NYSE · Basic Materials
$32.28 at scoring
$32.25 -0.09% since scoring
A toll booth on Canadian gold, priced like one.
OR Royalties is a streaming and royalty company, not a miner — it collects a percentage of output from mines it helped finance, chiefly Canadian Malartic. The scores show why the model works: 75% operating margins, no debt, and revenue that scales without capex. The open question is concentration, since one mine carries disproportionate weight and gold's tailwind can reverse as fast as it arrived. Smaller than Franco-Nevada, but built on the same chassis.
14 dimensions, scored on the fundamentals.
Methodology v1Balance Sheet
Zero debt, cash on hand, and a royalty model that requires no reinvestment in mines. The cleanest balance sheet design in mining.
Cash Flow
Royalty streams convert to cash with minimal friction, producing 75% operating margins and steady free cash generation.
Revenue Growth
Latest 47.5% jump reflects gold prices and ramping royalty assets, though prior years show the lumpiness of the model.
Operating Margins
75% operating margin is what happens when someone else pays to dig the hole. Structurally superior to miners.
Scalability
Royalty model scales without capex. Each new stream drops almost entirely to operating income.
Economic Moat
Long-dated contracts on producing mines, including the Canadian Malartic cornerstone, create durable claims on output.
Pricing Power
Revenue tracks gold prices, not pricing decisions. The company is a price-taker on the underlying commodity.
Innovation
Innovation is in deal structuring, not technology. Competent but not differentiated against Franco-Nevada or Wheaton.
Leadership
Experienced royalty operators with a decade of disciplined deal flow since the 2014 spinout from Osisko Mining.
Capital Allocation
Steady stream acquisitions and modest dividends. No reckless M&A, but the smaller scale limits the best deals.
Secular Trend
Gold as monetary hedge benefits from debasement, central bank buying, and rate uncertainty over the next decade.
Geopolitical Risk
Portfolio anchored in Canada and other stable jurisdictions. Royalty structure further insulates from operator-level risk.
Customer Concentration
Canadian Malartic dominates the asset base, creating single-mine exposure that a larger royalty book would dilute.
Valuation Risk
PEG of 0.02 and a 24x multiple against 47% growth look cheap, but the growth rate is a gold-price artifact, not a baseline.
One stock. One sentence. Then the work behind it.
OR Royalties is a streaming and royalty company, not a miner — it collects a percentage of output from mines it helped finance, chiefly Canadian Malartic. The scores show why the model works: 75% operating margins, no debt, and revenue that scales without capex. The open question is concentration, since one mine carries disproportionate weight and gold's tailwind can reverse as fast as it arrived. Smaller than Franco-Nevada, but built on the same chassis.
The mine does the work. The shareholders take the cheque.