TFPM Triple Flag Precious Metals Corp. : Bullish and Bearish Analyst Opinions

Rule states royalty companies are "better businesses" because they have no capital exposure to cost inflation (CAPEX). He highlights Wheaton's (WPM) recent $4.3B stream deal. The copper industry needs $250B to maintain production but only has $100B in free cash flow. They *must* sell gold/silver by-product streams to fund this gap. This creates a massive pipeline of deals for large royalty companies (FNV, WPM) that Wall Street currently underestimates. LONG large-cap royalty companies. They will capture the "tail" value of long-lived mines (30-40 years) which current DCF models (cutting off at 8-9 years) fail to value. High valuations relative to miners; if interest rates rise significantly, their yield becomes less attractive.