It says FEL have a 51% ownership(from the last preso) in Gold Valley Iron Ore JWD mining rights, so it's not a royalty arrangement. So unless you can show me something otherwise its a JV in the mining rights.
It's highly unlikely they will get 300kt out before the agreement expires. That is one shipment per month and they are a long way off even commencing mining. Have no port lease, offtake or transport contract in place.
Always steer clear of anything Tony Sage is involved in, guy is dodgy af.
FEL update, page-11
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