The Financial Post reports in its Saturday, July 19, edition that mining royalty firms Franco-Nevada, Silver Wheaton and Royal Gold have thrived while most of the mining sector suffered over the past couple of years. The Post's Peter Koven writes that is very much by design. Mr. Koven explains that these companies move into action when a downturn hits, supplying capital to needy miners struggling to find it anywhere else. The royalty firms have plenty of negotiating power in these scenarios, and by acquiring royalties and metal streams on promising projects, they get cash flow from the mines without any of the operating risk. The question, however, is how a new player like Osisko Mining fits into this space. Franco, Silver Wheaton and Royal Gold dominate the market, and Sandstorm Gold has built itself into a promising fourth player. There is a limited supply of good deals for these companies to chase. Osisko Mining's valuation is below market leaders such as Franco at this point, notes Middlefield Capital manager Dennis da Silva. That is because it only has the single Canadian Malartic royalty that generates cash. Mr. da Silva says Osisko is "a one-trick pony right now, but it's one nice pony."