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Posted by
Two Blokes May 16 -
Filed in
Stock
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Royal Gold will generate record cash flow in 2025, driven by higher gold prices, with further growth on deck in 2026. Importantly, and while not reflected in cash flow today, the company has several monster assets in its portfolio that will contribute high-margin, safe jurisdictions ounces over multi-decade mine lives. Despite this superior investment profile to the bulk of its peer group and Tier-1 jurisdiction tilt, Royal Gold trades at just ~16x FY2025 EV/FCF estimates using conservative metals price assumptions.
