Agree with you URA , If the project is developed we do have to...

Agree with you URA , If the project is developed we do have to pay both the $2.5M payment and royalties. The benefit is that we have to find the $2.5M upon 'commencement' so it is borrowed money. That is better than paying $5M borrowed money. At least we need to be producing product to pay royalties.
Of course the trigger event is 'commencement' and so as always, step one is financing. That is the real issue.

If we find some capital by way of a take-off agreement then all well and good. As a holder my real problem is that I do not know what the detriments or conditions lenders may be asking of the project prior to agreeing to funding. Nor do I know what preconditions apply to other funding options like the Northern Development Fund. So we are to that extent still in the dark.

All of us are still held hostage of market and trade conditions. Just MHO.