Each week, premium subscribers will receive coverage of one “cash cow” royalty or streaming company and one high-potential exploration company—or, in some cases, two exploration companies.

The newsletter may also feature thematic baskets to help readers understand the landscape of royalty companies, project generators, and the full spectrum of exploration stocks, including development-stage, advanced exploration, and early-stage opportunities.

A royalty company invests in royalties—free, perpetual interests that represent some of the lowest-cost and longest-duration financial assets in the world. These passive investments are paid first, with no capital calls and no liabilities. By design, they shield investors from the costs and risks of operating a mine or producing oil and gas, while still providing direct exposure to commodity revenues.

How high are the operating margins of a royalty company and why does that matter? Pure royalty companies can achieve operating margins of 95% or higher, making them among the most profitable businesses in any sector. Royalty and streaming companies typically operate at 80%–85% margins. Larger oil and gas royalty companies also generate ultra-high margins, yet remain undervalued and underappreciated—and currently offer the highest yields in the sector. Shareholders benefit from a rare combination unusually strong dividends and superb long-term growth.

A stream is a contract between a financier and miner in which the streamer secures the right to purchase a portion of the mine’s production at a predetermined price, typically for the life of the mine. This can include ancillary operations on the “streaming grounds,” similar to how a royalty functions.

Over the past twenty years, streaming has become a dominant form of mine financing, steadily growing in scale and adoption. Pricing generally settles at about 20% of spot prices, allowing many streamers to operate with margins of roughly 80%.

A project generator systematically explores properties and, upon identifying a promising prospect, vends the majority of the project to a developer while retaining a minority interest and a royalty. Generators continually advance their wholly owned projects toward partnerships, often realizing revenue when these projects are vended.

They are typically compensated in a mix of cash and shares, which allows even small companies to build robust balance sheets and pursue powerful growth trajectories. In many ways, project generators are among the most exciting companies in the real asset universe.