The Royalty stream is now running at 10mtpa operation. so with...

The Royalty stream is now running at 10mtpa operation. so with iron ore prices having fallen from recent highs. The 5mtpa royalty has likely dropped from 12 million per annum to 6 to 8 million per annum. However now running at 10mtap we are looking at least 12 million to 16 million per annum.

MIN has a history of buying out royalties. There are several other groups in the market whose primary listed business is owning and buying royalties so TLM is very well placed.

I think a transaction for an asset will come sooner than expected and with either a payout circa 40 million for the royalty or receiving 12 million per annum in royalty fees the company is well placed to progress projects.