Dilution is a killer for most of these shares. The enticement of the shares is that they always look cheap, then they continue to fall more than seems likely.
Sinclair was mostly right about the royalty stocks. If I had only bought RGLD or FNV, I’d have done OK. Pretty much the rest are crap with the rare exception of an explorer.
I do also give some credibility to the manipulation of the shares by BlackRock and others.