Ann: Second High-Grade Copper-Gold and Base Metal Zone Discovered, page-35

Absolutely, I agree with the royalty being discounted heavily because we're just sinking that revenue back into the company, it just appears too hefty of a discount given the upside potential and limited downside potential.

My logic:

Current MC of TLM = 50 MAUD = RipnTear + Durnings + Royalty Revenue

I don't know estimations for RipnTear + Durnings, but RipNTear has metal in the ground, Durnings has high upside speculation. Royalty aside I don't think anyone would object a company that ONLY held RipnTear and Durnings would have MC of 15 -30 MAUD currently if you compare to peers.

The calcs I mentioned earlier said if it was a royalty company the MC would be 100MAUD to pay a yield of 7% (above equity markets and above fixed income tools).

This means that based on market evaluation, this royalty is getting discounted between 70 and 85 MAUD.

Of course, contingent on discovery, but a wild undervaluation compared to peers non-the-less.