Royal Gold (RGLD) Q2 revenue rose 56% to $450M and EPS was $2.56. Both barely missed estimates, but operating cash flow doubled to a record $335M. The company manages royalty interests and metal streams instead of running mines, which lowers operational and political risk. Most of their revenue is from gold, with the rest from silver and copper. Metals demand is looking solid right now, with silver and copper needed for AI data centers, and gold benefiting from a weaker dollar and central bank buying. The stock is up 31% over the past month.