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Investing Guides
Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
December 11, 2024
Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that detailed geophysics over the 10km antimony corridor at Yallalong is now complete and final data has been processed and interpreted.
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
8h
Metallurgical Drilling Confirms Historic Grades at the Byro REE / Li Project
Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that laboratory assays have now been received from the two metallurgical core drillholes at the Byro REE’s / Li Project in the Gascoyne Region of Western Australia.
Highlights
- Assay results received from metallurgical drilling at the Byro REE & Li Project confirm historic REE / Li mineralisation intercepts.
- Intercepts of over 50m from surface with grades including 500ppm Total Rare Earth Oxides (TREO) with 20% magnetic REE’s, 375ppm Lithium Oxide (Li2O) and 523ppm Vanadium Pentoxide (V2O5).
- Mineralisation has been intercepted in historic drilling over 30km of strike.
- The drilling was to provide fresh samples of the Byro black shale to undergo metallurgical extraction testwork.
Octava’s Managing Director Bevan Wakelam stated;
”Octava is investigating the potential for Australia’s first, large scale, low cost sedimentary basin deposit of REE’s, lithium and base metals. Metal extraction from black shales is a proven, low- cost technology used in other operations around the world. We will commence initial metallurgical testwork to determine the viability of extracting these metals from the black shale at Byro. We look forward to providing further updates as this work proceeds.
The Byro Project is located on the Byro Plains of the Gascoyne Region, Western Australia, 220km south-east of Carnarvon and consists of two granted Exploration Licences – E 09/2673 and E 09/2674 – totalling 798 km2. The Byro Project also has Native Title agreements in place. Nearby infrastructure includes accessibility to a commercial port (Geraldton) and power from the NW gas pipeline and future potential access to Western Australian government proposed green energy sites.
Two metallurgical HQ3 coreholes were drilled for a total of 204m. The holes were drilled adjacent to previously drilled RC holes to confirm mineralisation and to provide fresh sample material for metallurgical testwork.
Figure 1. Metallurgical Core Drilling at the Byro REE Project.
The Byro project lies at the centre of the Permian Byro Sub-basin of the Carnarvon Basin. The Byro Group hosts sedimentary packages of sandstones, siltstones and mudstones, including black shales and coal seams. The dominant unit in the tenure is the Bulgadoo shale, which consists of banded carbonaceous shale and arenite, containing beds of enriched pyrite, bivalves and bryozoans.
The black shales in the Byro sub basin appear to have formed a metal sink that contains large volumes of anomalous REE, Li and base metals. The source of the metals at Byro is likely the Archean basement rocks of the Yilgarn Craton located ~40km to the east. The REE host rocks at Byro have been transported to their current location, unlike typical REE clay exploration targets in Australia which are formed in situ, from weathered granitic basement rocks.
Permian Black shales are known worldwide for their potential to host enriched poly-metallic deposits. These deposits contain considerable volumes of lower concentration resources of base metals, rare earths, lithium and other strategic minerals. They offer the opportunity for large-scale, low-cost mining operations capable of supplying the metals for a number of years. Octava is examining the black shales at the Byro project for the same potential.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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12h
Unlocking a New High-Grade Antimony-Tungsten Structure Adds Potential to Wild Cattle Creek
Trigg Minerals Limited (ASX: TMG| OTCQB: TMGLF) ("Trigg" or the "Company") has announced Unlocking a New High-Grade Antimony-Tungsten Structure Adds Potential to Wild Cattle Creek.
HIGHLIGHTS
- Trigg has confirmed high-grade antimony and tungsten mineralisation beneath the primary Wild Cattle Creek deposit, with assays of 2.14% tungsten (Hole 10WRD16) and 27.6% antimony (Hole 10WRD16W) (refer Appendix 1).
- The parallel structure is characterised by average grades of 13% antimony (Sb) and 1.03% tungsten (W).
- The 2024 MRE omitted the parallel structure, which lies 35m north of WCC and remains open along strike (west) and at depth.
- Both the WCC alteration halo and the parallel structure indicate a significant westward increase in antimony and tungsten grades, underscoring robust resource upgrade potential.
- Limited historical focus on tungsten presents a significant opportunity to unlock additional resources and value through further exploration and assessment.
- Wild Cattle Creek is Australia's widest known antimony deposit, with an average mineralised width of 20 meters, significantly exceeding typical narrow vein-hosted Sb deposits in the region.
- Drilling results reveal an underlying gold system and robust enrichment within the stockwork alteration of the Wild Cattle Creek antimony deposit, suggesting further exploration could unlock additional value like Hillgrove and Costerfield.
The recent Chinese government suspension of tungsten exports, effective February 2025, has sent shockwaves through global markets. China is the world's dominant supplier, responsible for over 80% of global tungsten production, making this a pivotal moment for alternative sources to emerge.
Trigg Minerals’ (ASX: TMG) Wild Cattle Creek deposit at its 100% owned Achilles Project is now in sharp focus. Previously overlooked in historical drilling, the high-grade tungsten mineralisation could be crucial in securing a domestic supply of this critical mineral.
Wild Cattle Creek has long been known for its high-grade antimony, with Trigg recently upgrading the Mineral Resource Estimate (MRE) to 1.52Mt at 1.G7% Sb, containing 2G,G02 tonnes of antimony comprising 0.G6Mt at 2.02% Sb (Indicated) and 0.56Mt at 1.88% Sb (Inferred); see ASX announcement dated 19 December 2024. However, tungsten mineralisation—strongly associated with the alteration selvage near high-grade antimony zones—has largely been overlooked.
Trigg has confirmed that high-grade antimony and tungsten (Figure 1; Table 1) are also present in a subparallel vein lying approximately 35m beneath (i.e. north of) the primary Wild Cattle Creek system. This vein extends over 100 metres in the westernmost sections of the deposit. It remains open at depth and along strike, highlighting the strong potential for additional resources in antimony and tungsten.
Click here for the full ASX Release
This article includes content from Trigg Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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15h
Craig Hemke: What's Really Going on With Gold? Tariffs, Shortages, Fort Knox and More
Craig Hemke of TFMetalsReport.com weighs in on key questions in the gold market, including:
- Why gold is flowing from London to New York.
- What US gold monetization could look like.
- What an audit of Fort Knox might uncover.
Watch the interview above for more from Hemke on those topics and more.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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15h
Experts: Battery and Precious Metals Emerging as New Geopolitical Battleground
The rapidly changing metals landscape and where to invest were key themes addressed during the Commodities and Financial Markets session at this year's AME Roundup in Vancouver, BC.
Rowena Alavi-Gunn, senior analyst at Wood Mackenzie, started her presentation “Battery Powerplay — Are Battery Metals Still Investable?” by recounting the challenges battery metals faced in 2024.
“I've picked this topic because battery metals have had a fairly rough 2024," she said.
"We've seen low prices, weak demand, increasing costs — and generally sentiment is maybe sour towards them. And then on top of that, there's geopolitical uncertainty,” Alavi-Gunn noted. Recent election results and weaker-than-expected electric vehicle (EV) demand may also be deterring investors from entering the battery metals sector.
Even so, the broad fundamentals remain positive for key metals like lithium, nickel, cobalt and graphite.
“I think there's an opportunity for countercyclical investment in battery metals,” she explained.
Trump policies threaten US EV growth
Speaking about freshly inaugurated US President Donald Trump, Alavi-Gunn underscored that US EV proliferation could be hampered by the new administration. Trump could ease EV compliance rules, reduce subsidies and impose tariffs on Chinese batteries and Mexican auto imports, making EVs less competitive.
As a result, US plug-in vehicle sales could drop from 30 percent to 20 percent penetration, with hybrids gaining market share. This shift could reduce US battery demand by 20 percent.
However, outside the US the global EV outlook remains largely unchanged.
“Overall, we see very strong growth in EVs going forward,” Alavi-Gunn said, using a chart to illustrate her point. “Plug ins are growing at nearly 10 percent a year. Hybrids are growing at about 6 percent a year.”
While this steady increase in EV purchases is the largest contributing factor for the battery metals sector, each metal also has other end-use segments that offer support.
“We're seeing very strong demand growth across all of the battery metals,” the Wood Mackenzie analyst noted. “Lithium, obviously, is just crazy, but the other battery metals are still growing pretty strong.”
IRA decisions could impact graphite supply
Although Trump’s decisions around the Inflation Reduction Act's EV incentives — in particular the 30D tax credit for new clean vehicles — are expected to have little impact on global battery demand tallies, Alavi-Gunn noted that the graphite market could be impacted by the new administration’s policies.
“We think the US could have quite an impact if they keep the 30D credit in place, but they bring forward graphite inclusion,” she said. She went on to explain that graphite is a crucial component for batteries, with China dominating its supply chain. Currently US sourcing rules don’t require graphite to come from allied countries until 2027.
However, if Trump moves that deadline up, far fewer EVs will qualify for tax credits due to limited compliant supply.
As Alavi-Gunn pointed out, long-term demand for battery metals is bullish, despite a current glut in key markets.
The lithium and nickel markets are oversupplied, driven by surging production in China and Indonesia. This excess has kept prices low, but demand is expected to outpace supply by the 2030s, triggering shortages and price increases.
Cobalt also faces a similar long-term oversupply, though recycling economics could be a risk.
To fulfill the demand growth that Wood Mackenzie is projecting, Alavi-Gunn noted that billions of dollars in new investment will be required, particularly for lithium. She suggested that major mining firms, traditionally focused on iron ore and coal, may need to diversify into battery metals as these legacy commodities shrink in market size.
While lithium and nickel mines generate slightly less revenue than copper, they remain attractive investment opportunities, especially for companies looking to future-proof their portfolios.
This can be achieved through M&A or the development of new greenfield assets.
As Alavi-Gunn explained, lithium and copper assets command high premiums, making new development more cost effective, while nickel is cheaper to acquire than build.
However, greenfield projects come with risks like permitting delays.
She also noted that miners face competing demands for capital, such as shareholder returns, sustainability and diversification. While battery metals offer long-term potential, firms must act now to avoid future shortages.
The current downturn presents a countercyclical investment opportunity ahead of expected supply deficits and price surges in the 2030s, she said.
Canada's pivotal place in global supply chains
Following Alavi-Gunn’s presentation, Emil Kalinowski, director of metals market research at Wheaton Precious Metals (TSX:WPM,NYSE:WPM), took to the stage.
His 20 minute presentation started with a brief overview of the geopolitical and economic forces shaping metals markets, highlighting a disconnect between analyst forecasts and historical trends.
As Kalinowski explained, critical and in-demand resources have become a key front in geopolitical tensions, alongside artificial intelligence, space and strategic waterways like the Black and Red seas.
“The metals and mining space has become a key battleground for the great powers in the world,” he said.
As metal supply chains become increasingly politicized, he believes Canada may be the most influential nation.
“Canada, in my mind, is one of the leaders on deciding who, what and where deals can take place," Kalinowski said. "With respect to national security and economic security, logistics, supply chains — Australia is leading the way when it comes to financing projects, but Canada is getting involved on a geopolitical basis very heavily.”
Although Kalinowski’s comments came the day after Trump's inauguration, they appear to have been prophetic. Since taking office, the president has made numerous comments about the US absorbing Canada as the 51st state.
Trump has cited poor trade negotiations and subsidies as his reasons, but many have questioned the motives behind the proposal, with some speculating that the president would like to access Canada’s mineral wealth.
More recently, the Trump administration has requested US$500 billion in rare earths from Ukraine.
Analyst price predictions clash with supply realities
Switching his focus to gold, Kalinowski noted that despite bullish sentiment in the market and dramatic price increases for the precious metal, some analysts are making bearish projections.
“They are forecasting that gold prices will fall,” he told the audience.
“This is completely off the charts compared to the market and to history. I think they're wrong.”
According to Kalinowski, analyst consensus predictions for gold don’t align with supply projections.
Forecasts suggest a slight annual decline in supply through 2030 — roughly 1 percent per year — putting future supply 2 to 3 percent below historical trends dating back to the Cold War, he explained.
Alternative supply sources like scrap and recycling are also shrinking.
Unlike past decades, when investors and central banks sold off gold, projections for 2030 show these entities will be accumulating instead, reducing available supply and challenging traditional market assumptions.
“So supply is not really explaining why analysts are so bearish,” he said. “Might it be demand? I don't think so.”
In fact, global gold demand surged to an all-time high of 4,974 metric tons in 2024, fueled by strong central bank purchases and rising investment interest, according to the World Gold Council. The combination of record prices and high volumes pushed the total market value of demand to a historic US$382 billion.
Ultimately, Kalinowski attributed analysts' bearish stance on the gold price to their failure to fully account for the supply constraints, the nuanced nature of gold demand and the geopolitical factors that could drive increased buying.
Diverging paths for silver, platinum and palladium
For sister metal silver, the consensus was more optimistic, with analysts predicting long-term price growth.
As Kalinowski pointed out, historical trends suggest the silver price rises over any six year period, but forecasting remains complex. Unlike gold, silver lacks a single price-driving factor, earning its reputation as the “devil’s metal.”
Silver’s extreme financialization — where paper trades vastly outsize physical supply — makes short-term price moves unpredictable. However, long-term demand shifts are clear. Industrial use, especially in solar panels, is set to grow, while speculative demand is expected to decline — though its correlation to gold raises doubts.
Kalinowski added that a key geopolitical wildcard is government stockpiling of silver. Russia recently began adding silver to its reserves, sparking speculation that other nations may follow.
Even a tiny shift in global FOREX reserves into silver could absorb an entire year’s supply.
For Kalinowski, that raises the question: “Could silver become a strategic asset alongside gold?”
He spent the remainder of his time highlighting the seismic shifts occurring in the platinum and palladium markets. With so many supportive fundamentals, analysts are bullish on platinum long term, and the numbers support it.
While total mine supply is expected remain stable, platinum demand is being reshaped, moving away from internal combustion engines and into the hydrogen economy. According to Kalinowski, this transition is expected to drive ongoing supply deficits, with platinum stores reaching a 47 year low.
Palladium, on the other hand, faces a different story. While analysts remain optimistic in the short term, long-term fundamentals for the metal look shaky. A flood of recycled palladium from scrapped gasoline-powered cars — peaking in the mid-2030s — will add massive supply, just as demand declines by 15 percent.
Unlike platinum, palladium has no clear role in the energy transition, raising price concerns long term.
“There is no hydrogen rescue coming for the palladium market; (there is also a) tremendous amount of supply, falling demand (and) price (is) very concerning,” Kalinowski said.
With supply tightening for one and surging for the other, the two metals appear to be on diverging paths — platinum poised for strength, palladium facing pressure.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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15h
Equinox Gold and Calibre Mining to Join Forces in C$2.6 Billion Deal
Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) and Calibre Mining (TSX:CXB,OTCQX:CXBMF) have entered into a definitive arrangement agreement to merge, creating a major diversified gold producer in the Americas.
The deal will see Equinox acquire all the outstanding common shares of Calibre in an all-stock transaction, forming a new entity that will continue operating under the Equinox name.
The merger will establish a gold producer with a presence across five countries, anchored by two key Canadian assets: the Greenstone gold mine in Ontario and the Valentine gold mine in Newfoundland and Labrador.
When at full capacity, these mines are expected to produce an average of 590,000 ounces of gold per year.
Overall, Equinox is anticipating production of approximately 950,000 ounces of gold in 2025, with the potential to exceed 1.2 million ounces annually as its cornerstone assets reach full capacity.
Under the terms of the agreement, Calibre shareholders will receive 0.31 Equinox shares for each Calibre share held.
Once the deal is complete, Equinox shareholders will own approximately 65 percent of the new entity, with former Calibre shareholders holding the remaining 35 percent. The new company's expected market cap is C$7.7 billion.
Equinox CEO Greg Smith called the merger a “transformative step forward” for both companies, stating, “By combining our assets, teams, and financial strength, we are creating a leading Americas-focused gold producer with enhanced scale, resilience, and the ability to generate significant long-term value for our shareholders and stakeholders.”
The new company will also benefit from the expertise of mining industry veterans, including Ross Beaty and Featherstone Capital’s Blayne Johnson and Doug Forster, all of whom will serve on the Equinox board of directors.
The announcement follows Equinox's record-breaking financial and operational performance in 2024. The company sold 623,579 ounces of gold, generating US$1.5 billion in revenue and US$430 million in operating cashflow.
Results were driven in part by the successful ramp up of production at Greenstone, which achieved commercial production in November 2024 and contributed more than 111,700 ounces of gold in its first partial year of operation.
Additional details on the merger and the new entity's financial outlook will be provided in Equinox's upcoming audited consolidated financial statements, which are expected in mid-March.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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15h
Investing in Gold Royalty and Streaming Stocks
Gold royalty companies offer investors exposure to gold and silver with the benefits of diversification, lower risk and a steady income stream.
Royalty companies operating in the resource sector will typically agree to provide funding for the exploration or development of a resource in exchange for a percentage of revenue from the deposit if it begins producing. Similarly, a company with a streaming model may work out an agreement with a resource company for a share of the metal produced from a deposit in exchange for an investment.
These kinds of arrangements benefit both parties. Streamers get access to the underlying commodity at a fixed price and are shielded from cost overruns and spikes in production. Further, if there is a price decrease the metals can be warehoused until the market conditions improve. In both cases, mining companies receive considerable upfront investment during the expensive construction and expansion phases, and unlike loans these investments have longer-term payouts at a fixed amount.
Let's take a deeper look at how royalties and streaming works, their benefits and the gold and silver royalty and streaming stocks you can invest in.
In this article
How do gold and silver royalties work?
Gold and silver royalty agreements involve royalty companies agreeing to provide funding for the exploration or development of a precious metals resource in exchange for a percentage of revenue from the deposit if it begins producing metals.
The foundation for royalties dates back a few hundred years. Originally, they were payments made to the British monarchy in exchange for miners' rights to operate gold and silver mining operations on lands held by the crown. Today, these arrangements still exist, with mining operators paying the government a share of the revenues generated from exploiting resources on public lands.
The first royalty paid to a company in the gold sector was an agreement in 1986 in which Franco-Nevada (TSX:FNV,NYSE:FNV) made a US$2 million investment into Western States Minerals’ Goldstrike small heap-leach mine in Nevada, US, for a 4 percent share of revenues collected from the mine. Western States was sold the same year to Barrick Gold (TSX:ABX,NYSE:GOLD). Barrick discovered a far larger resource at the site and the royalty has since earned Franco-Nevada more than US$1 billion.
This early example set a precedent for the industry. It saw Franco-Nevada, which was then a gold exploration company, lock itself into what became one of the largest gold mineral resources in the world at a relatively low overhead while avoiding future costs associated with the growth and maintenance of the mine.
How do gold and silver streams work?
Gold and silver streams work in a similar manner to the royalty model but returns are in the form of physical metals rather than funds. In return for investing in an asset, a gold streaming company may work out an agreement with a resource company for a share of the metal produced from a deposit, or for the ability to purchase the metal at a lower price than market value.
This is also a popular model with base metal mining companies whose operations result in gold and/or silver by-products. In these cases, gold and silver streaming companies may work out a deal with a base metal mining operation to take delivery of a certain amount of precious metals at an agreed upon price.
The Goldstrike royalty made Franco-Nevada what it is today, but its largest contributing asset in its portfolio is a deal with Lundin Mining (TSX:LUN,OTC Pink:LUNMF) for a stream of the gold and silver resources extracted from its Candelaria copper mine in Chile.
Under the terms of the deal, which was part of Lundin’s 2014 acquisition of Freeport-McMoRan’s (NYSE:FCX) stake in Candelaria, Franco-Nevada provided a US$648 million deposit in exchange for a 68 percent stream of the asset's silver and gold. This will lower to 40 percent once 720,000 ounces of gold and 12 million ounces of silver have been delivered, which the company currently predicts will take place in 2027.
While Franco-Nevada does have to pay for the metal, the agreed upon amount is far under the current market value. At the time, the deal was set at US$400 for each ounce of gold and US$4 per ounce of silver with a 1 percent inflationary adjustment, or market price if that was less.
Are royalty and streaming companies a good investment?
Royalty and streaming companies are largely seen as a lower-risk investment than mining companies. Lower operational costs and higher portfolio diversification means they are hedged against a mine shutdown, natural disaster, market forces or the politics that may affect the nature of an operation or project. However, that’s not to say royalty and streaming deals aren’t without their risks.
In many ways, gold royalty companies are like venture capitalists in the tech industry, working to fund many projects in the hopes that some will see big payoffs that offset the loss from the ones that don’t make it. This means they need large access to funding in order to build their portfolios.
To get funding, royalty and streaming companies have several options: using cash on hand, raising debt through loans or issuing more shares. Each of these options carries risk. Using cash to pay for investments could reduce the size of the safety net and eat into company liquidity, debt needs to be managed to ensure that payments don’t exceed income and the issuance of stock could lead to an overall devaluation of share price and impact investor sentiment.
Once companies have developed strong cash flows and good liquidity, they are able to take advantage of their own reserves, without the need to worry about loans or stock dilution. The same cannot be said for the up-and-coming companies who need to rely on external funding to make deals, making them riskier.
These companies provide a good entry point for investors with lower share price, and have more potential to return higher percentage gains in share price, they also bear more risk. With more reliance on raising external capital, there is a greater need for deals to be successful and a greater chance for a company to incur more debt load or stock dilution.
Diverse portfolios can help reduce the risk associated with a royalty company, and companies like Franco-Nevada have the industry knowledge and financial capital to take some risks. As of February 2025, the company has 432 assets on their books; 117 are producing, 38 are in the advanced stages of development. It’s the 277 more that are in the exploration phase that represents the greatest risk, many of which will never provide returns.
Of course, unforeseen events can affect both mining and royalty companies alike, particularly when assets that take up a larger percentage or a portfolio are affected. Franco-Nevada had more than US$1 billion invested in First Quantum’s (TSX:FM,OTC Pink:FQVLF) Cobre Panama mine before it was shuttered by the Panamanian government following protests at the end of 2023. The mine brought in US$223.3 million for Franco-Nevada in 2022 and represented nearly a quarter of its precious metal income. While it fared better than First Quantum, the royalty company's share price took a significant hit.
Gold and silver royalty companies
The biggest companies in the precious metals royalty and streaming space have long histories and have built positive reputations on the backs of strong investments. They offer a means for investors to de-risk an entry into the gold sector by maintaining an arms-length attachment to it.
The five gold and silver royalty and streaming companies on this list had market caps above $1 billion in their respective currencies as of February 19, 2025.
1. Wheaton Precious Metals (TSX:WPM,NYSE:WPM)
Market cap: C$44.46 billion
Wheaton Precious Metals was established in 2004 as Silver Wheaton with a focus on silver streaming. Goldcorp held a majority interest, but began to reduce it in 2006 and by 2008 had completely divested itself. By that time, Silver Wheaton had begun to diversify into other precious metals. The following year, Silver Wheaton acquired rival silver streaming stock Silverstone Resources in a C$190 million deal.
Silver Wheaton changed its name in 2017 to Wheaton Precious Metals and has since built itself into one of the largest players in the gold and silver royalty and streaming space, with investments in 13 operating mines and 26 development projects across four continents.
2. Franco-Nevada (TSX:FNV,NYSE:FNV)
Market cap: C$38.23 billion
A trailblazer in the gold royalty business, Franco-Nevada has set a high bar.
The current iteration of the company was spun out of Newmont (TSX:NGT,NYSE:NEM) in what became a C$1.1 billion initial public offering, one of the biggest IPOs of 2007.
Franco-Nevada now has a portfolio of more than 100 producing assets around the world with investments in gold, silver, base metal and oil and gas operations, which generate more than US$1.2 billion for the company annually. See the sections above for more information on Franco-Nevada's royalty and streaming deals.
3. Royal Gold (NASDAQ:RGLD)
Market cap: US$9.82 billion
Royal Gold got its start in 1981 as oil and gas exploration and production company Royal Resources.
Responding to shifts in the overall resource market, by 1987, Royal Gold was born with a focus on building a portfolio of minority positions in significant gold properties operated by major mining firms.
Today, Royal Gold is a leading precious metals streaming and royalty company with interest in 175 properties, of which 42 are producing assets, across 17 countries. One of the most significant principal assets for this gold royalty stock is the Cortez gold mine in Nevada owned by Barrick and Newmont.
4. Osisko Gold Royalties (TSX:OR,NYSE:OR)
Market cap: C$5.1 billion
Osisko Gold Royalties was created in 2014 as a spinoff deal between Osisko Mining (TSX:OSK), Yamana Gold and Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The deal was made in an attempt to prevent a hostile takeover of Osisko Mining and its Canadian Malartic gold complex by Goldcorp.
In the deal, Osisko Gold Royalties carried with it a 5 percent net smelter return royalty from the Canadian Malartic mine. Now owned by Agnico Eagle, the complex in Québec remains a cornerstone of Osisko's business today.
The gold and silver royalty and streaming company has gone on to acquire 185 assets, 23 of which are producing, across 6 continents with a majority in North America.
5. Sandstorm Gold (TSX:SSL,NYSE:SAND)
Market cap: C$2.5 billion
Sandstorm Gold Royalties was founded in 2008 as a small-startup and has since become a multi-billion dollar gold and silver royalty and streaming company. Its producing assets include Pan American Silver's (TSX:PAAS,NYSE:PAAS) Ceo Moro gold-silver mine, and Cerrado Gold’s (TSX:CERT,OTCQX:CRDOF) Las Calandrias gold-silver mine, both in Argentina.
Sandstorm’s royalty portfolio boasts more than 230 assets, of which 41 are producing assets, located across more than a dozen countries.
Small-cap gold and silver royalty companies
There are also small-cap gold and silver royalty and streaming companies you can invest in and offer a lower-cost option for investors who are comfortable with a little more risk. Like their larger counterparts, small-cap gold royalty stocks offer a lower-risk investment than getting into a small-cap mining company but still provide access to the underlying precious metals market.
The five small-cap gold and silver royalty companies on this list had market caps above $10 million in their respective currencies as of February 19, 2025.
1. Metalla Royalty & Streaming (TSXV:MTA)
Market cap: C$408.08 million
Metalla Royalty & Streaming focuses on gold, silver and copper projects. The company’s royalty model involves acquiring royalties and streams by offering resource companies Metalla shares and cash.
The mid-tier royalty and streaming company’s asset portfolio includes more than 100 projects across North America, South America and Australia. Its cornerstone assets include IAMGOLD (TSX:IMG,NYSE:IAG) and Sumitomo Metal Mining’s (TSE:5713) Côté gold mine in Ontario, Canada.
2. Gold Royalty (NYSEAMERICAN:GROY)
Market cap: US$242.12 million
Gold Royalty is building a diversified portfolio of more than 200 gold royalty and gold streaming interests based on net smelter return royalties on properties in the Americas.
The company’s revenue generating investments includes one of the most well-known gold-producing mines in the world, Agnico Eagle's Canadian Malartic complex in Québec.
3. Sailfish Royalty (TSXV:FISH,OTCQX:SROYF)
Market cap: C$112.44 million
Founded in 2014, Sailfish Royalty’s asset portfolio is much smaller than the other gold royalty stocks on this list. It consists of one producing mine as well as two development-stage and two exploration-stage properties in the Americas.
In Nicaragua, Sailfish has a gold stream equivalent to a 3 percent net smelter return on Mako Mining's (TSXV:MKO,OTCQX:MAKOF) San Albino gold mine and a 2 percent net smelter return on the area surrounding the mine. The company also holds a 13,500 ounce per month silver stream at the property, which will run until May 2025 with the option to extend.
4. Empress Royalty (TSXV:EMPR,OTCQX:EMPYF)
Market cap: C$41.96 million
Empress Royalty’s business model involves investing in mining companies in various stages of exploration through production who need further non-dilutive capital to fund their projects and operations.
Empress’ gold and silver royalty and streaming portfolio includes four producing assets, with two in the Americas and two in Africa: the privately owned Sierra Antapite gold mine in Peru, Luca Mining’s (TSXV:LUCA,OTCQX:LUCMF) Tahuehueto silver mine in Mexico, the privately owned Manica gold project in Mozambique and Golconda Gold’s (TSXV:GG,OTCQB:GGGOF) Galaxy gold mine in South Africa.
5. Silver Crown Royalties (NEO:SCRI,OTCQX:SLCRF)
Market cap: C$16.1 million
Silver Crown Royalties is a revenue-generating silver-only royalty company focusing on silver as by-product credits. The company targets royalty originations on producing or near-producing assets in tier 1 jurisdictions.
Silver Crown has two producing assets in its portfolio: Gold Mountain Mining’s (TSX:GMTN) Elk gold project in British Columbia, Canada, and private Canadian company Pilar Gold’s PGDM mine in Brazil.
Gold and silver royalty ETFs
Those who want more broad exposure to the precious metals markets may want to buy shares of an exchange-traded fund that includes gold and silver royalty and streaming stocks. Here are a few to get you started.
Betashares Global Royalties ETF (ASX:ROYL)
Betashares Global Royalties ETF is an Australian ETF that tracks the performance of an index of global companies that earn a significant amount of their revenue from royalty income, royalty-related income and intellectual property income. The fund’s top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.
Betashares Global Gold Miners ETF (ASX:MNRS)
Betashares Global Gold Miners ETF tracks the performance of an index of the world’s largest gold mining companies outside of Australia, hedged into Australian dollars. Wheaton Precious Metals, Franco-Nevada and Royal Gold are also among the fund’s top holdings.
VanEck Gold Miners ETF (ARCA:GDX)
VanEck Gold Miners ETF is a US gold ETF that aims to replicate the performance of the NYSE Arca Gold Miners Index by holding large-cap gold mining stocks and precious metals royalty companies. As with the other gold ETFs on this list, its top holdings include Wheaton Precious Metals, Franco-Nevada and Royal Gold.
This is an updated version of an article first published by the Investing News Network in 2024.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Silver Crown Royalties is a client of the Investing News Network. This article is not paid-for content.
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