GWR recently sold their producing Wiluna West IO mine for $30m (not sure but seeing ~$4m CF+ per yr) which was 131Mt and $2 royalty.
Would have been nice for SRK to build in a royalty, my point is we have bias to see our assets at the upper end of valuations whereas market doesn't reflect that. Even if we pumped $20m capex, SRK probably overcapitalised to be "shovel ready". Alternative IO assets could have been purchased, issue is related parties / royalties incentivised SRK to develop PE.
Ann: Proposed Divestment of Paulsens East Iron Ore Project., page-77
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