Yes. $2 million tonnes of production at $3 US royalty per tonne...

Yes. $2 million tonnes of production at $3 US royalty per tonne = Earnings per share of 7.4 cents per year. (for 16 years by my calcs) That does not allow for further potential which seems there is a lot of.

The question to ask is how much per share would you pay for a business that returns 7.4 cents per share to the business - a lot more than the current SP. (PE of 1) At PE of 10 (10% return on cap) you would look at 74 cents per share. At PE of 7, 52 cents per share.