In short: Second-tier participant in the coming syndicated stream facilities — "the Osisko royalties, the Royal Golds and perhaps even the third tier royalty companies, as well as some very large hedge funds, likely will participate in this largesse."
Osisko Gold Royalties owns royalties — permanent small percentages of the revenue from mines it doesn't operate. Rick lists it among the firms that will take part in the very large syndicated stream facilities he expects copper's funding gap to produce.
The attraction of the royalty model in this environment is that it converts a capital-hungry, cost-inflating industry into a stream of payments that are indifferent to costs. When the industry has to raise $250 billion just to stand still, the people supplying that capital on their own terms are better positioned than the people spending it.
35:25the architects of these very very large facilities. This is a very important trend that most people aren't paying attention to at all. — Okay. So, why do you think people aren't paying attention to that? — Yeah, Daryl? I think — oh, this sounds ugly. I think most people don't do any work.
In short: Hold, $40 target (+14.7% from $34.86) — 24.5× 2026E P/E and only a 2.3% FCF yield; mid-pack among the streamers.
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