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Explorers, developers and royalties

Mining royalty and streaming company financial model, built free.

A three-statement Excel model for a royalty and streaming company, built from your own figures and checked to balance.

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We use generative AI in parts of our process, so mistakes can occur. Every model should be checked by a person before it is relied on. Read more

The business

Buys royalties and metal streams over mines operated by others, earning a share of revenue or metal deliveries at a fixed cost without operating risk.

See the sampleHow the model works

In short

  • 01

    Three linked statements

    Income statement, balance sheet and cash flow, linked in every period.

  • 02

    Valued three ways

    Discounted cash flow, trading multiples and net asset value, side by side.

  • 03

    Monthly to annual

    Monthly, quarterly, half-yearly or annual periods, for up to 30 years.

  • 04

    Checked every period

    A Checks sheet shows the balance sheet balances and the cash reconciles.

The sample

The sample, as Excel draws it.

Built by the same system and checks as yours, on illustrative figures: every sheet as Excel draws it, or live.

Annual · 10 years · Low detail
Mining royalty and streaming company sample model.xlsx
The Summary sheet of the sample mining royalty and streaming company model

Illustrative figures: the sample describes no real business. The live preview shows values; your model’s Excel file has every formula.

How it works

How the model works for a mining royalty and streaming company.

  1. How it earns revenue3 formulas
    Sales and realised prices · Mine 1
    Gold salesHedged salesSpot sales
    Sales and realised prices · Mine 1
    Gold spot priceGold spot price, last periodAnnual gold price change1 in the first period of each year
    Revenue (top-down) · Across the business
    RevenueUnits soldAverage price
  2. What drives its costs3 formulas
    Royalties · Mine 1
    RoyaltiesGold salesfrom sales and realised pricesRoyalty rate
    Site operating costs · Mine 1
    Site operating costsMining costsProcessing costsSite general and administration
    Direct costs (top-down) · Across the business
    Cost of salesRevenuefrom statementsGross margin
  3. What it invests in3 formulas
    Mine assets and depreciation · Mine 1
    Mine capital expenditureMine development capexfrom development and first productionSustaining capexGrowth capex
    Mine assets and depreciation · Mine 1
    Depreciation and amortisation (units of production)Opening net book valueMine capital expenditureShare of remaining reserves mined
    Mine assets and depreciation · Mine 1
    Closing net book valueOpening net book valueMine capital expenditureDepreciation and amortisation (units of production)
  4. How it is funded3 formulas
    Debt
    RepaymentsScheduled repaymentsPrepayments from an equity raise and the cash sweep
    Debt
    Closing balanceOpening balanceDrawdownsRepayments
    Debt
    Interest expenseOpening balanceAll-in interest rateshare of the year
  5. How profit becomes cash3 formulas
    Working capital
    Trade receivablesRevenuefrom statementsDebtor daysDays in period
    Working capital
    InventoryDirect costs (positive)from statementsInventory daysDays in period
    Working capital
    Trade payablesCash operating costs (positive)from statementsCreditor daysDays in period
What it covers

24 parts, each one tested.

Every part is a tested building block with its own checks: yours is put together from the ones your business needs.

  • CPI forecastConsensus curve with long-run anchor
  • Exchange rate (US dollar)Exchange rate by financial year
  • Revenue (top-down)Price × volume
  • Direct costs (top-down)Gross margin %
  • Corporate costsFixed cost base indexed to CPI
  • Working capitalFull working capital
  • Income taxCorporate rate with tax losses
  • DebtAmortising term loan
  • Equity raisingDistribution reinvestment plan
  • Dividends and distributionsPayout of net profit
  • Discounted cash flow valuationDCF on free cash flow to the firm
  • Multiples valuationEV / EBITDA multiple
  • Net asset valueBook net asset value
  • Group unit costs (single-product portfolios)C1, C2 and C3 cost per poundGroup unit costs, realised prices and margins that investors use to compare miners. Only meaningful when every mine sells the same product.
  • Key-metric summaryLast-twelve-month and run-rate metrics
  • Covenant tests and headroomLVR, gearing and ICR for property
  • Discount rate (WACC)CAPM at target gearing
  • Mine registerMine register (ore reserves)The facts every other part of the model builds on — mineable inventory (reserves plus any converted resources), carrying value and mine life.
  • Development and first productionMine already in productionPre-production construction capex, first production date and ramp-up to nameplate for new mines and expansions. Development capex feeds the asset base (and so PP&E and investing cash flow).
  • Mining and processingMill throughput × grade × recovery (gold)The physical chain from ore and waste mined, through plant throughput, head grade and recovery, to payable product (in units of the mine's own product: ounces, tonnes, dry metric tonnes, pounds) and the reserves remaining.
  • Sales and realised pricesPartly hedged gold sales (hedge book at a fixed price)Product sold × realised price, including hedging, offtake terms, quality adjustments and smelter charges. Units sold and prices are per unit of the mine's own product; the market price (spot, or FOB for bulk commodities) is the royalty value basis.
  • RoyaltiesAd valorem royalty (% of value)Government royalties, third-party royalties and community payments on each mine's production.
  • Site operating costsUnit rates (mining $/t, processing $/t, fixed site G&A)Mining, processing, site administration and (for bulk commodities) rail, port and shipping costs.
  • Mine assets and depreciationUnits-of-production depreciation on ore reservesSustaining and growth capex (including capitalised stripping and underground development) and depreciation of mine properties and plant.
Key numbers

The numbers it tracks.

  1. 01attributable gold-equivalent ounces
  2. 02cash margin per ounce
  3. 03capital deployed
  4. 04P/NAV
  5. 05dividend yield
Used for

What it is used for.

Also used for
  • Scenarios and sensitivities
  • Asset acquisition
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Every mining and resources model

Looking for a mining royalty and streaming company financial model template? Ours arrives built for your business, with your figures in it.

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The sample is built on illustrative figures and describes no real business. Models are calculations prepared from the information you provide. They are not financial advice and must be independently verified. See our terms.