Royalty & Streaming Sector Primer
A primer plus an Excel valuation model covering portfolio NAV, GEO mechanics, stream margin economics, and royalty deal evaluation.
PDF Only
The full primer in PDF format
£25 / ~$32- ✓ 38-page sector primer
- ✓ Worked valuations
- ✓ Screening thresholds
Excel Model
Plug-and-play valuation template
£45 / ~$58- ✓ Pre-built valuation model
- ✓ Sensitivity tables
- ✓ Scenario toggles
PDF + Model
Everything you need in one package
- ✓ 38-page sector primer
- ✓ Valuation model (.xlsx)
- ✓ Save £11 vs buying separately
Three primers, three Excel models
Mining, Royalty & Streaming, and Steel & Bulk. Everything at ~25% off
Inside the primer
The 15-section contents, a worked valuation page, and the Excel dashboard.
Table of Contents
- 01 How Royalty & Streaming Companies Make Money
- 02 Listed Company Types
- 03 The Asset Lifecycle and Stage Ladder
- 04 Segments and Sub-Markets
- 05 Revenue Drivers: Step-by-Step Build
- 06 Cost Structure: Margins and Overhead
- 07 Valuation Frameworks
- 08 Worked Example: RoyaltyCo Portfolio NAV
- 09 Worked Example: StreamCo Portfolio NAV
- 10 Deal Analysis: Evaluating New Agreements
- 11 Key Financial Metrics & Screening
- 12 Risk Factors & Red Flags
- 13 Real-World Data & Benchmarks
- 14 Comparative Case Study: Franco-Nevada vs Wheaton
- 15 Operating Miners, Glossary and Cheat Sheet
38 pages · 15 sections · 2 worked NAVs
The Excel model
Educational material for professional use. This primer and its model are not investment advice or a recommendation to buy or sell any security, and they are not personalised. Worked valuations use illustrative calibrations, not fair-value estimates for any company.
Royalty and streaming companies buy contractual cash flows, a share of mine revenue or metal at a fixed delivery price, rather than operating mines. Mine-level tools such as AISC and a single-asset DCF miss the point: equity value sits in margin per gold-equivalent ounce after corporate overhead, in portfolio concentration, and in whether management can redeploy capital into accretive deals. The method that fits is a sum-of-parts portfolio NAV: value each royalty and stream, capitalise G&A against the total, and treat any premium the market pays above NAV as optionality on the next agreement.
The primer builds that framework from the ground up. After the company-type and stage-ladder setup, it converts revenue and cost lines into GEOs and cash margins, then walks two full worked NAVs (a royalty portfolio and a stream portfolio). Deal analysis turns the same machinery on new agreements via implied IRR and $/GEO. Screening metrics, risk flags, peer benchmarks, and a Franco-Nevada versus Wheaton case study close the loop, leaving you able to rank names without mixing operator and royalty screens.
The companion Excel model mirrors the primer across ten sheets, from the royalty and stream books through to a deal evaluator, so you can run the same NAV and deal logic on any name in the sector. Free guides on the site cover what a gold-equivalent ounce is, NSR vs NPI royalties, sliding-scale royalties, how to value a metal stream, streaming company tax rates, EV/GEO valuation, and Cobre Panama concentration risk. To see the framework applied to real companies, read the research profiles on Franco-Nevada, Wheaton Precious Metals, Royal Gold, OR Royalties, and Triple Flag.
Sheets: Quick Start, Instructions, Assumptions, Royalties, Streams, Detailed Model, NAV Bridge, Deal Evaluator, Sensitivity, Dashboard.
See this methodology applied to a real company:
Franco-Nevada (FNV) →