<div id="readability-page-1"><div><p>Gold has endured for centuries not because it’s the “next big thing,” but because it’s historically been seen as reliable when confidence in everything else starts to crack.</p><p>Take today’s environment. Inflation pressures persist, geopolitical tensions continue to simmer and fiscal discipline is, at best, optional. Against this backdrop, gold has once again stepped into the spotlight.</p><p>But I believe there’s a smarter way to gain exposure than simply owning bullion or mining companies.</p><p>Royalty and streaming companies have built one of the most attractive business models in the resource sector. They finance mines rather than operate them, securing rights to future production at fixed costs. This has resulted in strong margins, consistent cash flow and meaningful leverage to rising gold prices.</p><p>Below are the top 10 gold royalty and streaming companies based on market cap, counting down from 10. All figures are in U.S. dollars.</p><h2>10. Metalla Royalty &amp; Streaming</h2><p>Metalla Royalty &amp; Streaming represents a newer generation of royalty companies focused on growth. With a portfolio approaching 100 mines and other assets, the company has built exposure across gold, silver and copper projects in well-established mining jurisdictions.</p><p>What distinguishes Metalla is its emphasis on partnering with large, experienced operators. That approach has helped reduce operational risk while preserving upside tied to exploration success.</p><h2>9. Gold Royalty Corp.</h2><p>Gold Royalty has taken a different path, building its portfolio through a “royalty generation” model. Instead of simply acquiring royalties, it helps create them by advancing projects and then monetizing them.</p><p>This strategy has resulted in a large and growing portfolio with strong exposure to North America. While still developing its cash flow base, the company offers long-term optionality tied to project advancement and discovery.</p><h2>8. Versamet Royalties</h2><p>Versamet is in the middle of a transition. Having listed on Nasdaq as recently as March 2026, it’s now evolving into a mid-tier company anchored by a major gold stream on the Eskay Creek project in Canada.</p><p>That property provides near-term production visibility and scale, positioning Versamet for a potential re-rating as the project moves closer to full production. It’s a classic example of how one well-executed transaction can redefine a company’s trajectory.</p><h2>7. LunR Royalties</h2><p>Founded in 2025, LunR is an emerging name built to bridge the gap between junior and senior royalty companies. Its strategy centers on acquiring high-quality, large-scale assets early, before they reach full production.</p><p>That timing introduces risk, but it also creates the potential for outsized returns if projects are successfully developed. As its portfolio matures, I believe LunR could develop into an important player in the space.</p><h2>6. Altius Minerals</h2><p>Altius offers something different. While it has exposure to precious metals, it also includes royalties tied to commodities such as potash, copper and even renewable energy.</p><p>This diversification can help smooth returns across cycles, while recent acquisitions have strengthened its balance sheet. It’s not a pure gold play, but that’s part of what some investors find interesting.</p><h2>5. Triple Flag Precious Metals</h2><p>Triple Flag has quickly established itself as a leading mid-tier company. Its portfolio spans more than 200 assets, supported by a disciplined investment approach and a strong pipeline of development-stage projects.</p><p>I believe the company’s focus on high-quality properties and stable jurisdictions gives it a balanced profile, combining growth potential with a measure of risk control.</p><h2>4. OR Royalties</h2><p>OR Royalties stands out for its emphasis on relatively safe jurisdictions such as Canada, the U.S. and Australia. In a world where geopolitical risk is rising, that can make a big difference.</p><p>The company’s assets have generated high cash margins and consistent performance, reflecting the strength of the royalty model when paired with high-quality locations. It offers investors a combination of safety and growth that is increasingly difficult to find.</p><h2>3. Royal Gold</h2><p>Royal Gold is one of the pioneers of the royalty and streaming model and remains a giant in the industry. Its portfolio spans hundreds of properties, providing broad exposure to gold and silver.</p><p>The company’s long track record of disciplined capital allocation and dividend growth speaks to the durability of its approach. For many investors, including us, Royal Gold represents a steady way to participate in the precious metals sector.</p><h2>2. Franco-Nevada</h2><p>Many investors view Franco-Nevada as the gold standard for the entire industry. Its portfolio is highly diversified, with more than 100 producing assets and exposure that extends beyond precious metals into energy.</p><p>That diversification provides resilience while still delivering strong leverage to gold prices. Combined with a strong balance sheet and a history of attractive returns, I believe Franco-Nevada has more than earned its reputation as a core holding.</p><h2>1. Wheaton Precious Metals</h2><p>Wheaton Precious Metals sits at the top for a reason. It’s one of the largest and most focused streaming companies, with the majority of its revenue tied directly to gold and silver.</p><p>Wheaton’s portfolio consists largely of long-life, low-cost assets, giving it a powerful margin profile. Because its costs are fixed, rising gold prices flow directly to the bottom line. With a strong growth pipeline and proven ability to execute large transactions, Wheaton remains one of the most compelling ways to gain exposure to precious metals.</p><h2>A Smarter Way to Participate</h2><p>Royalty and streaming companies have reshaped how investors think about the gold industry. By removing many of the operational risks associated with mining, they offer what I see as a more efficient path to capturing the benefits of higher metal prices.</p><p>That said, many investors prefer not to rely on a single company. A diversified approach can provide broader exposure across the sector while helping manage risk.</p></div></div>

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<p>本文討論了十大黃金特許權和流媒體公司，突出了它們的商業模式和市場地位。在通貨膨脹和地緣政治緊張局勢下，黃金被視為一種可靠的投資。列出的公司包括 Metalla Royalty、Gold Royalty Corp、Versamet Royalties、LunR Royalties、Altius Minerals、Triple Flag Precious Metals、OR Royalties、Royal Gold、Franco-Nevada 和 Wheaton Precious Metals。每家公司都以其獨特的戰略、資產組合和市值而著稱，強調了特許權和流媒體模式在黃金行業中的優勢</p>