Ann: $18.8 Million Royalty Financing, page-66

Exactly, it is non dilutive for the other 2 projects, but does have a material impact on the upside.

I did mention it's a GOR not NSR earlier for a reason, but he's also blowing it out to sound scarier than it is. Considering the dominant ore is chalcocite, bornite and chalcopyrite with no deleterious elements of concern I can see as of yet the processing costs via DSO should be rock bottom. (and therefore profit margins sky high) I think the scoping studies will pleasantly surprise people.

So yes, we make a little bit less but the gap between our AISC and the copper price is so high that it's not going to screw us. This is likely very profitable at a copper price of 3.70, it's currently hovering around 4.50 and if you follow the macro it favours this going up long term (for obvious reasons).

They bought the royalty because they see the path to production being clear. It's that simple, you don't put funds down in this manner as a speculative bet.