In theory it should be neutral, I assume the backin is part of the net reserves, so removing it and then deducting some additional royalties means not much change. I’ve always been confused by the backin, would be good to get @danpech view on it.
Great to see Chris onboard and now have some east coast representation. Will we get a initial directors interest fannouncement for him?
Ann: Director Appointment & Remaining Interest Acquisition, page-12
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