Applying a proven business model

Our business model is proven and offers low risk exposure to an increasingly important basket of commodities




Primary and secondary

  • Primary royalties are a direct investment in the mine and require the royalty company to negotiate the royalty agreement with the mine operator
  • A secondary royalty is an existing royalty that the royalty company acquires from the holder of the royalty rights

Benefits of royalty investments

To the mine operator

  1. Non-dilutive
    Compared to equity, it doesn't dilute existing shareholders
  2. Asset specific
    A royalty sits on one asset, not on the balance sheet
  3. No fixed payments
    Compared to debt, royalties have longer terms and no fixed payments
  4. Keep full autonomy
    The miner retains full control over the end product

To the royalty company

  1. Inflation protection
    Royalty payments are calculated based on revenue so avoid exposure to capital and operating cost inflation
  2. Reduced risk
    Portfolio diversification, across commodities, mines and jurisdictions, lowers earnings volatility
  3. Exposure to upside
    Royalty company benefits from production upside (life of mine extensions/exploration activities) and commodity price out performance




The Group utilises capital from a variety of sources, mainly cash flow from existing royalties, debt and equity, to invest in royalties and streams


The team has vast experience in structuring royalty agreements, understanding the commodity markets and completing technical due diligence, all of which inform our capital deployment decisions


Mine performance

The ability of the operator to safely execute the mine plan, meeting or beating expectations with regard to annual production volumes, is a key input to the success of the business model

Commodity price

Commodity prices will be driven by macro-economic factors and can have a material impact on the outcome of the investment decisions taken

Value creation


Through collaborating with partners on charitable initiatives
that positively impact communities and funding the production of
commodities essential to the energy transition we are playing a small role in enabling the world to
lower its carbon footprint


Return capital to shareholders
through a dividend of between 25 and 30% of free cash flow. Share buy backs will be considered when
the Group’s stock price is trading at a significant discount to NAV


Provide a positive working
environment with opportunities
for professional development and
an incentive scheme that ensures
employees share in the success of the Company


Through funding the production of commodities essential to the
energy transition we are playing a small role in enabling the world to lower its carbon footprint