Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

@JasmineTea I notice various commentators talking about 10+ and some even 20+ years of royalty revenues from Wonmunna. Keep in mind that the total resource is only 84Mt and the reserve 28Mt. Assuming no further expansion from exploration this points to a much shorter mine-life as it is unlikely that the full resource will be mined. How much is anybody's guess however.

Using the 10Mtpa mining rate, subtracting ore already mined, and compensating for the fact that they will probably not mine 100% of the resource, points to a maximum mine-life of probably no more than 6-7 years. It might even be much shorter than that if they (as reported by MinRes) only receive 48% of the 62% Fe price for the lower grade ore and decide to high-grade the operation. There is no way Minres would buy back this royalty on a 10 times multiple considering these facts. I would be much more conservative with the back of the envelope valuations suggesting the royalty is worth $90M.