10:53 AM EDT, 07/21/2025 (MT Newswires) -- RBC Capital Markets in a Monday note on notable company valuations relative to both their 1 year average and the 1 year spread vs the peer group has discounted Franco Nevada ( FNV ) , but described as "premium" both Triple Flag (TFPM.TO), and OR Royalties ( OR ) .

RBC said royalty valuations have slightly compressed, while senior producer valuations have remained stable. At spot gold prices, RBC's royalty coverage trades at 1.77x P/NAV, compared to 1.82x/1.86x on a 1Y/3Y basis. Meanwhile, RBC's senior producer coverage trades at 1.01x P/NAV, compared to 1.03x/1.30x on a 1Y/3Y basis.

RBC assessed valuation trends at spot gold prices for the broader gold equity sector over time, companies relative to their historical trading ranges, companies relative to their peer

groups, and spreads on typically pair-traded equities, given similar liquidity, scale, or correlation.

Price: 214.71, Change: +2.78, Percent Change: +1.31