

The pitch: a 100%-owned brownfield copper project in Arizona — domestic supply for the electrification theme.

What we like: an October 2025 pre-feasibility study showing roughly US$2.3bn after-tax NPV, a 22.8% IRR and a ~22-year life, producing LME Grade A copper cathode on US soil in a stable jurisdiction.

What we’ll verify: the project is still pre-construction — permitting, capex funding and dilution, single-asset execution, and sensitivity to the copper price.

Beaver Fund status: on our watch-list. Watch the interview

Disclaimer These are preliminary views formed from publicly available interviews and company disclosure; we’ll refine them after meeting management in Boca and report back. Opinion, not investment advice.