Royal Gold Inc. (RGLD:NASDAQ; RGL:TSX, US$111.03) saw royalty ounces back to pre-COVID levels, with the good quarter partly due to unexpectedly strong results from Penasquito. The last quarter also saw some sales from previous production and this current quarter's ounces will decline, though Royal's outlook for 48,000 to 53,000 seems low. Two new projects�the Khoemacau copper mine in Botswana, on which Royal has a silver stream, and the Pueblo Viejo expansion in the Dominican Republic, with a gold stream�are on track. These will be the two main drivers of growth over the medium term. Royal has a strong balance sheet with over $180 million in net cash plus $800 million available on its credit facility.