Hey there,
So yeah, very similar business model. It focuses on acquiring royalties & streams and is exclusively focused on gold and silver. The problem is, this is a small cap wiht little history of stable execution. Since 2018, revenue has been all over the map, and it actually peaked in 2019 at $7.6M. While revenue in 2021 of $3.721M doubled over the $1.755M in 2020, it is only inline wiht 2019 numbers ($3.7M). Highly erratic revenue like this from a streaming company is a little concerning. Not to mention it's not profitable, nor has it ever been profitable - not even on an operational basis.
It does have some interesting royalty streams and has signed a few new ones in recent times however it is only expected to see moderate growth in Fiscal 2022. It's royalty deal with Equinox for 5% NSR Royalty on the South Domes portion of Castle Mountain is probably the most attractive. It looks like it will go from 5 royalties in 2021 to 7 in 2022 and 11 by 2026 base on recent deals.
Overall, it's an OK streamer but it still needs lots of things to go right for it to command a valuation of 80x sales and for a company that isn't yet profitable. I'd approach with caution - has decent potential though.
Mat