SAND buys NSR - think about THIS! Recall that FNV did a deal with GRO to handle the dealflow of smaller royalties/streams. Isn't the "sandshark" move on NSR a yet tighter association, a way of trumping FNV?
Why is this important? Where will the best bargains be in royalty/streaming? where there's desperation! among the juniors = the sub $20M royalties!
Whom have FNV and SAND left behind? - RGLD, SLW! How will THEY (who need large deals to "move the needle") fare in the sub-$20M royalty market segment? They'll have to build their staffs, or buy "what the eagle left on the rock" = the less appealing small royalty cos.
Last comment; I cede the microphone