Gold & Precious Metals
Gold Royalty & Streaming Companies
Largest Gold Royalty Companies
Revenue, latest fiscal year.
Royalty Margins Against the Whole Sector
Royalty Company Operating Margin
Latest fiscal year.
Royalty Revenue Trend
Wheaton
$2.4B2025
Franco-Nevada
$1.8B2025
Royal Gold
$1.0B2025
Triple Flag
$396M2025
Sandstorm
$176M2024
Fiscal 2015 to 2025, one scale.
Royalty and Streaming GEOs
Gold-equivalent ounces.
Royalty Company Free Cash Flow
Operating cash flow minus capex.
Wheaton Cash Cost Against Miner AISC
USD per ounce.
Franco-Nevada Mix: Gold Versus Other
Triple Flag Mix: Gold Versus Other
Royal Gold: Pueblo Viejo Stream
Royalty Versus Miner Operating Margins
Miner Model Versus Royalty Model
What they own
- Gold miner:
- Mines, plant, people, permits
- Royalty / streamer:
- A contract on future ounces or revenue
Cost of an ounce
- Gold miner:
- AISC: cash cost plus sustaining capex and overhead
- Royalty / streamer:
- A fixed production payment (stream) or nothing (NSR royalty)
Capex
- Gold miner:
- Sustaining plus growth, every year, to replace ounces
- Royalty / streamer:
- Upfront payment to fund a mine, then little sustaining plant
Operating margin
- Gold miner:
- Mid-40s in a high gold-price year on this roster
- Royalty / streamer:
- Roughly 59 to 71% for Franco-Nevada, Wheaton and Royal Gold
Volume risk
- Gold miner:
- Direct: grade, recovery, shutdowns, strikes
- Royalty / streamer:
- Indirect: the mine still has to deliver; streams can go on care and maintenance
Exploration upside
- Gold miner:
- Must spend to find it
- Royalty / streamer:
- Often included at no extra cost on the same land package
Example names
- Gold miner:
- Newmont, Agnico Eagle, Barrick
- Royalty / streamer:
- Franco-Nevada, Wheaton, Royal Gold, Triple Flag
| Feature | Gold miner | Royalty / streamer |
|---|---|---|
| What they own | Mines, plant, people, permits | A contract on future ounces or revenue |
| Cost of an ounce | AISC: cash cost plus sustaining capex and overhead | A fixed production payment (stream) or nothing (NSR royalty) |
| Capex | Sustaining plus growth, every year, to replace ounces | Upfront payment to fund a mine, then little sustaining plant |
| Operating margin | Mid-40s in a high gold-price year on this roster | Roughly 59 to 71% for Franco-Nevada, Wheaton and Royal Gold |
| Volume risk | Direct: grade, recovery, shutdowns, strikes | Indirect: the mine still has to deliver; streams can go on care and maintenance |
| Exploration upside | Must spend to find it | Often included at no extra cost on the same land package |
| Example names | Newmont, Agnico Eagle, Barrick | Franco-Nevada, Wheaton, Royal Gold, Triple Flag |