@Giovanni33 (iirc) argued that the royalty and arrangements like...

@Giovanni33 (iirc) argued that the royalty and arrangements like it for other companies are never fully valued in a company market cap. The argument being, to precis it as I understand it, and as makes sense for me, that the royalty income will be spent on exploration. And, while it avoids the need for cap raises and dilution, it amounts to nothing unless the funded exploration delivers an economic find.

It can't be worth nothing, because it does avoid dilution from cap raises, that would otherwise be required, but it is never going to be fully valued. I debated the point at the time, but I'm inclined to think that is the reality of it.