The royalties market is set to accelerate its consolidation—here are my acquisition bets for the mid-cap players.
$TFPM (+0,13%)
Triple Flag → $VOXR
Vox Royalty (primary target)
• Geographic and jurisdictional fit: concentrated exposure to mining‑friendly regions in the Americas and Australia, consistent with TFPM’s stated focus.
• Near‑term growth and scalability: a deep inventory of royalties with catalysts into 2025–2027 that can scale TFPM’s GEOs without heavy G&A.
• Transaction practicality: size suits TFPM’s bolt‑on to mid‑sized deal sweet spot given liquidity and low leverage.
$OR (-1,91%)
Osisko → $GROY (+1,77%) Gold Royalty (primary target)
• North America reinforcement: OR’s strategy centers on Canada/U.S. ramp‑ups; GROY brings multiple anchors in those jurisdictions.
• Discipline and timing: 2025 guide weighted to H2 ramp‑ups; cleaner balance sheet supports selective, geography‑aligned M&A.