Ann: Call Option Deed for Royalty Buyback and Settlement Deeds, page-7

Even though the royalty deal effectively caps the royalty the US$ option exercise price of US$25M is nothing to get excited about.

Assume that BTR is able to mine 100% of the current Measured + Indicated + Inferred resource of 443Koz (which is highly unlikely) that would translate in total royalty revenue of ~US$23M (443,000 x 1,750 x 3%). If you subtracted ounces that do not make it into the mine plan, recoveries of ~90%, time value of money as well as execution risk) the actual royalty revenue NPV would be far below US$23M. BTR would need to substantially increase the resource or have a much higher gold price for this ever to make sense. In the meantime Stone Resources banks a handy A$300K for a substantially "out of the money" option. That BTR got to and agreed to US$25M is very surprising.