Tend to agree with you. The royalty gives them both some...

Tend to agree with you. The royalty gives them both some insurance for a situation in which a successful bidder captures the growth upside at Never Never. Another reason why it was such an error to grant it.

I suppose we have to hope that their calculation is that they can make more money by holding the shares as the MRE grows at NN, and potential lookalikes. Then they get a higher sales price AND the royalty income in future.

That’s rational behaviour and they could well get themselves to that point without having to commit any further capital.

Tembo may well quadruple its investment in less than a year, plus get all the future royalty flows. Question is: is that going to be enough or will it hold out for more?