Small Gold Royalties, tough times....https://www.theaureport.com/pub/na/pierre-lassonde-mining-cycles-are-good-for-royalty-companies-and-investors
PL: The smaller companies all need to find a royalty that will anchor them. In the case of Franco-Nevada, it was Goldstrike, where the deposit went from 500,000 oz gold to now having produced 40 Moz gold. Until that anchor is found, it's a really difficult business because the deals are small, and the payouts are very uncertain. As a result, I think many junior royalty companies will not survive.