Other · Mid-Tier · Royalty · Canada · USA
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Freehold Consolidated Royalty Portfolio
Portfolio · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
North American oil and gas royalty company managing one of the largest non-government portfolios of crude oil and natural gas royalties in Canada alongside an expanding U.S. portfolio. Land holdings total approximately 6.0 million gross acres in Canada and 1.2 million gross drilling acres in the U.S., with royalty interests in more than 21,000 producing wells and almost 500 units spanning five provinces and eight states, and income from over 380 operators. 2025 was a record year at 16,294 boe/d, 66% liquids weighted, with U.S. volumes up 33% on the late-2024 Permian acquisition. Reserves are evaluated by RSC Group and GLJ; the detailed NI 51-101 tables sit in the AIF rather than this report, so only the headline 2P total is carried. Crude was 83% of 2025 royalty revenue, but the AR publishes one blended crude price and revenue across light/medium and heavy, so those sit in prose rather than tagged to a physical stream. Potash royalties ($1.7M) and bonus and lease rentals ($8.0M) are revenue-only, no volumes or reserves.
Portfolio Aggregate
Multiple effective dates · 2P
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Reserves & resources — detail
As at 31 December 2025
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Royalty Operating · 2 projects
Freehold Canadian Royalty Portfolio
Segment · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
Canadian royalty segment: fee mineral title owned in perpetuity over approximately 1.1 million acres plus GORR and other interests over approximately 5.0 million acres, roughly 6.0 million gross acres across five provinces. Production averaged 8,911 boe/d in 2025, 57% crude oil and NGLs, down 6% on reduced drilling as operators responded to weak AECO pricing. Development has focused on heavy oil in the Mannville and Clearwater areas, where heavy differentials to WTI narrowed after the Trans Mountain expansion, alongside Viking and southeast Saskatchewan light oil. About 52% of 2025 gross wells were drilled in Alberta and 40% in Saskatchewan, with 13 Montney and Duvernay wells drilled and 16 more licensed. Well performance improved ~35%. Remaining operated working-interest volumes, 40 boe/d of dry gas, were shut in. The segment carries potash royalty interests ($1.7M of 2025 revenue, no volumes or reserves). The AR publishes one blended crude price here ($76.49/bbl in 2025) across light/medium and heavy, so it sits in prose.
Oil & Gas royalties
Multiple effective dates
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Freehold U.S. Royalty Portfolio
Segment · Royalty
Project information
As at 31 December 2025
Description
As at 31 December 2025
U.S. royalty segment: approximately 1.2 million gross drilling acres across eight states, almost 80% of which is mineral title owned in perpetuity, with interests primarily in the Permian, Eagle Ford, Haynesville and Bakken basins in Texas, New Mexico, Louisiana and North Dakota. Production averaged 7,383 boe/d in 2025, up 33% on the late-2024 Permian acquisition and continued third-party drilling and completion activity, and represented 45% of corporate volumes, up from 37% in 2024. The portfolio is 77% crude oil and NGLs. U.S. volumes attract a pricing premium to Canadian volumes of 35% for the year because U.S. crude realizes closer to WTI. 819 gross wells were drilled in 2025, 87% in the Permian and 9% in the Eagle Ford, and productivity rose about 10% as operators pursued longer laterals. Two royalty payors each accounted for more than 10% of consolidated revenue, with combined revenue of $90.1 million attributable to this segment.
Oil & Gas royalties
Multiple effective dates
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Royalties & streaming
- A royalty is a contractual share of value extracted (NSR, GRR, NPI, sliding-scale, …). A stream delivers a fixed % of production at an agreed (often discounted) price in exchange for upfront capital.
- Portfolio shows operator reserves restated on royalty/stream economics (volume × rate). Operator classification (NI 43-101, JORC, NI 51-101, SEC) carries through.
- Common terms: Cap (maximum payable); Buy-back (operator repurchase right); AOI (area of interest); Sliding-scale (rate vs commodity price).
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Oil & Gas — one row per O&G project (typically a field, licence, play or basin asset), with columns for location, status, primary hydrocarbons, production (with rating), reserves & resources (with rating), costs and estimated lifetime.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- Reserves walk — gross (disclosed) — year-by-year reconciliation of the opening balance to the closing balance, broken into Extensions & discoveries, Revisions, Improved recovery, Purchases, Divestitures, Production and Conversion to developed.
- Reserves walk — net change by year — per-year summary of net additions and net deductions across the portfolio.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
- Consolidation method — how the issuer accounts for the asset. Separate from how much the company owns (ownership %) and who operates it, this accounting treatment decides whether an asset's figures sit inside the company's reported group totals or are stripped out to a single net line. It applies to operating assets (mines, oil & gas fields, processing facilities) and is left blank for royalties, streams, and company-level portfolio rollups.
- Consolidated — the company controls the asset and includes 100% of its figures in the group total; the portion it does not own is carried as a non-controlling interest (NCI). Control is not the same as a majority, so a company can consolidate an asset it holds less than half of. Where ownership is below 100%, the Portfolio shows the NCI percentage (100 minus the company's stake).
- Proportionate — a jointly-operated asset the company includes at its own share, line by line; the share is inside the group total.
- Equity method — an associate or joint venture shown on a single net line, with its revenue excluded from the group total. This is the usual reason a company's reported total is smaller than the sum of its individual assets; the Portfolio flags the share of a commodity total that is equity-accounted.
- Cost / other — a passive or fair-value holding, excluded from the group total.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Oil equivalent (BOE)
Natural gas
NGL
Light oil
Heavy oil
Copper uses kt Cu bands; lb-scale copper resources are converted to kt. Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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