You can't assume the buyer of Morilla is taking on all liabilities. I would be very surprised if that were the case.
They would be negotiating with creditors prioir to taking on the project - and probably offering them 10-15 cents in the dollar on a take it, or we walk and you get nothing proviso. There is also the insolvency process ongoing - that may extinguish these debts or make settlements on them at cents in the dollar based on Morilla SA's available cash.
But also the sweetener proviso the service contracts can be extended with the new owner - a chance to recoup some income.
You can't look at a NSR on a per share basis, but rather what it might bring the company - the finance to stay alive and vend into new projects (far away from Mali). But then also after a couple of years of income from the NSR - proven stability in the income, it can be onsold to companies that specialise in acquiring them. Though I dare say Morilla one would trade at a bloody fair sized discount and it would be better kept. After the LLL shares are handed back, the company could continue on if it has a NSR paying - sure it will start again as a shell, but once they have bought a couple of tenements then it's game on again, and who knows, they might find a good project....
A 1.5% NSR on a Morilla that actually produces gold again would be invaluable to FFX IMHO. Not that I've seen any evidence we are a chance of obtaining one...so I dunno why it's come up.
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