pathetic, page-55

I did assume that that was what you meant as you wrote:

"Now for those who think they will give up one of their existing tenements for Isabel, would you give up on a deal where you're giving the landowners 2.5% to chase something where you will need to offer 20%?"

This seems to give the clear impression that SMM would need to lift their payment offer from 2.5% to 20% but the base for calculation is vastly different.