The numbers don't look too bad now. But if there is high inflation, you might find the cost and price is even higher than today. This is when the royalty could be higher than cost (before royalty and income tax). With cost inflation and energy shortages, I wouldn't be surprised that this occurs in a few years. And if you're still profitable, they'll just ramp up royalties even harder until you give up.
So NA3 is very ordinary if they have to pay full royalties to the government. Part of the NHC thesis is trusting Millner does the intelligent thing for shareholders.
The numbers don't look too bad now. But if there is high...
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