Royal Gold's Strong Business Model and Financial Health Justify Buy RatingWe believe that RGLD’s royalty/streaming business model offers investors exposure to high– margin metal sales that can be increased with minimal G&A. Through royalty/streaming agreements, RGLD maintains leverage to commodity prices and exploration optionality, while mitigating downside risk given its limited exposure to operating & capital costs. In addition, RGLD has a high-quality, diversified asset base in lower-risk jurisdictions, as well as a flexible balance sheet to support future investments and a growing dividend.