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Gold Royalty may be significantly mispriced because the value of its mostly non-producing royalty portfolio is ambiguous and hard to value. Only about 8-12 of roughly 254 royalty interests produce, most are fully paid up, and royalties are booked at cost less depletion, below economic value. It trades at about 0.87x book, is debt-free with about $150M of undrawn credit, and management guides to roughly 5x growth in gold-equivalent ounces and revenue through 2030. Copper is about 20%. x.comÂ
