The 50% risk factor is being applied in valuing the Yalgoo and Glenburgh resources, not the Dalgaranga assets, as far as I understand what they are saying.
I don't know where the Tembo/Delphi royalty is being considered in the model. I doubt they would overlook it though.
SPR Price at posting:
$1.37 Sentiment: Buy Disclosure: Held
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