Equity Field Notes from temporal sources

[DanWebzster]

OR uses 'accelerator' model to enhance value their royal streams during periods of rising gold prices.

Accelerator model means taking the risk of getting involved earlier in the life of a project and taking equity positions in these projects.

In 2020, they have the following producing royalties:

- Malartic 5%
- Eagle 5%
- Elenore ~3%
- Island Gold ~2%
- Seabee ~3%

About 25% of assets are equity positions, including 100% of Barkerville Gold. Progress at the Cariboo project is a key to the future of OR stock.

OR has a higher margin and higher exposure by revenue than FNV or Royal Gold.

Their equity position in Falco has been a drag on OR. In the past they have written down part of this equity position. It's possible that there will be more write-downs in the future. It may be that the Falco project in Quebec will never be economic to bring into production.