Ann: Proposed Divestment of Paulsens East Iron Ore Project., page-61

Correct, CZR have clearly been doing all the work to develop the PoA solution.
Yep 20% for the royalty doesn't seem to add up.
I struggle with the valuation, a good run on the iron ore price and the payback will be nothing. Not sure on the Capex numbers for PoA but I was guessing a lot less than those you mentioned.
i wouldn't see any risk in them not being able to hoodwink the ASX on regard to the development of Peru, irrespective that they don't have the mgmt capability to do so.
I'll continue to follow up with mgmt as to how they've progressed this solution and how it's the best deal they can muster up. There very good at not responding to emails.