Precious Metals (Gold Royalties & Streaming)
All research in Precious Metals (Gold Royalties & Streaming) — 3 reports.
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.
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.
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.