Franco-Nevada………………$10,840m
Silver Wheaton..…..………...$9,008m
Royal Gold........…………………$4,261m
Osisko Gold……………………..$1,069m
Sandstorm Gold……………......$650m

Osisko Gold…………………….....$295m
Franco-Nevada……………….....$278m
Royal Gold..…..………................$133m
Silver Wheaton…………….........$126m
AuRico Metals........…………….….$15m

Silver Wheaton……………......$1,345m
Royal Gold..…..………................$674m
Altius Minerals……………………...$63m
Osisko Gold……………….............$35m
Anglo Pacific...........…………….….$15m

The Year in Numbers

2016 was another blow-out year for the royalty and streaming sector, which billowed by market cap to $27bn, far larger than any of the world's gold producers.
     Having pumped over $4bn of capital into new deals at the bottom of the market in 2015, royalty co's largely used the last 12 months to recharge their batteries, raising $1.7bn of equity, paying down over $600m of debt and letting cash pile-up, as metal prices rallied and revenue piled in the door. Franco-Nevada and Sandstorm Gold are now both debt-free, whilst Silver Wheaton upped cash and lowered debt, despite finding $800m for a new streaming deal with Vale.
     The biggest transactions of the year were equity raises, as investors bought into the fastest growing corner of the mining industry. In turn, they were rewarded with higher dividends, almost across the board.
     Is the sector getting saturated? A large volume of metal is now subject to royalty and streaming contracts; the sector's total sales hit $2.3bn in 2016, equal to 1.9m ounces of gold at current prices, or a third of Canada's gold production. But the figures only represent around 2 per cent of all gold mined globally.
     New pretenders continue to fight to get into the space. In prior years, mine operators have either broken-out royalties, or simply changed their names, in a bid to attract a royalty-type premium. But 2016 saw a more concerted push by new players, many of them privately owned.
     In August, New York-based hedge fund Elliott Management earmarked $1bn for Triple Flag, a new streaming group. A former banker from Scotiabank, who previously worked on some of Silver Wheaton's largest transactions, has meanwhile co-founded Lemuria Royalties, another privately-owned new player.
     Whether new companies fail, succeed, or look to cash-out, a growing number of royalties are now kicking about in the industry. The Freak-Out profiles 20 stray royalty assets, not yet under the foot of the largest royalty groups.

Franco-Nevada……………….....$884m
Silver Wheaton..…..……….......$550m
Osisko Gold……………………......$130m
Sandstorm Gold…………….........$58m
Altius Minerals........…………….…$30m

Silver Wheaton-Vale………….$800m
Franco-Glencore……………..…$500m
Silver Wheaton-Panoro.........$140m
Royal Gold-undisclosed……….$70m
Altius-Yamana............……………$60m

Franco-Nevada………..$117m (+24%)
Silver Wheaton..…..……$75m (+10%)
Royal Gold………………….$60m (+5%)
Anglo Pacific…………….......$15m (flat)
Osisko Gold....................$11m (+65%)

INCLUDING: Why Roosen backed out of LabradorA gold royalty in a war zone“Truly monstrous” drill holes in Nevada

FIGURES: Quarterly & interim figures annualised, end-of-year. All US dollars. Peer group including: Franco-Nevada, Silver Wheaton, Royal Gold, Osisko Gold, Sandstorm, Altius Minerals, Anglo Pacific, AuRico Metals, Abitibi Royalties. Royalty trusts excluded.