Hey there.
Freehold isn't a bad company - as a royalty company, it certainly is less vulnerable to big capex and cost overruns on projects. FRU's business model is quite simple, in the sense that royalty revenue comes straight off the top line with no operation, capital or exploration exposure. It has a diversified portfolio of assets across North America and has been active in M&A the last little bit.
I wouldn't expect huge capital gains with FRU as they are primarily concerned with paying cash to shareholders via a dividend which according to the company is sustainable at current levels up to US$50 per barrel. It has a target payout ratio of 60% and thus far, it is well covered.
I wouldn't necessarily expect a huge upside but it could certainly make moves if the price of commodities rise materially. It does, however, make a reasonable income play with an 8% yield. As mentioned though, you are effectively banking on this yield and sacrificing capital returns since returning cash to shareholders is the main objective of FRU.
Mat