Far from the cacophony of pandemics, market upheav­als, geopolitical sparring and global economic nightmares, minerals exist quietly and literally under­ground. Similarly, those in the private sector that own those assets continue to operate quietly on figuratively solid ground.

Scott Noble, founder and CEO of Noble Royalties Inc., who has acquired and still manages more than $1 billion in assets covering roughly 10 million acres, said he is concerned by the tendency for many investors to lump the minerals sector with E&Ps.

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