Industries
Precious Metals (Gold Royalties & Streaming)
All research in Precious Metals (Gold Royalties & Streaming) — 4 reports.
44/100
OR Royalties: A Mid-Tier Royalty Franchise Re-Rating With Visible Growth, Priced Around Fair Value
OR Royalties is a mid-tier precious-metals royalty and streaming company anchored by a 3-5% NSR on the Tier-1 Canadian Malartic mine, with 196 interests and 23 producing assets. 2025 revenue jumped 45% to US$277.4 million on a soaring realized gold price and the company finished the year debt-free, while the 2030 outlook of 120,000-135,000 GEOs is backed by named projects rather than blue-sky exploration; yet much of the earnings step-up is gold-price torque and Canadian Malartic still dominates the story. Rating Hold: a genuinely improving franchise re-rating with visible growth, but priced around fair value, with a defensible entry only in the low-to-mid US$20s, below the conservative fair value of US$28.
48/100
Triple Flag Precious Metals: Quality Compounder, Fully Priced
Triple Flag is a gold-focused streaming and royalty financier that funds miners and collects metal for years at fixed terms, running a 242-asset book at a 93% asset margin with little operating drag. FY2025 revenue reached US$388.7 million with US$312.8 million operating cash flow, yet at US$30.05 the stock trades above its ideal-buy zone, with Northparkes alone at 26% of consensus NAV. Rating Watch: a high-quality compounder still in transition to senior scale, attractive on quality but not yet on price.
47/100
Royal Gold Deep-Dive Research
Royal Gold is a precious-metals royalty and streaming platform that exchanges upfront capital for decades of mine-linked metal streams and royalties. In 2025, adjusted EBITDA margin reached 82%, 39 employees managed 367 interests, revenue was $1.03 billion, operating cash flow was $705 million, net income was $466 million, and the Kansanshi stream plus Sandstorm/Horizon deals broadened the asset base while adding dilution. Research rating Hold: a mature cash compounder with high business quality and gold-price leverage, but the current price is a reasonable holding zone rather than an ideal entry point.
48/100
Franco-Nevada Zen Horizon Framework In-Depth Research
Franco-Nevada is one of the global leaders in gold royalty and streaming, earning top-line exposure to third-party mines rather than operating mines itself. Its portfolio of more than 400 royalties and metal streams supports an EBITDA margin of about 91%, zero debt, and 19 consecutive years of dividend increases, making it one of the strongest business models in mining. Research rating Watch: a superb business, but today's mix of historically high gold prices, the highest peer-group valuation, and a narrowing leadership premium leaves too little margin of safety.