Royal Gold, located in Denver, is a publicly traded precious metals royalty company. The company owns and manages royalties on precious metals mines, and, through its royalty portfolio, provides investors with a unique opportunity to capture value in the precious metals sector. Royal Gold holds royalties in a number of properties without incurring the ongoing capital or operating costs associated with an operating mining company. Additionally, it provides investors with leverage for improving gold prices with sliding-scale royalties, while lowering its risk from decreasing gold prices through fixed rate royalties and floors on its sliding-scale royalties. The company was formed in 1981 as Royal Resources Corporation, an oil and gas exploration and production company.