"Tony Jensen's gold royalty company Royal Gold Ltd.(RGL) dropped 71 cents to $64.29 on 2,800 shares. The stock has fallen from $95 this year, thanks in part to the falling gold price and in part to expansion pains at the Mount Milligan copper-gold mine in British Columbia. Royal put up $915-million to helpThomson Creek Metals Company Inc. (TCM: $0.74) rebuild the mine, in exchange for 52 per cent of gold production at $435 an ounce. Royal was hoping to purchase 100,000 ounces during its year ended June 30, but there were only 76,000 ounces available. Royal, which had $700-million in working capital on March 31, has been buying and selling all month. It first sold its royalty on the Andacollo gold-copper mine in Chile for $345-million. Then, it arranged to advance $150-million to Golden Star Resources Ltd. (GSC: $0.275), in exchange for gold production from Ghana, and yesterday it promised Barrick $610-million, in exchange for gold production from the Dominican Republic.

President Jensen has been with the company since August, 2003. He received $327,000 in salary and bonus that year. It increased to $1.26-million in 2014. Today, he appointed Jamie Sokalsky, a former Barrick chief executive officer, to Royal's board. Mr. Sokalsky will receive $60,000 a year plus $1,500 for each meeting he attends. When he left Barrick last September, to make room for two incoming co-presidents, he received a $6.9-million parting cheque. He then joined David Palmer at Probe Minerals Ltd., where Mr. Sokalsky helped attract a $530-million takeover from Goldcorp. He is now chairman of the Probe spinout, Probe Metals Inc. (PRB: $0.34). It has $19-million in working capital and one chromite property in Northern Ontario."