In short: Named first among the syndicate participants: "I believe that the need for capital is going to be so great that it will exceed the appetite and the capabilities of both Franco and Wheaton, which means I think increasingly those credit facilities are going to be syndicated. So the Triple Flags, the companies of that ilk… likely will participate in this largesse as well."
Triple Flag is a mid-sized royalty and streaming company — it buys slices of mines' future output rather than operating them. Rick names it first among the firms that get pulled into the coming copper financings.
The reasoning is simple capacity arithmetic. The copper industry's funding gap is far bigger than Franco-Nevada and Wheaton can absorb on their own, so the big stream deals will be syndicated — one lead arranger structures a multi-billion-dollar facility and sells participations to others, exactly the way banks share out a large loan. Triple Flag and "the companies of that ilk" are the natural participants.
Note the hierarchy he is describing: the architects capture the best economics, the participants get access to deals they could never have originated themselves. That is still a good outcome for a smaller streamer — just a second-order one.
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, $43 target (+43.1% from $30.05) — 1.0× P/NAV with the lowest implied gold among the streamers ($1,950 levered).
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.