We had the pleasure of chatting with Spencer Cole, an expert in a part of our industry in which we haven’t spoken nearly enough about.
Spencer knows more than most about royalties, so we used the opportunity to pick his brain about how the sector has evolved, how different royalties come into existence, the best & worst royalty decisions that have been made, how royalty co.’s should trade plus a bunch more.
Sign-up for the Director’s Special
Please read our Privacy Policy and Disclaimer here
Discounted tickets available for AUSIMM Underground Operators conference exclusively via Money of Mine. Get $100 off using the code MOM100.
Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode)
Thank you to our Partners:
Mineral Mining Services – Your preferred mining contractor
enquiry@mineralms.com.au - 1300 546 117
Grounded - Infrastructure for remote mining and civil projects Australia wide
Paul Natoli - pn@groundedgroup.com.au
Sandvik Ground Support – The only ground support you’ll ever need
http://www.rocktechnology.sandvik/groundsupport
CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors
davidh@creinsurance.com.au - +61 2 9493 6100
K-Drill – Safe, reliable, and productive surface RC drilling
drew@k-drill.com.au - +61 416 015 876
Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists
lachlan@saltbush.net - +61 400 722 059
Swick - Seventeen million metres drilled. Twenty-plus global sites. Ninety rigs.
rob.burnett@swickmining.com - +61 8 6253 2310
Quattro Project Engineering - Global Engineering partnerships delivered with efficiency, innovation and energy
info@quattrope.com - +61 8 9373 1140
Cross Boundary Energy – Independent Power Producer for the global mining industry
tim.taylor@crossboundary.com - +61 466 184 943
Buy Money of Mine MERCH
Join our exclusive Money Miners Facebook Group
Money of Mine on YouTube, Twitter, LinkedIn & Instagram
(0:00:00)Introduction
(0:01:31)Royalty businesses
(0:09:13)Hard rock royalties
(0:16:29)Trading multiples for Royalty co's
(0:26:05)How royalties get created
(0:29:55)Countercyclical deals
(0:33:00)Offloading non-core royalties
(0:37:08)Morgan Stanley royalties
(0:43:18)Lack of royalty companies in Australia
(0:50:50)Hedge fund royalty funds
Remember Everything You Learn from Podcasts
