| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 19 | $265.80 | $5,050 | 0.21% | $201.30 | $1,225 | +32.0% | — |
In short: "Sandstorm Royal Gold" — the last of the precious-metals royalty models Uranium Royalty was patterned on (Sandstorm is now part of Royal Gold). Analogue only.
11:47And it was patterned and launched in 2017 to become the Franco-Nevada, Wheaton Precious Metals, Sandstorm Royal Gold company in the uranium space. Quite simply, it's a capital provider to new mines in development that are around the world, not just in North America, that are going to help fill this gap of production deficit.
In short: Named first among the royalty holdings — "most of the big royalty companies. We have Royal Gold." The royalty leg is how he owns gold's upside without operating risk.
Royal Gold is a royalty company: instead of digging mines, it hands a miner cash up front in exchange for a permanent slice of whatever that mine produces. It carries none of the day-to-day risk of running a mine — labour, diesel, cost blowouts — while still capturing the upside if gold rises.
That is exactly why Oakley wants royalties in the book alongside the operating miners. When he lists what Oxbow owns in gold, "most of the big royalty companies" comes right after the miner ladder, with Royal Gold named first.
29:08And then in between we have a lot, we have all of the — not all of them but most of the big royalty companies. We have Royal Gold. We have Wheaton. Wheaton is in there. Franco-Nevada. And then we own the biggest silver company is Hecla that we own, a miner there.
In short: Named in the same syndicate list — "the Royal Golds" — as a beneficiary of a copper capital stack too large for Franco-Nevada and Wheaton to absorb alone.
Royal Gold is one of the established royalty companies, and appears in the same sentence as Triple Flag and Osisko: firms large enough to take a meaningful slice of a syndicated stream facility, but not large enough to write the whole cheque.
What makes them beneficiaries is that they get to deploy capital into deals originated by others, at scale, into exactly the kind of long-life copper mines that generate by-product gold and silver for decades. The economics are less attractive than the lead arranger's — but the volume of financing coming is large enough that there will be more deals than the two giants can take.
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: Buy, $318 target (+48.0% from $214.82) — the value streamer: 1.0× P/NAV and a 6.9% FCF yield, the highest of the royalty group.
In short: "An exceptional buying opportunity" near $200 — "I continue to buy aggressively." Sees approximately a double in the share price without the gold price moving, just from assets coming online and the stock getting "valued more like their peers."
Royal Gold is a royalty/streaming company — instead of operating mines, it pays cash up front for a slice of a mine's future gold (a royalty) or the right to buy metal cheaply for the mine's life (a stream), so it gets the commodity upside without an operator's costs and cost inflation. Rusche calls ~$200 "an exceptional buying opportunity" and keeps buying: he thinks the shares could roughly double even if gold goes nowhere, just as new royalties start paying and the market re-rates the stock up to where its peers trade.
30:27I think they also asked about Royal Gold. Royal Gold — man, I did not think we were going to get this opportunity to see another buying opportunity around $200 a share. And this is an exceptional buying opportunity for Royal Gold. And I continue to buy aggressively, as I think we could see approximately a double in the share price without the gold price moving —
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