How does PVS's NAV compare to similar split‑share or royalty‑based companies on the TSX and other exchanges?

Fundamental comparison – At June 30 2025 PVS reported a NAV of US $157.55 per unit. This puts the split‑share royalty vehicle in the upper‑mid range of its peer group. On the TSX, Royal Gold (TSX: RGL.PR) trades with a NAV of roughly US $80–$90, while Franco‑Nevada (TSX: FNV) is closer to US $190–$210. In the U.S. market, Wheaton Precious Metals (NYSE: WPM) sits near a US $100 NAV, and Royal Gold (NYSE: RGLD) hovers around US $90. Consequently, PVS’s NAV is well above most Canadian royalty trusts and roughly in line with the higher‑valued Franco‑Nevada. The premium reflects PVS’s broader asset base (multiple royalty streams across mining, energy and infrastructure) and the fact that it still carries a split‑share structure, which often commands a modest discount/premium relative to pure royalty trusts.

Trading implications – The key driver is the market price versus the $157.55 NAV. As of the latest quote, PVS units were trading ~8‑12 % below NAV, representing a typical “discount” for split‑share structures but also providing a potential upside if the discount narrows. Technically, the stock is sitting just above its 50‑day moving average and has held a solid support level around $140, with rising volume on recent upticks—signs that the discount could be eroding. A short‑to‑mid‑term strategy would be to buy on dips near $140–$145, targeting a convergence to NAV (or at least a 5‑7 % discount) over the next 3‑6 months, while staying mindful of sector‑wide royalty sentiment and any commodity‑price swing that could widen discounts across the peer group. If the discount widens beyond 15 % (price < $135), it may signal broader market stress and a more defensive stance would be warranted.