Those saying this royalty stream is non-dilutive have rocks in...

Those saying this royalty stream is non-dilutive have rocks in their heads.

1% off gross revenue means the following:
if operation runs at 30% net margins. Its loss of 3.33%. The same as issuing 11.7m shares.
if operation runs at 20% net margins. Loss of 5% in profits. Same as issuing 18m shares.
if run at 10% net margins, loss of 10% profit share. Same as issuing 36m shares.

if runs at a loss, you still need to pay.
if you issue more shares for capital investments, taurus still takes their share. They will never be diluted.

royalty streams is just another way of diluting your ownership in the company, except they take "dividends" before anyone else and even if you run at a loss. In many ways its worse than issuing share capital.