CAI Valuation - comparison to peers, page-96

At 23c the extra shares would only be worth $14m. And royalty of 1m per month for 10 years is only $120m, with the risk that the operation doesn't last that long (who knows with inflation and gold price).

Not sure why you're suggesting Alkane would be involved. They're not going to stump up that sort of cash (they just borrowed $50 for their own mine approval) and how is that going to affect a royalty replacing debt?